5 Top Tips For Buying At Auction

Navigating the exciting world of auctions can be a thrilling yet daunting experience. Whether you’re a seasoned bidder or a newcomer, having a strategy in place is crucial to ensure you make the most of your auction experience. Here at Auction News we have the essential tips to help you research, prepare, and bid confidently, maximising your chances of securing the items you desire at the best possible price. From setting alerts and knowing your budget to understanding the fine print and staying patient, our guide covers our five top tips for successful bidding.

Do Your Research

Getting the best deal at auction starts with thorough research. Understanding the auction process can help you avoid costly mistakes and ensure you secure the items you want at a price that fits your budget.

Research both the auctioneer and the item you want to purchase to determine your maximum bid. Researching prices of similar items in advance gives you an idea of their worth and what others have paid for them.

Set Alerts

Create an account on our website to access comprehensive filtering tools that help you find relevant auctions.

In your account dashboard, save searches and set your preferences to receive e-alerts when auctions matching your criteria are listed. This can be based on keywords, specific categories, or locations.

You can link directly to the auctioneer’s bidding platform, register your details, and start bidding once approved.

Know Your Budget

Setting a budget before participating in an auction is crucial. The excitement of bidding can easily lead to overspending, so establish a clear limit beforehand based on your product research.

Don’t forget to consider extras: When budgeting, account for additional costs like the buyer’s premium, VAT, and shipping fees. These expenses can vary depending on your location and the auctioneer’s terms.

Read the Fine Print

Pay close attention to the auction terms and conditions. Read all the fine print to understand any additional charges. Specialist auctioneers are knowledgeable about the goods they sell and can answer any questions you might have before bidding.

Ask Questions: If anything is unclear, don’t hesitate to ask the auctioneer for clarification. They are there to help ensure you have a positive experience.

Preparation: Ensure all necessary forms are completed, gain auctioneer approval to bid (which may require a deposit), and confirm your payment method and available funds before the auction starts.

Be Patient

Patience is essential when bidding at auctions, especially live ones. Avoid letting emotions drive your decisions. Staying calm and patient helps you stick to your budget and prevents overbidding.

Recognise when it’s time to step back. If bidding exceeds your budget or the value you’ve placed on an item, be prepared to walk away. This discipline ensures you don’t overspend and regret your purchases later.

Create your account now and let us connect you with the right auctions for you and your business.

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