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The Auction House is the brokerage that allows players to buy and sell items with other players without having to contact them.
Auction house is located in all major cities. They are all linked together so when you post an item, people can access it through any auction house. One major advantage the auction house gives is that you do not have to be logged on when your item sells. The gold you make from the auction will be mailed to you. You have to wait one hour after the auction ends in order to access the gold. Note that 5% of your selling price is subtracted for the auction fee. Also note all items have a deposit cost, with the exception of enchanting materials. The deposit is refunded when the item sold, and if the item expires, you lose your deposit.
When you are buying, you can either bid or buyout. With a bid, you will put the bid on the item for the bid price, and the gold is taken away at this point. If you lose the bid, your gold will be returned to you in the mail. You cannot cancel a bid, except by using the buyout. When you buyout, the gold is taken away and you will receive the item in your mailbox immediately.
If you are looking to earn some gold with the auction house, Auctioneer addon is your friend. This addon can be downloaded at this website. It basically scans the auction house over and over to find out the average going price of all the items, so if you are looking to buy or sell any item you have a general idea of the value of the item. However sometimes the data is not very accurate and it should be used with some judgment. The more often you scan, the more accurate the data will be.
This is a guide on how to make gold on auctioneer. It is by no mean a sure shot way to make large amount of gold, but with enough experience and patience, you can accumulate a decent amount of gold without ever going anywhere beside the bank, the auction house, and the mailbox.
First, you have to understand why it works. Some people think that its wrong or evil to buy items from a player for cheap and sell it for a profit. It is not, by any means, because sometimes people sell items under priced for difference reasons. They might be in a big hurry to get gold fast, or just don't have the patience to wait and sell, or just simply not worth it. In that case, you are doing them a favor when you buy it cheaply from them. and when you sell, of course you deserve a profit, because you have taken the hard work of finding a buyer that value this item, and you are doing the buyer a favor too by providing him the item for cheaper than any other auctions (or else he would buy the other ones).
So, how do you do it? You get familiar with the going market price of an item, and buy them when they are under priced, sell them when they are overpriced. The way you know the market price is by constantly looking at any item on Auction House and also paying attention in trade of when people are selling it. Find out how much you have to pay at least for this item, and this amount is your "highest buying price". If you can constantly buy an item for 5g, don't ever pay 6g for it. Then the harder part is determining the "lowest selling price". If you can occasionally find an item for 5g, try to sell it for 8g. maybe 7g. If they keep selling, then you have a hot item to play with. Keep in mind, the price margin (difference between buying price and selling price) should be at least 10-20% of the buying price, because price fluctuates and you might lose money sometimes if you buy too high, or sell too low. If an item quit being sold for your buying price, or quit selling at your selling price, then you need to adjust the price. If the margin gets too small, find another item to play with. Generally it is best to play with item that are very popular. Most Crafting materials are usually a good thing. Weapons and armors are bad ones to try to buy and sell for profit. Enchanting materials are especially good due to the fact that there is no deposit cost and therefore no penalty for not selling.