Are you interested in stamp collecting?
This is one of the most rewarding endeavors you’ll take. It’ll take time and effort to find the best stamps for sale to add to your collection. If you sell your stamp collection, you can ensure you’ll earn a great profit.
One of the fastest ways to sell a formidable stamp collection is to engage in bid rigging.
BUT, this is also highly illegal and you need to fight against any effort for others who wish to engage in bid rigging with your stamp collection.
Here’s what you need to know:
Is Bid Rigging Legal?
Bid rigging is when you or someone else pushes to raise the bid price of a product. The hope is that when the final bid is placed it’s much higher than the initial ask rate.
As stamp collections are sought-after there have been cases of stamp bid rigging to turn a great profit.
However, this is a crime that’s enforced by the Federal Trade Commission (FTC). If you sell your stamp collection via an auction service you want to ensure that they don’t engage in bid rigging.
If the auction company is caught with bid rigging then the FTC might confiscate your stamp collection even if you weren’t aware of these practices.
Make sure you check the credentials of an auction site or company before engaging with them. Make sure they have several years of experience with selling stamp collections.
What Else Can You Do?
So what can you do to avoid selling your stamp collection and engaging with a nefarious auction service?
One way is to sell your stamp collection directly to interested buyers. For example, you can go to an online marketplace such as Craigslist and find the categories on stamps for sale.
Here you’ll find interested and serious buyers whom you can sell your stamps to directly.
Another option is to use an online auction site such as eBay. However, even on eBay there have been serious instances of bid rigging. As a result, it’s likely better to sell directly to buyers via eBay.
You can also go to professional collectors to show them your stamp collection. They’ll offer a high price for your stamps and aren’t going to waste your time with too many negotiations.
You should also get your stamp collection insured before you sell it. You can then show the insurance certification to interested buyers. This makes it easier for you to sell for a higher price.
Avoid Bid Rigging
Now you know why you must avoid bid rigging when selling a stamp collection. This is an illegal practice and even if you aren’t involved you can lose possession of your stamp collection.
You can consider selling stamps online or to collectors. You should also consider getting your stamp collection insured to increase its market value.
This is a fun hobby and one that’ll bring you great rewards. If you want to get involved in stamp collecting, make sure you read on what stamps are in demand.
In fact, you can find more articles on this hobby on our blog.