6 Tips To Remember When Attending A Gun Auction
Friday, December 1st, 2017
Going to a a gun auction can be exciting and it can be easy to get caught up in the moment while bidding. Being prepared to bid on an item is always recommended so you don’t over-bid. When you are going to bid on a gun, you want to be especially knowledgeable on which firearms are going to be available. You should also know the following information to make things run smoothly, including how to research the guns, how to bid, and what the auctioneer does.
Research before the auction
If you know guns are going to be auctioned, then you need to do some research. Perform a background check on similar guns being offered on other auction sites to start. There is also a book called Blue Book of Gun Values, or an app, that is published yearly to list current gun values. Knowing what a gun is worth will help you know how high to bid, and when to withdraw. You also have to set a budget for your bidding so you don’t overspend.
Understand the fine print
Make sure you know ahead of time what the fine print states about winning a bid. Some auctions charge a buyer’s premium. This cost means you will be required to pay a percentage of your high bid. There may also be sales tax added to the winning amount, so you’ll want to be sure you have the right amount to complete the transaction. Know what forms of payment are accepted including credit card, check, or cash. You will need to know all of this information to determine how much you are able to bid.
What to do when you arrive at the auction
On the day of the auction, there should be a viewing offered of the guns being sold. This viewing is the time to thoroughly inspect the gun you are interested in buying. A necessary step when handling firearms is to make sure the gun is not loaded. You should also verify the gun is in good condition, whether new, used, or antique. Perform this check on every gun you handle. Once you know the condition of the guns, recheck the reference guide to see if the condition changes their value. Most firearms are sold according to their condition, so this information should give you a set amount.
Test the gun if you can
Once you make sure the gun is empty, and point it in a safe direction, do a dry fire. You want to be sure this is what you want, as most guns are sold at auction as is. This practice means that once you win, and the auctioneer says, “Sold,” the gun is yours. You will be expected to pay for it no matter the condition. You will not have the option of finding something wrong and trying to extract from the sale’s value.
How to bid at a gun auction
Don’t be afraid to be bid on the gun you want and make sure the auctioneer can see that you are bidding. It is best to make eye contact with the ringman or auctioneer as well as raising your hand, so there are no doubts about your submission. Remember what price you have set for purchasing the gun and don’t get caught up in the bidding. Getting too excited could cost you more money than you intended to pay for your new firearm.
The auctioneer’s job
It is the job of the auctioneer to get as much money for the gun as possible. Just like anything else, there are good auctioneers and poor ones. Check the reputation of the auction house dealing with the sale to make sure it will be a reputable one. If they have a good reputation, you won’t have to worry about making the bid you want for your new gun.
Contact the auction experts at High Plains Auctioneers
High Plains Auctioneers are your auction experts in the Texas Panhandle. If you have questions about how or where to attend an auction, call us at (806) 244-6776 or Contact Us by email. Don’t forget to check out our Upcoming Auctions to see what we have available!