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Maximize auction bids by following some simple rules. Bidding at live auctions or online auctions is exhilarating, and the pace at which the auction moves effects the bidding potential for buyers, and thus prices for sellers. A good rule of thumb I give bidders is to determine ahead of time the maximum you would bid on a piece, and then add 10% as a cushion. That little extra space will help you stay focused on the bids without having to constantly calculate your winning bid price. Auctions are fun and dynamic, and we auctioneers get a thrill from the heat of competitive bidding; an emotion shared by bidders alike. Lasting relationships are built between auction companies and their customers, and one way to foster this relationship is to build trust. I encourage individuals to collect what they like or love, and not to buy with any pre-conceived idea of what is marketable to, or favored by, the general public. Just think Beanie Babies. Dealers are seasoned professionals and understand their market well, so to them, I say bid, bid, bid. Knowing what you are bidding on is as important as the amount you plan to bid. A little research goes a long way in assisting buyers in making informed purchases, which in turn reduces buyer’s remorse. Auctions include many different types of assets; real estate, antiques, collectibles, machinery, equipment, restaurant equipment and many more, so familiarizing yourself with the asset you are bidding on will make you a happy, satisfied bidder. Some of the most expensive items in the world are sold at auction; art, racehorses, mansions, islands, automobiles, and jewelry, to name a few. If you are new to auctions, I would recommend that you seek out local auction companies and attend an auction or register to participate in an online auction by a local auction company. You will gain valuable insight in how to bid, how to maximize auction bids and how to effectively bid on those “must have” pieces. Auctions, online and live, are everywhere and the opportunities to bid will continue to become more readily available. Research those items you have your eye on, set a maximum, add your 10% cushion and sit back, bid and enjoy the auction.
