A Beginner's Guide to Winning at Auctions
The idea of bidding at an auction is fascinating but intimidating. Maybe you like the idea of owning unique, quality pieces of art or furniture. Maybe the idea of winning a bid gives your competitive heart flutters.
Whatever the case, the only way to win at an auction is to take part in one. But, if you’ve never done so, it can be hard to know where to start. We’ve gathered tips and tricks for you here from years of auction experience. So take a peek at our hottest tips and try your hand at it, maybe even at one of our upcoming auctions. Who knows what you could bring home with a good strategy and a little luck!
Tips & Tricks for Success at Auction
1. Do Your Homework on the Auction Lots
The first step to winning at an auction is preparation.
Before an auction goes live, there is an auction catalog you can study before the event. