Government Auctions: Deals, not Steals

Don't let scams give government auctions a bad name. They're great places to shop for almost anything–from the ordinary, like a computer, to the unusual, like Jean Harlow's cigarette holder. And you often can buy what you want for a great price.

"We like to say that you'll get a deal at a Treasury auction, but you're not going to get a steal," says Britney Sheehan, public relations supervisor at EG&G Technical Services, Miami, the contractor that handles all U.S. Treasury Department auctions. The Treasury sells as much as $30 million in goods annually, at some 300 auctions around the country, including items seized due to drug trafficking, credit card fraud, trade violations, and other illegal activities. Or it may be property abandoned at ports of entry or for which taxes or duties were unpaid.

Cars and boats generally sell for fair-market value at Treasury auctions because of heavy bidding competition. But some other items stand out as big bargains. "Jewelry can be a fabulous deal at our auctions," Sheehan says. That's because people don't think of a government auction as the place to buy jewelry. Thus, bidding competition may be minimal and selling prices low. Buyers can feel assured of authenticity, as jewelry undergoes professional appraisal before it's auctioned. "If we say it's a diamond, it's a diamond," Sheehan says.

So how do you find out about government auctions and what they have for sale? A good place to start is USA.gov, the U.S. government's Web portal. There you'll find links to various federal agencies that auction seized or surplus goods, including vehicles, computers, furniture, land, houses, cameras, farm equipment, and much, much more. Plus, the site features links to state and local government auctions.

©2008 Credit Union National Association Inc.

Comments

[Beth]

I never think about these auctions until I hear about one and then it is over. I think I will check out their website and try to be aware off these auctions. Any way to save some money on items. At least you know the items won't be junk.

Has anyone bought anything for an auction? Have you been happy with your purchase?