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How to Bid at an Auction

Thứ sáu - 26/04/2024 23:11

Buying an auction item is a unique but fairly straightforward process. This article will help you walk through what to do as a first-timer at an auction. Read on to discover how the auction process works, as well as bidding tips and...

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Attend a few auctions without bidding.

It will also give you a good idea of how people bid and react to price increases.

Inspect the items or property prior to bidding.

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For goods, pre-inspection times are set by the auctioneer, usually the day before or perhaps only hours before the live auction. Make use of this time; there is no point rocking up at the last minute and thinking you can work out what you want to bid on and why!

Get clarity.

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If there are things you're not sure about, such as the title, condition of sale, auction process, etc., be sure to ask. It is useful to ask how long the auctioneer thinks it will take to get through the lots too. Most importantly, make sure you understand all the payment instructions and requirements before registering for an auction.

Writing a personal or travelers check or using a credit card is not the same as cash. Many auction houses only accept cash.

Many auction houses add a buyer's premium and local taxes (such as general sales tax), so be prepared to pay more on top of the winning price. Find out in advance.

Get there early.

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Pre-register and get a bidding number.

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Most auctions today require that anyone intending to bid be pre-registered with the auctioneer and assigned a bidding number. This bidding number is usually written on a card that the bidder can hold into the air, signifying to the auctioneer of the intent to bid. The registration is on-site.

Every house auction has its own auction instructions. They will have a specific percentage down needed either in cash or cashiers check the day of the auction.

If you do not register and receive a bidder number you will not be allowed to bid.

While allowing a bit of privacy for bidders, it enables being recognized as a bidder by the auctioneer.

The auctioneer will announce the number of the winning bidder along with the winning amount.

Be clear when making bids.

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Basically, do whatever is effective in calling attention to your bid. If the auctioneer misses you, repeat your action until he or she sees you.

The fall of the hammer constitutes the sale. A bidder can withdraw a bid prior to the fall of the hammer but not after; after, a contract of sale has been formed.

If the hammer falls and you made a bid but the auctioneer did not see you, dispute the sale and ask for the bidding to be reopened. The auctioneer does not have to comply but if others saw you bidding and back you up, you might succeed. This is why it is important to be clear about bidding.

Be ready for the delivery

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Auction houses tend to like fast clearance of purchased items, so be sure to have your transport options sorted out in advance.

Warnings

Vendors usually have a right to withdraw items from sale up to and during the auction proceedings. This means that an item can be withdrawn from sale if the auctioneer considers that a fair price is not going to be reached. This is known as "passed in". However, negotiations can continue in private with the highest bidders, so you may still be in with a chance.

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Don't get carried away with the bidding. It is easy to get so wrapped up in the spirit of things that you may find yourself wondering how or why you bought that pile of used dog bones.

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Do not sort through baskets of items attempting to create your "special" lot of goodies. The auctioneer who knows his business will know what has happened and may become irritated. Or even skip over that lot until his assistants have re-sorted things back the way they were intended to be sold. Messed up goods tend to be put out of the auction.

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Things You'll Need

An upbeat attitude. Keep a good sense of humor about you and don't be discouraged
Cell phone to call/text someone if you're not sure about bidding/continuing to bid (especially a spouse!)
A bottle of water
A small pocket note-pad and a pen
Transportation
Umbrella (for outdoors auctions)
Tools (if you buy a large or heavy object)
Help (same)