‘I spent £11 on abandoned case & found £9k CASH rolled up inside’ – how to make £1,000s buy rich people’s ditched goods
THOUSANDS of Brits are cashing in on lost luggage auctions – with one lucky buyer finding £9k in cash hidden in their mystery buy.
Another punter found a £1,500 in a bag he paid just £60 for.
Millions of bags are left uncollected at airports across the UK every year, and some are auctioned of at £70 a pop.
And now Martin Lewis – the money saving experts – have revealed exactly how you can make megabucks from abandoned luggage.
This includes being the first to arrive and keeping eyes peeled for specific details.
Telegraph writer, Annabel Fenwick Elliott, recently visited Greasby’s Auctioneers in South London to find out more about the peculiar world of luggage auctioning.
The auctioneers takes delivery of about 100 suitcases from various UK airports each week and sell a range of proved items – from toiletries to sunglasses .
The suitcases are the last item to be sold and, following a six hour session, 70 of the rejected bags appear.
Annabel said she had her eyes on a large, glossy Juicy Couture hard-shell case a green carry-on with gold embellishments and a mock snakeskin handle.
She managed to bag all three for less than £50 and joined a long queue to await collection of her lucky finds.
It’s at this moment a man also in the line revealed to her that he once won a suitcase for £11, cut open the lining, and found £9,000 in cash rolled up inside.
However, Annabel reported she had no such luck.
Instead she opened the first two cases to find “very smelly clothes, one tube of thrush cream and “a long human hair.”
The contents of the green case were more pleasant and included dresses, football shirts and pillow cases.
How to nab a bargain at a lost luggage auction
Martin Lewis money saving experts advise that when it comes to auctions the early bird catches the worm and potential buyers should arrive a day before to get an advanced viewing.
This is so they know what they want and don’t have to make decisions under pressure.
It said the most valuable items are usually the bags themselves and so bargain hunters should keep an eye out for designer brands.
The website warns that bidders should have a strict budget in mind and not let “bidding fever” force their hand.
And, don’t forget you’ll need to show photo ID and sometimes pay a refundable deposit to bid.
There are also fees which buyers should be aware of – the buyer’s premium and VAT on the hammer price.
The money saving experts explained that the buyer’s premium is typically 15-20% of the item’s price – you also pay VAT on this premium. So if you successfully bid £30 for a case, and the buyer’s premium was 20% (plus VAT) – the total payable would be £37.20.
A few auction houses also add 20% VAT to items’ hammer prices. This would push your price to £43.20.
