Auctions can be intimidating, but don’t fret! If you’re interested in trying one out, it’s important you’re aware of what you’re getting yourself into. Arren Williams has tips for making sure you have the best auction experience possible.
Bidding: Do your homework
First things first: find an auction house. Get yourself a catalogue and start to mark things of interest. Most catalogues are online, so you can start looking immediately! One thing to keep in mind, though, is that prices are usually listed unrealistically low to attract people to the auction. So, try not to set your heart on any specific item.
Valuing items
Unique items can be difficult to put a value on, but you can start by doing your research online or by picking up an antique item valuation book. You’ll soon get an idea of value and can try to compare with similar items in retail stores. The last thing you want to do is bid on items you know very little about. So, make sure to do your homework ahead of time. And if the bid exceeds your maximum value price point, be prepared to walk away.
Buyer beware
The auction house will have an allotted time for you to inspect the lots. During this time, make sure to check the condition and working order of any items that spark your interest. You’re expected to thoroughly inspect pieces as they’re usually sold “as is.” Don’t be afraid to really look at the item.
Get there early
Make sure you get to the auction early not only so you can register, but also so you can have enough time to take it slow and really enjoy your experience. When it comes time to bid, you’ll have had plenty of time to really look into the items you’re interested in. When it comes time to bid, don’t be scared by the movies where a scratch of the nose means you just accidentally purchased a $1-million painting. Subtly raise your bidding paddle or registration number and the auctioneer will take note.
Check out the video below to get more tips from Arren!