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Warcraft
Tutorial: Auctions 101
by R.S.Johnson Need to make gold in WOW? One route is grinding and farming which is very tedious, boring and takes away from precious game time. You could use bot software or buy your gold online, both of which can get you banned. Why not take a lesson from the real life wealthy: Don't work for money, let your money work for you. In Warcraft world that means buying and selling through the auction house. The best part is while your auctions are working for you, it leaves you more time for questing and kicking butt on the battle field. How much can you make? That depends on how savvy you are. Just like the stock market, the key is buying low and selling high. Timing also plays a crucial role, if you know when the market is in your favor you can makes a killing. One weekend I turned 10 gold into almost 200 just by buying and selling Thorium ore. I started out by buying most of the the thorium I could until I nearly cornered the market. At that point I could sell it for whatever I price I wanted. This technique can also backfire if you don't understand the current supply and demand. The fastest way to move items is by selling items on the weekends when the population of the servers are at their highest. Weekend gamers, desperate to squeeze in precious playtime often become impatient and will often buy items at almost any price. In fact, I bought a rare sword for about 10 gold on Thursday and sold it on Saturday for almost 70, that's a 700% profit! The key is patience and knowledge. For example, if you are a miner, you should know better than anyone the rarity of different metals and which will ones will move faster. Copper is very abundant, but the market is often over saturated which makes it harder sell at a fair price. Dark Iron ore, though more rare, does not have as big a market because few blacksmiths can smelt or use it. The best solution might be an ore like Mithril which has a large demand and smaller supply because of rarity. Of course, you don't have to be a miner to make money in metals, you just have to have a strong knowledge of the items and the initial gold to invest. If your not planning to purchase a mount or make any other big purchases anytime soon, you must ALWAYS reinvest your profits back into the auction house. Why? Because the Warcraft "bank" is really not a bank at all, if it was it would pay you interest on your gold, which it doesn't. Use the auction house, it gives you the only opportunity to make a return on your money. Unfortunately, the downside to auctioning is often you could lose gold on a bad deal. No worry, hold the items until the market is more favorable, again patience is key. When auctioning don't be foolish and attempt to corner a market without having enough gold to sit on when things go sour. Look at every auction as an investment and don't be discourage if the turn around time is not as quick as you would like. Sometimes a newbies or an impatient player will auction an item without finding out its value. You can find these deals by periodically checking the auction and sorting by price. Another great opportunity is buying larger lots which are often priced at a discount. When selling those items, try breaking them up into smaller denominations. Players looking for only one or two of a certain herb are less likely to buy 20 at a time. There are several more solid methods and many new ones you will learn over time. I suggest devoting an entire play session to auctions whenever you can. In fact, I have spent so many hours auctioning, I actually enjoy it more than questing because it helps me develop my real life money skills. So give it a try and find your own style and methods. Once you start, I guarantee you'll become an auction house junkie and will never have to worry about gold again. About the author: R.S. Johnson is a writer, media consultant and operator of 70elite.com. |
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