10 Crucial Steps to Take Before Auction Bidding

10 Crucial Steps to Take Before Auction Bidding

You may get ready for an auction by reviewing the list of ethical auction house practices below.

1. Peruse the directory

One week previous to the sale date, auction houses often make their auction catalogues available. The majority of auction houses provide their auction catalogues online, as well as in paper copies that may be mailed or picked up in person. You might be interested to see auctioneers in Georgia

2. Select the lots you want to place a bid on.

Mark the goods you want to bid on as you browse the auction catalogues. To make it easier for you to discover the lots you’re interested in during the preview and auction, I normally highlight or indicate the item in the catalogue.

3. Preliminary analysis

When you are done browsing the auction catalogue, do some research on the things you want to bid on. A description and perhaps a photo of the objects up for sale will be provided by the auction house.

4. The Prologue

Attending the preview is essential, as is giving yourself enough time to inspect every item you intend to bid on. Even though you looked through the catalogue beforehand, don’t forget to inquire whether there is an amendment. Check the item for any damage, signatures, quality, and accuracy of the lot number.

5. Concerns

At the preview, the personnel and professionals from the auction house will be there to answer any questions you may have in advance of the sale. Do not be hesitant to ask questions, keep in mind that no inquiry is dumb.

6. Finish your schoolwork

You should take some time to thoroughly investigate the products you wish to bid on now that you have restricted your options.

  • Age Authenticity
  • Signatures
  • Is the item authentic?
  • Is the lot finished?
  • Price

7. What amount should you give?

Asking oneself this question is crucial. Your maximum bid must be determined. As I indicated before, an auction deal usually sells within 30 seconds. You do not now have the time to decide how much you wish to pay for something.

8. Purchaser’s Premium

Make careful to learn whether a buyer’s premium applies and how much it will cost you. The typical buyer’s premium ranges from 10% to 25%.

9. Does it need to travel with me even though it won’t fit in the trunk?

You should bring your things with you while visiting an auction house. The majority of auction houses demand that you make the payment and remove the item(s) on the same day. This shouldn’t be an issue if you just buy tiny products. Before the auction, you should make shipping and transportation arrangements if you want to purchase any large goods, such as furniture or artwork. I completely understand what you are thinking.

10. Pre-Register

You may preregister at the majority of auction houses. On the day of the auction, you won’t have to wait in queue and the lowest bidder number will be used by the auction company to separate tying bids.

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