Lost Luggage Auctions: How To Buy Airport Lost Property

Thousands of items are lost at airports every week, and if they are not claimed, they are often sold at auction. Auction houses that specialise in lost property will sell items from airports, as well as from storage lockers, police stations, subways, and buses. In the UK, British Airways sells its lost baggage at Greasbys in Tooting, and all of Gatwick Airport's lost baggage goes to Wellers. If you're looking to buy airport lost property, you can bid on items at auction, but remember that auctioneers will often remove items of value to sell separately.

Lost luggage auctions

Auction houses work with airlines to sell lost luggage. Airlines will first try to find the owner of the luggage, but if it is unclaimed within a certain time period, it will be sent to auction. The auction house will remove valuables such as jewellery and electronics, but you can still find a range of items inside, from clothing to toiletries.

Auctions take place both in-person and online, with viewings usually taking place the day before bidding starts. You can find auction houses specialising in lost luggage in London, Glasgow, and Bristol, with auction prices ranging from £5 to £80 per suitcase.

Tips for buying lost luggage at auction:

• Research the make and model of suitcases to understand their value.
• Set a budget and stick to it to avoid getting carried away in the bidding process.
• Factor in additional fees such as the buyer's premium and VAT.
• Remember that you may not always get valuable items, so be prepared to resell any unwanted contents online.

Happy bidding!

Online vs in-person bidding

There are several auction houses that specialise in selling lost property from airports. These auction houses are spread out across the world, with Baggage Auctions UK and Sydney Airport's Bid for Good Lost Property Auction being two examples.

While some auction houses allow bidders to attend the auction in person, many lost luggage auctions now take place online. Online auctions can be convenient for bidders who are not located near the auction house, or who are unable to travel to the auction. Additionally, online auctions may offer a greater variety of items, as they can include lost property from multiple airports or transportation hubs. For example, the Brisbane Airport Lost Property Auction features items from both the Domestic and International terminals.

On the other hand, in-person auctions can provide bidders with the opportunity to inspect the items before placing a bid. This can be especially important when bidding on lost luggage, as the contents of the suitcase may vary widely. While some suitcases may contain designer clothing or expensive toiletries, others may be filled with dirty laundry or used personal items. In-person auctions can also offer a more interactive and engaging experience for bidders, allowing them to feel more involved in the bidding process.

Whether bidding online or in person, it is important to remember that the contents of lost luggage are typically separated from the suitcases and sold separately. Additionally, auctioneers will often remove items of significant value, such as jewellery or expensive electronics, to be sold separately. As a result, bidders may end up with a collection of items that are less valuable than anticipated.

To get the most out of a lost luggage auction, it is recommended to set a budget and stick to it. Bidders should also be aware of any additional fees, such as the buyer's premium and VAT, that may be applied to the final cost. By being mindful of these factors, participants can avoid overspending and ensure a positive auction experience.

Viewing lost property before bidding

Contact the Auction House

Get in touch with the auction house handling the lost property to arrange a viewing. They usually have a schedule of open house viewings, which may be available with the auction details. Open house viewings allow you to not only inspect the property but also gauge the level of interest and potential competition from other bidders.

Prepare for the Viewing

Treat this viewing like any other property viewing. Go prepared with a list of things to look out for, questions to ask, and a notebook to jot down your observations. If possible, bring someone else with you, ideally a surveyor or builder, who can provide a second perspective and help identify any potential issues.

What to Look Out For

Depending on your plans for the property, there are some key things to keep an eye on. Look for signs of damp, mould, or freshly painted patches that might be hiding issues. Check for any infestations, subsidence, guttering problems, roof tile damage, or other visible issues that would require attention.

Check the Local Area

In addition to inspecting the property itself, take time to research and visit the surrounding area. Consider factors such as schools, average property prices, and other amenities that may be important to your decision.

Follow-up After the Viewing

After the initial viewing, don't hesitate to ask follow-up questions with the auctioneers and request additional information or a survey to gain more detailed feedback about the property. Remember, purchasing at an auction is a significant financial commitment, so thorough research and due diligence are crucial.

