Auction Tips
For collectors and bargain hunters, there’s nothing like the excitement of a live auction. Auctions are also prime sources for furniture, artwork, and accessories. Learning how to bid at an auction is just one step. If you’re looking for beginner auction tips, read these do’s and don’ts before you bid.
Tips for What to Do at a Live/Online Auction
- Attend the viewing day. You should attend the viewing day to inspect the goods even if you’ve seen photos in a catalogue. Make sure it’s possible (and won’t cost too much) to repair damaged pieces. Make note of lot numbers and contents if you’re planning to bid on them.
- Check the payment methods before the day of the auction. Make sure of the payment methods that the auction house offers and plan accordingly. Find out about the refundable registration deposit, when it is payable and the buyer’s commission that is added to the hammer price, if you are the highest bidder. Also ensure that you do have the correct banking details of the auction house, seeing as the auction house won’t take responsibility if you got the account number wrong.
- Come early on the day of the auction to do registration. You don’t want to miss a part of the auction due to the registration process. You are welcome to pre-register to ensure that you are ready for action on the day of the auction.
- Dress appropriately. Make sure to dress practically, especially if the auction is being held outdoors. Dress in layers if there’s no temperature control and be prepared to walk across muddy or uneven ground.
- Start bidding when your item is up. Auctions move fast. If you hesitate too long, the hammer may come down before you’ve worked up the courage to bid.
- Set a maximum you’re willing to spend. Set your limit for each item of interest, and then stick to it. It’s all too easy to get caught up in auction fever and bid far more than you intended. If you doubt your willpower, attend with a friend so you can keep each other accountable.
Tips for What Not to Do at a Live/Online Auction
- Don’t wait until you’ve won to check on the dispatching procedure. The dispatching procedure is loaded onto the website and is available prior to the auction. Take note that storage fees are charged if you can’t take your purchases with you when you leave.
- Don’t show excitement. Stay calm during the viewing day when you find items you are interested in. You don’t want to announce your intentions to other bidders. You may end up increasing your competition if you call attention to specific lots. If they didn’t notice your favourites at first glance, don’t give them a reason to go back for a second look.
- Don’t get into a bidding war. If you get caught up in beating the other bidder, you may end up wishing you’d lost once the auction ends and you’re committed to a high price.
- Don’t jump the gun. Don’t shout out your maximum bid as soon as the bidding starts. The auctioneer will increase the price incrementally until there are no more bids.
- Don’t bid if you’re not sure you want to buy. If yours is the winning bid, you’re committed to the purchase. You can’t change your mind after the hammer falls.
