Auctions are an exceptional place to source great deals on antiques and quality items; anyone can learn how to participate. Experienced auctiongoers know when to spot good deals and can even make their living off locating valuable items, buying them on the cheap, and then selling them at a higher price. Auctions are not the reserve of business people or the rich. Anyone can participate in an auction and leave with valuable items, from simple decor or precious trinkets to objects with everyday practical uses, such as motorbikes or furniture.
Though, a little experience can go a long way at auctions. Complete beginners can fall rabbit holes that give a poor impression of auction houses. But here, our goal is to guide you through the art of bidding and show you how to avoid those hiccups and fallacies.
Registration to Purchase
Most auctions require registration, but at British Car Auctions, generally, no pre-application is needed. Registered parties, or anyone who is permitted to enter the bidding, can join an auction and take part in the auctioning process. For some auctions, there may be separate days when visitors can view the merchandise up close. For instance, with automobiles, this is essential for the buyers to understand the condition each item is in. These viewing occasions are also used by potential buyers to make approximations on how much the items could be worth.
Basic Processes in an Auction
Each item that will go under the hammer is listed in the auction catalogue and assigned an auction lot number. When the number is called out, then the item is brought into the auction house and the bidding can begin. At most auction houses, the procedure is the following:
- The item is presented, and the auctioneer sets a bid
- Should no one take the bid, the auctioneer will lower the bid
- If someone takes the bid, then they become the highest bidder
- The auction will continue until no one raises the highest bid
- The auctioneer then declares the item has been sold
From there, bidders can make their way to the payment desk, where they will pay the hammer price of the item and any additional fees and fill out the paperwork to complete the transfer of ownership. The new owner of the item can then either take their purchased goods with them or arrange to have them delivered later.
Tips to Successful Bidding
Auctions can be a highly exciting place for anyone involved, and buyers can easily end up sinking more money into something than they originally planned. One of the biggest dangers of an auction is for buyers to make up their mind on buying an item “no matter what”.
The bidding itself only takes a few minutes, and a good price can swell up to a heavily inflated expense in no time at all. Never forget how much money you can afford to spend. It is always better to pass on an item than end up taking debt to pay off something that may not necessarily be worth your while. When doing your homework on auction items, try to figure out a maximum limit that you will go up until on each one. Stick to these limits, and you will avoid overspending on items.
Bid with Confidence and Mastery
Bidding does not require salesmanship or a great knowledge of the items on auction. With the proper research, it is very simple and easy for anyone to manage.
It is best to enter an auction early to get a good understanding of the atmosphere and to familiarise yourself with the different buyers. Doing your research is a must, and make limits for each item that you are interested in.
In some lucky cases, you may be able to get away with the base price as no one else shows much interest. Auctions generally save the best for last, meaning the items that are likely to attract the most attention will go under the hammer when everyone is warmed up and ready to spend big. With these, practise caution and try to learn the spending habits of the other buyers. You may already know who you will go up against and how to outbid them by the time the best item hits the auction. Timing, patience and vigilance are all key aspects to bidding with more confidence and more effectively.
