Live Bidding vs. Absentee Bidding: What You Should Know

Bidding at an auction requires strategy and skill, but there are tips and tricks to help you win that sought-after treasure. It helps to prepare beforehand and to know about different types of auctions. You should also know exactly how to bid at an auction, whether you are attending a live event or placing absentee bids.

Tips for bidding at auction

First, no matter what type of auction you attend, keep a price limit in mind. With a bit of strategy, you can walk away with the winning bid. You should also beware of the building tension during the auction, as this can lead to placing bids outside of your budget. Finally, be ready to act quickly and make fast decisions.

Live bidding

Live bidding is when you physically appear at an auction being hosted by an auctioneer. This type of auction is generally held before an audience of bidders in a gallery or saleroom. If you plan on bidding during a sale, you will need to register as a potential buyer. You should arrive at the auction early, look at the items up for bid, and remember what your limit is. Once the bidding begins, be prepared to stick with that amount. It is also a good idea to familiarize yourself with the bidding process before your item comes up.

Another type of live auction here happens online, where bidders participate remotely from an outside location. This method of bidding allows you to attend an auction from the comfort of your home, while still participating in a competitive nature. With online auctions, your bid is received automatically by a remote clerk who then places it in real time. It can be fun to bid online if you get to the right website and are able to buy the items of your choice.

Absentee bidding

Absentee bidding is a method of bidding at an auction without physically attending the event. With an absentee bid, you will submit an offer for an item being sold before the time of the sale. There are guidelines set by the auction house which are generally unique to each event. You will have to verify with the company handling the auction on how to submit your bid.

Your absentee bid will be submitted in advance, either by written means or by phone to the auctioneer. You set a limit on how high you are willing to go for the item, which will not be disclosed to anyone else before the auction. The auctioneer will perform the bidding process as usual. When the highest bid is announced, he will then reveal your absentee bid and see if anyone wants to increase their amounts. When disclosing your absentee bid, the auctioneer will only raise the bidding in increments until your limit has been reached. If your limit is not increased, and the bidding ends, you will have won the item. If the bidding increases over what you have set as a limit, you will have lost the auction.

With absentee bidding, you want to be sure you know how the auctioneer will handle your bid. Starting the process with your limited absentee bid may not get you the fairest deal on an item. The item may have gone for much less had the bidding started lower. You should also know how the auctioneer will handle a situation where your bid matches a live one. Standard practice is to reveal your bid and allow the live bidder to increase their amount.

Absentee vs. live bidding

Whether you bid through an absentee bid or attend an auction and place your own, auctions are fun and exciting. Participating in live bidding increases your chances of winning, as you are able to control your amounts. However, this process has its downside at times by getting you to bid higher than you expected or can afford. The process of placing an absentee bid is less competitive and locks your top amount in to eliminate that “auction fever.” Either method will give you the potential of winning an extraordinary item for a great price.

To learn more about how to bid at auctions, contact the experts at High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information about buying and selling items at auction. Don’t forget to check out our Upcoming Auctions to see what we have available!