4 Tips That Can Prepare You For Your First Estate Auction

Estate auctions are great if you love antiques or are just looking to furnish your home or apartment without spending a fortune. These events are exciting and can often supply you with better quality items than discount retail shops. You will be able to bid on anything from furniture to room decor to kitchenware, and everything in between. These auctions move fast and can be intimidating if you are new to the auction scene. Here are some tips to prepare you for your first estate auction so you can score the best deals.

What you should do before the estate auction

Arrive at the auction early and look over the items being sold. Set prices in your mind for the things you will bid on and stick to them when the bidding starts. Don’t get caught up in the “auction fever” that causes people to bid more than they can afford. Inspect the items carefully and make sure the condition is what you’re expecting. Check over furniture pieces to make sure they are sturdy, there are no broken legs, and that there aren’t any tears to the upholstery. Boxed items can be examined to see exactly what you will receive.

If you have questions about the items or the auction itself, this is the time to ask the auction house staff. When the bidding starts, remember what you felt the items were worth and how much you can afford to pay for them. You might even consider bringing a notebook to keep track of all relevant information.

If you attend an estate auction and plan to make bids, you must register before the sale starts. It is a good idea to arrive early so that you are registered and ready to start before the auction begins.

Bid early

The auctioneer may start the bids at a higher amount, then lower them if no bids are made until someone makes the first offer. If an item comes up that you are serious about winning, you should bid early. It is a good strategy to bid immediately if the starting price is within your range. When the price is lowered from the original amount, it attracts a lot of people who haven’t thought about the item before it’s price went down. By bidding early, you prevent this from happening.

Don’t be discouraged or get overly encouraged

There are many reasons people don’t bid at auctions. Some attendees are dealers looking strictly for resale items, and others may be people with fully furnished homes who only want small pieces. A good tip for attending an estate auction is that you should bid on items you like when you can afford it. Do not be discouraged if others are not bidding. This is not a sign of the value or the quality of the item. Others who are not bidding may just have different reasons for attending the estate auction.

Being overly encouraged can be as much of a disadvantage at an estate auction as being discouraged. When several people are interested in the same item, it can create a flurry of bids, making costs rise higher than you expected. You have to remember the budget you set for each item and stay within that amount. If the bidding goes higher, you have to have the control to stop. Just because you see a large number of people bidding, or even just a few that seem intent on winning, does not make the item any more valuable. Researching items ahead of time can help you stay within your spending goals.

Enjoy yourself at estate auctions

Auctions are full of excitement, so enjoying yourself is the best tip you can receive. Don’t worry about missing out on an item or going over your budget and not getting a different item. Even the most seasoned bidders can make mistakes. There is always another auction to attend where you’ll be better prepared and ready to win.

Looking for an estate auction near you?

If you are looking for an estate auction or have questions on How To Bid, contact High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information. Don’t forget to check out our Upcoming Auctions to see what we have available!