How Do You Prepare For An Auction?

There are many questions when it comes to preparing for an auction. Whether you are going to be attending one, selling items, or hosting the auction, there are steps you should take to prepare for the auction. 

Selling

If you are going to be selling your items at an auction, here is what you should do to prepare. 

• Research- 
  • Watch for the same items at auctions
  • Look for other selling prices
  • Watch for market demand
  • How long similar items were on the market
  • What the item sold for

All of these tips can help you to determine exactly how much you should be selling your items for. For instance, if the item is in high demand, you can sell it for more. If your item is relatively common, you might not be able to get as much money for it. 

Also, it is important to make sure that your items stand out from the rest. This will also include making sure that they look presentable to be auctioned. And last, be sure that you are honest about your item and answer any questions the auctioneer may have. 

Attending

When you attend an auction, you need to understand the process. Before the actual start of the auction, attendees are normally allowed to view all pieces that will be auctioned off. This can be the day before or the day of- depending on who is hosting and where it is located. Then, you must register with the auctioneer. They will take specific information as to who you are, and then you will receive a bidding number. This number is what you will use whenever you bid on an item during the auction. Once the auction is over, the person who had the highest bid on items will then have ownership of the item. 

Hosting 

To host an auction, there are some important steps you should take. 

• Take inventory of all the items that you will be auctioning off
• Promote the items in the auction
• Set beginning bids at a reasonable price
• Keep the attendees motivated to bid

You will also have to do things like finding an auctioneer, determine a time and location, send out invitations, and promote the event. Make sure that there is a clear destination for people to pay for their items once the auction is over. 

Looking for an auction to attend?

If you are attending an auction, always keep an eye out for hidden treasures. You never know what you might find! At High Plains Auctioneers, we hold a variety of events, including used equipment and living estate auctions. Call us at (806) 244-6776 or Contact Us by Email for more information about our events. Don’t forget to check out our Upcoming Auctions!