How to Win at An Auction
Published by Marx Marx in Consumer, 1 month 3 weeks 1 day 12 hours 38 minutes 15 seconds ago
It really doesn't matter whether you're bidding on a piece of antique furniture or the Queen Elizabeth jewels. The techniques needed for winning at auctions are basically the same.
The big rule is always make sure what you're after is what you really want. That may sound a little too simple, but you'd be surprised at the number of people who bid on things they don't want and can't even use, but they still wind up taking them home.
It's easy to succumb to auction fever because the pace at most auctions is so fast and furious. On an average, auctioneers sell a lot of different items per hour, meaning you don't have much more than a minute to decide what to do.
The way you make sure you really want something, is by checking it out in advance. You should always plan on getting to an auction early, even if you are coming from out of town. That way, you'll have plenty of time to look over everything that's going to be for sale. Make your inspections as thorough as you can. If you're interested in a lamp, for instance, plug it in and make sure it works. If it's sold in parts, make sure they're all there.
Antique dealers usually try to preview an important auction at least a day in advance, allowing themselves enough time to do a little research on the pieces they expect to buy. Even if you're not buying for a store, this approach can help you.
If you think you've spotted a valuable antique that you want to bid on, check the price guides and go to some local antique shops to get an idea of what they might charge for the same thing. If there's any damage, scale down your estimate accordingly.
Take along a small notebook when you do your pre-auction inspection, and write down everything you think you might like to have, along with its lot number. Note the condition of each item poor, fair, excellent, missing drawer pulls, etc and then add the highest price you feel you could pay. You're less likely to overspend if you see your price limit in black and white. If you're still unsure of a winning price when the auction begins, you can pick up clues from the auctioneer.
When the bidding start, ask for the approximate amount you expect the piece to bring when it's sold. Then drop that opening bid down until it's low enough to get people interested enough to respond. Then as they bid against each other, the price goes back up. It's a way of generating interest.
Other regular bidders antique dealers, secondhand store owners, professional "pickers" who shop for decorators or dealers also give you a good idea of market value if you watch their bidding closely.
They're usually easy to spot if you watch for a while, because they bid so frequently. Generally, dealers won't pay more than 50 percent of what they expect to get for an item when they resell it. How you bid is almost as important as how much you bid. An auction is no place to be timid. You have to let the auctioneer know that you are out there, and you are interested.
Auctions always come down to a contest between two bidders; while you're weighing your decision, you're also giving the other bidder the impression you're wavering. And that makes him think one more bid might make you drop out, and so the price just keeps going up.
When you start bidding, do it as quickly and decisively as you can, until you reach your preset spending limit. It lets the competition know you're serious.
You can use a preemptive bid, if you're really determined to have something offered for sale. Sometimes you can bid your top price right away, before the asking bid drops low enough to get a whole group of people involved. That might scare off the other bidders. It doesn't always work, especially if there's another determined collector in the room. They pay just about anything if they decide they've got to have it.
Most reputable auctioneers will let people know if the item they're selling is seriously damaged or if there's a question about authenticity. But it's really up to the buyer to check for flaws.
It's a good idea, as you buy, to take control of your new acquisition right away, especially if it's small or fragile. Extremely valuable items may be stored in the auctioneer's office until the sale ends, but, essentially, you're responsible for what you've bought once you make that winning bid, even if you haven't paid for it yet.
The big rule is always make sure what you're after is what you really want. That may sound a little too simple, but you'd be surprised at the number of people who bid on things they don't want and can't even use, but they still wind up taking them home.
It's easy to succumb to auction fever because the pace at most auctions is so fast and furious. On an average, auctioneers sell a lot of different items per hour, meaning you don't have much more than a minute to decide what to do.
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The way you make sure you really want something, is by checking it out in advance. You should always plan on getting to an auction early, even if you are coming from out of town. That way, you'll have plenty of time to look over everything that's going to be for sale. Make your inspections as thorough as you can. If you're interested in a lamp, for instance, plug it in and make sure it works. If it's sold in parts, make sure they're all there.
Antique dealers usually try to preview an important auction at least a day in advance, allowing themselves enough time to do a little research on the pieces they expect to buy. Even if you're not buying for a store, this approach can help you.
If you think you've spotted a valuable antique that you want to bid on, check the price guides and go to some local antique shops to get an idea of what they might charge for the same thing. If there's any damage, scale down your estimate accordingly.
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Take along a small notebook when you do your pre-auction inspection, and write down everything you think you might like to have, along with its lot number. Note the condition of each item poor, fair, excellent, missing drawer pulls, etc and then add the highest price you feel you could pay. You're less likely to overspend if you see your price limit in black and white. If you're still unsure of a winning price when the auction begins, you can pick up clues from the auctioneer.
When the bidding start, ask for the approximate amount you expect the piece to bring when it's sold. Then drop that opening bid down until it's low enough to get people interested enough to respond. Then as they bid against each other, the price goes back up. It's a way of generating interest.
Other regular bidders antique dealers, secondhand store owners, professional "pickers" who shop for decorators or dealers also give you a good idea of market value if you watch their bidding closely.
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They're usually easy to spot if you watch for a while, because they bid so frequently. Generally, dealers won't pay more than 50 percent of what they expect to get for an item when they resell it. How you bid is almost as important as how much you bid. An auction is no place to be timid. You have to let the auctioneer know that you are out there, and you are interested.
Auctions always come down to a contest between two bidders; while you're weighing your decision, you're also giving the other bidder the impression you're wavering. And that makes him think one more bid might make you drop out, and so the price just keeps going up.
When you start bidding, do it as quickly and decisively as you can, until you reach your preset spending limit. It lets the competition know you're serious.
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You can use a preemptive bid, if you're really determined to have something offered for sale. Sometimes you can bid your top price right away, before the asking bid drops low enough to get a whole group of people involved. That might scare off the other bidders. It doesn't always work, especially if there's another determined collector in the room. They pay just about anything if they decide they've got to have it.
Most reputable auctioneers will let people know if the item they're selling is seriously damaged or if there's a question about authenticity. But it's really up to the buyer to check for flaws.
It's a good idea, as you buy, to take control of your new acquisition right away, especially if it's small or fragile. Extremely valuable items may be stored in the auctioneer's office until the sale ends, but, essentially, you're responsible for what you've bought once you make that winning bid, even if you haven't paid for it yet.
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