New to Auctions? Five Things You Need to Know
It doesn’t matter how much money you have in your budget. It doesn’t matter what you are looking to purchase. When you attend an auction, you may find yourself in position to bid on everything from sports memorabilia to famous paintings among other items.
As a beginner, there is a lot you need to know about attending an auction. There is more to success than pinpointing an item that catches your eye, throwing out some bids, and hoping for the best. Here are five things you need to know:
1. Request a catalog in advance (if there is one). With this in hand, or available online, you can get a clear idea of what will be sold at the auction. This makes it easier to plan in advance.
2. Attend the preview. Typically held a few days before the auction, this is your chance to see the items up close and personal. This provides the opportunity to learn more about the condition of anything you are interested in buying.
3. Register. You can’t simply show up and start bidding. You need to register in advance or on the day of the auction. Either way, make sure you follow the registration process. This will allow you to receive a bidding number, putting you in position to take part in the action.
4. Have plans on taking the item home. You don’t have to take your purchase the same day, but you don’t want to delay. Most auctions give you three days, or so, to make arrangements. After that, you are charged for storage.
5. Don’t get anxious. Even the most experienced buyers go home empty handed from time to time. Know what you are looking for and how much you are willing to spend. From there, do your best to buy the item. If you come up short, there is always next time.
If you are new to auctions, these five tips will come in handy. For more information and advice, read our blog.