Being an effective bidder at auction is easy and fun

Bidding at auctions is exciting. There’s nothing quite like the thrill of competing to get that special item you’ve had your eye on. Being a successful and effective bidder is easy, and is helped when you have some knowledge about the process and strategy of bidding.

Here are some suggestions, from the basics to a bit more advance:

When you arrive at the auction, register to get a bidder number card, so you are ready to bid if you choose. Also pick up an auction catalog or other printout of the items in the auction that day. The catalog may have the Terms and Conditions of the sale printed there, as well as on posters at the auction. Read these so you are an informed bidder. They often describe that items are sold “As Is,” meaning they are sold in their current condition, with no plans to repair defects before you take possession. The terms may also talk about any guarantees.

If you don’t understand the policy, feel free to ask one of the auction staff before you bid. They will be glad to answer questions.

Next, closely inspect the merchandise so you know exactly the condition it is in. Look over all sides of the item, including looking inside if appropriate. Then check what time the item will likely come up for auction. Ask an auction staffer if you need to.

Next, think about the price range you are planning to bid within. The Auctioneer can tell you a general price range he or she expects the item will sell within, but do not be surprised if it exceeds this range. The Auctioneer’s first duty is to get the most money for the seller. But, you can be a well-prepared bidder, and thereby eliminate hesitation during your bidding. Act like a confident, experienced bidder. Don’t hesitate to place the first bid. Listen to the Auctioneer closely and raise your bid number when you are ready.

As bidding progresses, watch the other bidders and the pace of bidding. Listen to the Auctioneer and ringpersons as they urge higher bids from all the bidders. You have to take all this into account as you get comfortable with your own bidding style. Some bidders may rush and seem willing to spend whatever it takes to win, or they may just want to appear that way so you will drop out of the bidding. Stick to your own style.

When you’ve won the item by placing the highest bid, the Auctioneer will identify your bid number as the winner, saying something like “Sold to bidder number 44.” Be sure the Auctioneer has your correct bid number and that you pay the correct amount when you check out. And, have a plan for how and when to take the item home as soon as you can.

--------------------------
From the NAA Auction Advantage Newsletter, Winter 2006. National Auctioneers Association - www.auctioneers.org