Tips For Buying from an Auction

So, you’ve come across a valuable or usable item and want to purchase it. You have never bought at an auction and want to know how to go about the entire process to ascertain you not only get the item but at an ideal price. Here are a few auction tips from Surplus.net that you’ll find really helpful.

The Estimate is Merely an Indication

Keep in mind that an estimate is no more than just an indication of the item’s worth. If many people are interested in the product, the price will spike, but if the opposite is true, then you might get a bargain.

Do Your Homework

Ensure you get as much information as you can about the product. Do this in advance and do not hesitate to shoot an email at the auction house to inquire for more details and photos. Is the piece signed or not? Who is the artist? What are the proportions? Will it fit in your space? Check where the piece as made. When buying something old, keep in mind that it may have chips and cracks. These questions help you get information that helps you make an informed decision.

Know Your Limit

Pick a limit before the auction day. It is wiser to follow your wallet rather than your heart. It is easy to become emotionally attached to a piece at the moment and, as a result, bid more than what you can afford. When it comes to bidding, constantly ask yourself what the item is worth to you. 

Is it a Contract to Purchase

When the auction house bangs the gavel down, it marks the end of bidding and puts the hammer price. It is important to know that this action established the contract to buy.

Lookout For Additional Charges

It is important to check for extra charges before bidding. Auctioneers often charge 15 to 25 percent commission on top of the final price and some online platforms, 3-5 percent for using them. In such cases, you will want to avoid the charges by placing a bid over the phone.

Place an Absentee Bid

In order to feel secure and certain, consider putting an absentee bid. This authorizes the auction house to place a bid on your behalf and secure the lot at the lowest price. Keep in mind that some auction houses do charge storage fees. You place your bid for the maximum price you are willing to pay, and the house puts bids in increments until the limit is reached.

Know the Deadline

Some auctions function just like eBay. The bidding process goes for days, becoming hotter as the deadline nears. You will get alerts via email when a bidder tops your price and decide what to do. In such situations, the bids can run out of control in the last few hours.

Follow Your Heart

When you purchase with your heart while keeping your limit in mind, you are more likely to buy something that you will enjoy.

Pay up Quickly

Once you’ve won the auction, you will be given 5 to 10 days to pay up and make transport arrangements for your piece. Some auction houses impose storage fees, so keep that in mind.