I went to an auction of lost property and stolen stuff recovered by the police at Lloyds Auction House in Wandsworth to try and buy a new bike.

There were loads of bikes. Most were quite shabby, often just dirt, but quite a few had some problems like rusty chains, stuck derailleurs, that kind of thing. There were a couple of really quite nice bikes there too, a Specialized, a few nice Raleighs, etc. I wasn’t quite prepared to inspect the bikes as thoroughly as required, I didn’t have any paper for example, so I decided just to watch rather than buy. I had a list of about ten bikes that I was interested in.

They had loads of other stuff to clear out first, which I didn’t expect, and that took a while so I only stayed to hear the sales of a small number of bike lots. Many of them were grouped into twos and threes and they seemed to be going for anything from £10 to £160 with the average probably being about £40. Bear in mind that’s for several bikes, but will also have VAT and buyer’s premium (35% combined) on top. You had to put down a £40 deposit to bid, but that was refundable.

So overall, like anything, it’s possible to get a bargain if you’re prepared to put the work in.

• Give yourself an hour for viewing
• Take paper to make notes on the bikes/stuff you’re interested in
• Set a maximum price that you’re willing to pay for each item
• When the auction starts be impassionate, just let it happen

Or at least that’s what intend to do when I go back. Phone Lloyds to find out when the auctions are if you want to go too!