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How To Buy
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Buying at auction is not a common task. Depending on the type of auction you are attending can determine what you will need to know. There are some basic things you will want to keep in mind. First what is the buyers premium at the auction. This will be announced at the beginning of the auction. If you are unable to attend the beginning of the auction to hear the auctioneer give the opening speech. Then you can simply ask the clerk of the auction or someone working it. It's important to know because it will be a percentage added on to the amount you bid.
Set a goal. If you don't know the value of the item you are bidding on it's a good idea you stay within your means. Sometimes hints will be dropped as to the potential worth of an item, this does not always mean that the values which are recommended actual. Exercise a bit of control and keep in mind that if it seems common it probably is.
Watch around you to make sure that you are not bidding against yourself. If you raise the bid it's the auctioneers responsibility to call you on it. Sit in a place where you can see the items, the other bidders and the auctioneer.
Get there early, check out the products, if you are unsure about something, be sure to ask. Some times auctioneers will start the bidding higher and move lower to find interested bidders. For example if an item sells for 5200 dollars the auctioneer might start off the bidding at 10,000. This is because by going down in price the auctioneer makes gives the impression of a bargain, but gets the bidders to sit in when they are ready. This is happening while he moves the pricing up gets the goers attention to get in when the price seems right. Sometimes products will go higher than the starting bid even though the bidding went down. For example 10,000 where who said 7500 now 8,000, 9, now 10, 11 where, 11 over there. Any one 12, nobody bids 12 so the item sells for 11 even though we dropped passed the beginning value.
Make sure you check in. Real Estate auctions and some others will require that you put money down before bidding. If you want to bid make sure you know the terms before attending. Some places take credit cards. If they do, make sure you find out if they charge an extra fee. This can raise the check out price a couple percentage points if they pass the charge on to you.
We will be updating this more in the future
