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The Do’s And Dont’s Of Bidding At An Auction

Tuesday, January 17th, 2017
bidding strategies

You will almost always find a great bargain at auction. Live auctions offer a lot of excitement and are often referred to as a sport as much as they are a shopping adventure. These auctions are perfect opportunities to find artwork, furniture, and accessories for your home or business, among other items. Knowing the right way to bid at an auction is an important step to getting items at bargain prices. Here are a few of the most important auction do’s and don’ts to help you be successful when bidding at an auction.

The do’s of bidding at an auction

You must understand the financial obligations related to your potential auction purchase before you make a bid. Make sure you are aware of the payment terms beforehand. Not all auction houses accept checks or are set up to receive credit card payments. If you are looking for high-ticket priced items, you should ask if you can make a deposit or are required to pay in full immediately. There are some auctions that require you to make a refundable deposit when you register to bid. Others add a buyer’s premium to the winning bid.

Another important thing to take care of before an auction is to preview or inspect the items before you bid on them. Always perform a first-hand inspection so you know ahead of time if repairs will be needed, especially on items like farm equipment. You can also check to see what it would cost to have any issues repaired. It is important that you make sure the contents of box lots are the same on auction day as they were at the preview. Some dishonest bidders have been known to switch contents from box to box.

The don’ts of bidding at an auction

Don’t let your excitement show when you find an item of interest. Making loud exclamations will alert other bidders to your intentions and might increase competition. If competition does begin during the bidding process, do not let yourself get caught up in a bidding war. If you win an item at an unreasonable price, the purchase will not seem as rewarding.

Don’t start the bidding with your highest amount. Let the auctioneer increase the price steadily until the bidding stops. One very important tip is to avoid bidding unless you are absolutely sure you want an item. If you give the winning bid, you are obligated to purchase the item, even if you have changed your mind.

If you would like to learn more about how to bid at auction, contact the experts at High Plains Auctioneers. Call us today at (806) 244-6776 or Contact Us by email to find out more about bidding at our auctions. Be sure to check out our Upcoming Auctions to see what we have available!