Be Aware of Auction Dynamics

Auctions can be emotionally charged and intense, with steep competition and quick spending decisions. If it's your first time participating in an auction, consider familiarising yourself with the process by attending other auctions or watching live streams to get a sense of the atmosphere and how bidding works.

Auction fees

When it comes to auction fees, there are a few things to keep in mind when buying airport lost property. Firstly, it's important to understand that the auctioneer or auction house will usually take a cut of the final sale price as a commission. This is known as the buyer's premium and can range from 15-20% of the item's price, plus VAT on top. So, if you bid £30 for a suitcase and the buyer's premium is 20%, you'll end up paying a total of £37.20, including VAT.

Additionally, some auction houses also charge VAT on the hammer price, which is the price at which the item is knocked down by the auctioneer. This means that on top of the buyer's premium, you may also have to pay 20% VAT on the hammer price of the item. In the above example, this would bring the total cost to £43.20.

It's also worth noting that some auction houses may require you to pay a refundable deposit in order to bid. This is to ensure that bidders are serious about their participation in the auction. If you are the winning bidder, the deposit will usually be deducted from the final price you pay for the item.

When purchasing lost property, it's essential to factor in these additional costs on top of your bid amount. It's also a good idea to set a budget before attending an auction and to stick to it, as it can be easy to get caught up in the excitement and end up spending more than you intended.

In addition to auction fees, there may also be shipping or postage costs associated with getting your purchased items delivered to you. Some auction houses will provide quotes for shipping costs, while others may require you to organise your own shipping or collection of the items.

Selling lost property online

If you're looking to sell lost property online, there are a few things you need to keep in mind. First and foremost, it's important to understand the legal implications of selling lost property. In most places, there are laws in place that outline the steps you need to take before you can legally sell or dispose of lost property. These laws are in place to protect the original owners of the property and give them a chance to reclaim their belongings.

• Attempt to Locate the Owner: Before selling lost property, make a reasonable effort to locate the original owner. This can include checking for any forms of identification within the property, such as tags, labels, or other contact information. You can try contacting the owner directly or posting found item listings online or in local publications. Keep records of your attempts to contact the owner, as this can be important if any legal issues arise later on.
• Follow Local Laws and Regulations: Research and understand the laws pertaining to lost property in your area. Many places have specific time frames that must be followed before unclaimed property can be sold. There may also be requirements for reporting found items to the police or other authorities. Make sure you comply with all applicable laws to avoid any legal complications.
• Document the Property: Create a detailed record of the lost property, including descriptions, photos, and any unique identifying features. This will not only help potential buyers but also provide proof of the items you have in your possession. It's a good idea to keep these records secure and easily accessible.
• Set Up an Online Listing: Choose an appropriate online platform to list the lost property for sale. This could be an auction website, an online marketplace, or even your own website or social media profile. Provide clear and accurate descriptions of the items, highlighting any valuable or unique aspects. Be transparent about the fact that the items are lost property, and consider including any information you have about their origin or previous ownership.
• Set a Price: Research the market value of similar items to set a competitive and attractive price. Keep in mind that lost property often sells for a fraction of its original value, especially if it is unique or has sentimental value to the original owner. Be prepared to negotiate and consider the potential for bidding wars if the items are particularly desirable.
• Handle the Transaction Securely: When selling online, it's important to use secure payment methods and protect the buyer's and your information. Use reputable payment platforms that offer buyer and seller protection. Be transparent about shipping costs and delivery times, and consider offering tracked and insured shipping options.
• Keep Records: Maintain detailed records of your sales, including information about the buyers, transaction details, and any relevant communications. This is important not only for tax purposes but also in case any disputes or legal issues arise in the future.
• Understand the Risks: Selling lost property comes with certain risks. There is always a chance that the original owner may come forward and claim their belongings, even after the sale. Be prepared to handle such situations and consider the potential financial and legal implications.

Remember, it's always a good idea to consult with a legal professional familiar with the laws in your specific region to ensure you are complying with all relevant regulations.

Frequently asked questions