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5 quick tips for a first time auction bidder that you need to know.

2/21/2016

12 Comments

 
Arrive Early.

Parking is often at a premium, you will want to be able to pick and choose your parking spots, this will make loading easier.  Also, it is not at all uncommon for neighbors at an estate auction to call in the police for people parking on the edge of their lawns.  You don't want to be one of these people. 

Arriving early also allows you the ability to really take a good look at the items before you bid. We in the auction industry, usually call this a “preview”.  If you arrive just before the start of the auction, you will be competing against a much larger crowd for access to inspect key items. This extra time also provides you with some extra time to pull out your smart phone and do some all-important research before bidding.

Get a Bidder Number.

At every auction I have attended, a bidder number was required to bid.  Usually, there is a dedicated group of cashiers with whom you check in with first.  You don't want to miss your item, because the auctioneer did not accept your bid because you had failed to obtain a bidder's number.  This is another reason to arrive early, it stinks waiting in a long line just to get registered, you may even miss the first few items of the auction.

Know the Terms.
  • Is tax being collected?
  • Is there a buyer's premium?
  • Are credit cards acceptable? Which ones?
  • Are personal checks okay?
  • Are there reserves on items, or being sold absolute?

Auctioneer's generally post their terms in print ahead of the sale in their advertisements.  But, just about any time you read the small print, you will see a clause similar to “Announcements made by Auctioneer just prior to the sale trump any other declarations and will take precedence.”   These announcements usually take place just a minute or two before the first item sells.  Things may have changed from the time the ads were placed and the sale day, do not make assumptions.

This is extremely important on big-ticket items like real-estate.  Often, all sorts of stipulations can be attached and it's necessary for you to know what's going on, exactly.

Don't be Shy!

Auctions are often, chaotic, noisy and crowded.  It's quite easy for novice bidders to get confused at what item is actually being sold and how much the current bid is up to.  The auctioneer wants to keep the pace of the auction going at a clip, but even more important to them is NOT MISSING YOUR BID.  Don't be shy to waive your hands, ask for a pause, and seek clear confirmation on what's going on.  The auctioneer will always prefer you to briefly halt the auction and seek clarity before the hammer is dropped, as opposed to having to deal with an awkward situation after the fact.

Wait A Little to Bid.

You don't want to raise your hand to bid as soon as an item as soon as it is presented.  

Auctioneers often follow this pattern on when auctioning an item.  They start the bidding high, sometimes unrealistically high on an item.  Then they gradually reduce the opening bid in increments until someone raises their hand or paddle to bid.

Something like this for an item that may end up selling for $50.00...

Do I hear $100, Do I hear $100 for this xxx?
I need $100, who will give me $100?

Okay, how about $75, do I hear $75?

$50, I need $50.

This will continue down until somebody raises their hand.  Even if your willing to pay the $50, wait until the price drops down to a relatively low number before jumping in.  If it were me, I'd probably raise my hand at $20 or so.

Advanced Tip:  Don't let the opening bid drop to an embarrassingly low amount.  The auctioneer may be inclined to just yell out “PASS” and continue on to the next item.  It is their job to get the most money for their clients and instead of selling an item for a ridiculously low amount, they may elect to rather not sell that item altogether.  This is definitely a means of  gaining the attention of the crowd.  This generally happens more at the start and near the of the auction.

Lastly, Come Prepared.

If you have a truck or trailer available, bring it!  Even if your not planning on making any larger purchases, you just never know and will kick yourself later.  Also, don't forget boxes, blankets, and perhaps most importantly for outdoor estate auctions... a comfortable chair!



We hope you have fun at your next auction!
12 Comments
Maggie Allen link
5/17/2016 12:55:55 pm

Wow, I had no idea that auctioneers would actually lower their prices for different items if no one is bidding. However, in order to prevent the auctioneer from passing on the item, I think it would be good to know the exact value of the item. That way, you can know what would be a good price, and what wouldn't be.

Reply
James Bergman link
8/23/2016 06:14:28 pm

I was also unaware that the auctioneer would lower his prices if there were no bids. I guess it is just a matter of knowing when you are getting a good enough deal that you are willing to let the price go up. That will take some practice for me.

Reply
Georgia B link
11/3/2016 05:14:13 pm

Thanks for the tip on bringing a truck or trailer when attending an auction! You never know what sorts of things you'll end up taking home, so it's a really smart idea to come prepared to transport whatever you might end up with. My first time at an auction, I ended up buying a couch! I had to call up a friend at the last second to help me haul it, since my little car was definitely not equipped for the task!

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BurtSilver link
4/18/2017 12:16:02 pm

Thanks for the auction tips! My wife and I are preparing to go to a jewelry auction, and we want to make sure we know what we are doing. I like that you mentioned to wait to bid until the initial price drops. I will make sure I do that.

Reply
Ridley Fitzgerald link
9/19/2017 02:09:51 pm

Thanks for the bidding tips. My wife and I are hoping to buy a property at a real estate auction, but we've never been to one before. I didn't realize that a lot of auctioneers will start the price really high! That's good to keep in mind.

Reply
Jack Duff link
1/22/2018 02:23:07 am

Thanks for the tips for going to an auction. I am hoping to attend an estate auction this year, and I want to make sure I am prepared to do it right. I like that you mentioned to come prepared to haul what you buy. It makes sense that you might want to get a larger item, and a truck could make that a lot easier.

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Gary Puntman link
6/22/2018 01:47:49 pm

I've never been to an auction before. I think it would be cool to go to one and see if I can get some antiques. It's good to know that there might be different terms depending on the auctioneer, like you said. It's important to know those before bidding.

Reply
Hector Uba link
6/26/2018 07:26:41 pm

Thanks for the tips on behavior at an auction; it can be confusing if you have never been. I had no idea that auctioneers usually started higher and then went down from there. I was always under the impression that they started low and went up from there.

Reply
Millie Hue link
3/15/2019 09:48:57 pm

Thanks for pointing out that it is okay to raise your hand and ask for a pause when you feel like you are being confused about the processes. I will share this tip with a friend of mine now that he plans to go to an auction and buy a car to also help charities. This will help him out since it is his first time.

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Sam Li link
5/23/2019 01:55:33 pm

I agree with what you said about arriving early in order to get a bidder number. When it comes to participating in an auction, it's a great idea to find an online service. If I were to attend an auction, I would consider an online one that could save me some travel time.

Reply
steele honda link
5/30/2019 09:21:15 pm

Thanks for the trips an tricks for bidding at an auction. I am thinking about going to a firearm auction soon. I like that you said to not be shy, and I'll have to remember that when I'm there.

Reply
Ellie Davis link
11/26/2019 10:45:07 am

I liked that you mentioned you need to consider asking for a pause to seeking clear confirmation on what's going on during an auction. A friend of my husband invited us to an auction, and we are looking for advice on what to do. I will let him know about your recommendations to turn our first auction into success.

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