Auction Strategies: Dos and Don'ts for Buyers

Whether you are buying at an auction as an investment or simply because you love the item, it is crucial to have a strategy in place. This guide will help you navigate the world of auctions, providing you with valuable tips to maximize your chances of success.

General Guidelines for Auction Bidding

Do's

Inspect the Items: If possible, inspect the items in person before the auction starts. This helps in assessing their condition and authenticity. Create a Budget: Make a list of items you want to bid on and what you are willing to pay for each before the auction begins. Stick to your budget to avoid overspending. Understand Additional Costs: Be aware of the buyer's premium and taxes that will be added to your final purchase price. These costs can significantly increase the total amount you owe. Adjust Based on Pre-Auction Inspections: Go to the pre-auction event to check the items in person. This allows you to see the quality and condition of the items and adjust your list of interests accordingly. Hold Out on the First Bid: Do not throw the first bid right away. This predefines your price range and allows you to understand where the bidding is headed. Take a Break if Necessary: If the bidding gets too intense, wait for the next lot. Most auctions offer multiple lots of similar items. Utilize Group Bids: Chat up the people around you and gauge their interest in the items. You can make deals to ensure that both parties get something they like. Become Familiar with the Merchandise and Current Prices: Research the items you are interested in to understand their current market value. This will help you bid more strategically. Determine an Initial Price: Decide on a price range for an item before the auction starts. Bid lower than this price and work up to it if necessary. If the bidding exceeds your limit, leave the item - it wasn't meant to be for you.

Don'ts

Avoid Falling in Love: Don't make an item a "must have." Have a price in mind and bid accordingly. If you exceed this price, leave the item. Stay Within Your Limits: Never overbid or exceed your budget. Bidding more than you can afford can lead to financial strain and missed opportunities for better deals. Do Not Bid Unintentionally: Be cautious not to bid on items you do not want to take home. This can lead to unnecessary expenses and clutter. Don't Bid On Unknown Items: Avoid bidding on items you know little about. This can result in poor investments or purchases that do not meet your needs. Avoid Bidding Wars: Engage in bidding wars only when it is necessary. They can be exhausting and often end up in unsatisfactory results for both parties involved. Skip Tempting but Unworthy Items: Do not buy cheap, low-quality items just because they look good. Save your money for the high-quality items that truly add value. Do Not Donate at Charity Auctions Without Planning: If you are bidding at a charity auction, decide in advance how much you want to donate to the charity before determining your bids. Consider whether the items you want to keep are non-perishable and whether they have attracted other bidders.

Expert Insights from Elizabeth Buchan-Kimmerly

Elizabeth Buchan-Kimmerly, an experienced auction participant, offers valuable insights into successful bidding. Her advice emphasizes the importance of knowing the value of the items and bidding strategically within your budget. Her perspective is crucial for anyone looking to navigate auction environments effectively.

In conclusion, auction bidding requires careful planning, strategic thinking, and perseverance. By following these dos and don'ts, you can increase your chances of success and avoid common pitfalls. The key is to approach each auction with a clear strategy and a realistic budget in mind.