How to do an Auction Properly

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Auctions are great for bagging a bargain and finding something unique but there is a knack to them. For a start, you want to make sure that whatever you are bidding on is worth the money you are spending! 

Whether you are at a used-car auction, an antiques auction or even a charity auction, finding the things you want second hand can be a great way to save money. So, here are 3 rules to follow to avoid overspending. 

Preview the Catalogue

One of the most important parts of an auction is knowing what is going to come up for sale. While you might have your eye on a car right now, it’s well worth knowing if a better or more suitable model is coming up. Some companies, like the Western Auction Company, actively encourage customers to take a look around beforehand and even provide free parking so that you can take your time deciding what to bid for.

Previewing the catalog also gives you the chance to decide what an item would be worth to you. In other words, how much would you be willing to part with to get your hands on it? Which leads us to….

Setting Your Upper Limits

It’s so easy to get caught up in the moment of an auction and keep on bidding but this is a fast way to spend way more than you had planned. The key to sticking to your spending limits is to know when to stop. This means deciding exactly how much you are willing  to spend on an item before it comes up and then stopping the bidding process once that number is reached. This applies at online auctions too.

Remember: every bid adds up so you must also stick to a budget for the day. If you’re worried that you’ll overshoot in the heat of the moment, take a friend with you to keep you honest! If you’re looking for a real bargain, the afternoon is often the best time to bid as there will be fewer bidders around. 

Stay Calm, Bid Small

When you bid at a live auction, the auctioneer slowly increases the price incrementally until all but one of the bidders remains. This is why you should never try to up the bid yourself or go straight to your upper limit. Stay calm and let the process go on - you don’t want to reveal how important an item is to you because other bidders may decide to up their game.

While being at an auction can be really exciting, try not to stand out too much or draw attention to the items you really want to take home. Auctions are competitive so having a poker face will work well for you. You don’t want other bidders to see when you are closing on your upper limit but you also don’t want them to assume you have enough money to continue driving up the price. Be calm and objective as far as possible. 

Good luck!