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If you are new to auctions, you are in good company. Auctions are an exciting way to buy everything from antiques and collectibles to vehicles and real estate. Whether you are participating in person or online, understanding how auctions work will help you make informed decisions, bid strategically, and get the best deal.
An auction is a public or online sale where items are sold to the highest bidder. Auctions can be fast-paced and competitive, and are sometimes hosted by a skilled auctioneer guiding the process and encouraging bids. Bidding can take place in person, over the phone, or online, depending on the auction format. Auctions can include a wide range of items such as furniture, art, jewelry, tools, cars, and even entire estates. Unlike fixed-price sales, the final price in an auction is determined by bidder competition, creating an engaging buying experience.
Unlike estate sales, where items have fixed prices, auctions let buyers compete against one another to determine the final sale price. Auctions also tend to move quickly, with each lot selling in a matter of minutes or seconds, whereas estate sales allow buyers more time to browse and make decisions.
Held at a specific location, often at the property where the items are stored or displayed. Bidders attend in person, view the lots, and bid directly in a live setting.
Online OnlyTakes place entirely online, allowing bidders to participate from anywhere in the world. Bidders browse lots, place bids, and make purchases over the course of a set time period, often several days, before closing.
Live WebcastsA hybrid format where bidders can participate online in real time while the auction is taking place on-site. These are benefitial so bidders can participate from anywhere in the world.
Absentee AuctionsIn this format, buyers place their maximum bid in advance. The auctioneer then bids on their behalf up to the preset limit during the live or online event, ensuring they remain competitive without needing to be present.
Benefit or Charity AuctionOrganized to raise money for a cause, often with donated items.
Before participating in an auction, always read the auction house’s terms and conditions. Each auction company may have different rules regarding registration, bidding increments, payment methods, and pickup deadlines. Always register early to secure your bidding credentials, and inspect items thoroughly if an in-person preview or detailed online description is available. Be respectful to other bidders and to the auction staff, and avoid making bids you are not prepared to honor.
Familiarize yourself with the type of auction and the specific rules of the auction you plan to attend. Research the items you are interested in so you understand their typical market value and try to examine their condition. Pro-Tip: You can always reach out to the auction company ahead of time if you have any questions about the item or, if you plan to have the item shipped, shipping costs.
Understand Buyer’s PremiumsMost auctions charge a buyer’s premium, which is a percentage added to the winning bid. Keep this in mind as when you’re calculating your budget. Pro-Tip: When setting your budget, you’ll not only want to adjust for Buyer’s Premiums, but taxes and shipping/handling fees (if applicable) as well.
Set a BudgetIt can be easy to get caught up in the excitement of bidding. Determine your maximum bid for each item before the auction starts and resist the temptation to exceed it. Pro-Tip: Know when to walk away. Sometimes the best decision is to stop bidding. If the price exceeds your comfort zone or perceived value, it is better to wait for the next opportunity.
For live auctions, arriving early gives you time to preview items in person but many auctions, even online ones, offer preview sessions ahead of time where buyers can examine items in person. If this isn’t possible, view the auction’s catelogue online and inspect the items thouroughly. Items are sold as-is, so take time to examine them for their condition, authenticity, and quality. Pro-Tip: For online auctions, it’s always good to log in before bidding starts to avoid any technical issues.
Bid ConfidentlyWhether you are bidding in person, online, or through an absentee process, be clear and decisive. Once you know your limit, bid clearly and decisively. Hesitation can lead to missed opportunities and second-guessing can lead to over-spending.
Start SmallIf you are new to auctions, begin by bidding on lower-cost items. This allows you to become comfortable with the pace and process before competing for higher-value pieces.
Follow Payment and Pickup RulesAuctions have strict deadlines for payment and pickup. Missing them can result in penalties or forfeiting your purchase. Make sure you can meet these requirements before bidding.
Participating in auctions can be a thrilling and rewarding experience, offering access to unique items and competitive pricing. With careful preparation, strategic bidding, and a clear understanding of the process, you can enjoy both the excitement and the value that auctions provide.
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