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8 Tips For Getting The Items You Want At Estate Auctions

Thursday, March 1st, 2018
bidding strategies to help you win at an auction

Auctions are a great place to go if you’re looking to furnish a home without spending a lot. You can find incredible deals on everything from modern and antique furniture to china and accessories, all without having to visit multiple antique stores. Follow these tips next time you participate in an estate auction and you may come away with great deals on amazing pieces.

Don’t get intimidated

If you’ve never been to an estate auction before, know that they move fast and that you may feel intimidated to make a bid before you are ready. The excitement runs high, and you may find it easy to get caught up and make a bid on an item you didn’t want. You may even bid more than you meant to bid. The other end of feeling intimidated is when you don’t see any bids being made and feel that you should not bit either.

Knowing how much items are worth can help you make better bidding decisions. Research the value of the items you are planning to bid on before you go to the estate auction. Doing this can help you avoid bidding more than an item is worth and keep you from missing out on good deals.

Bring cash to the auction

Estate auctions add a buyer’s premium to everything you buy, which goes to the auction house for their costs. This amount can be lowered if you pay for your items with cash rather than paying with a credit card or check. You should budget before the auction so you know exactly how much you can spend.

Bid early on the items you want

Auctioneers often start an item out at a higher price and then lower it until people start bidding. When a price begins going down, items tends to get more attention, so this is a common strategy. If an object comes up for sale that you want, it can help to put your bid in right away before it goes down and attracts attention. This tactic could keep fellow bidders from becoming interested and raising the bid even higher.

Don’t follow the crowd

Estate auctions can get you an excellent deal on items with a little bit of careful bidding. When you see something go up that attracts a lot of attention, hold back until you are sure it’s worth the amount of bids it is getting. Just because a large part of the crowd is bidding doesn’t mean the item is worth it for you.

Preview the auction items

There is typically a preview of items that will be auctioned. You should be able to walk through the area and look at the items to get a feel for what is going to be sold. This opportunity should be taken to inspect the condition of items and get an idea of what they are worth. Be sure to ask the auctioneers any questions you may have about the items going up for auction.

Arrive at the auction early

Arrive at the estate auction early to get your bidder’s number. This process is simple, but you will want to complete it before the sale starts. This will prevent you from being stuck in line when the bidding begins.

Know how to bid an an estate auction

Making your first bid can be difficult when you have never been to an estate auction. To make a bid, you simply hold your number up in the air. You will find that once you’ve made the first bid, it becomes easier. If the bidding seems a bit busy and you don’t feel as though you’re getting noticed, you can also call out to the auctioneer.

Don’t get discouraged

There are many reasons people at estate auctions don’t make bids. Everyone comes to sales with different needs in mind. There are those looking for very specific pieces in different sizes or styles. Some come to auctions as dealers just looking for things they can resell to others for a profit. Don’t let it discourage you if there are no bids for items you feel are valuable. What is one man’s trash is another man’s treasure, and you may see treasure in things others do not.

Want to learn more about estate auctions near you?

If you would like to know more about estate auctions, contact the experts at High Plains Auctioneers today. We can answer any questions you may have on how to Buy or Sell at an auction. 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 will have available!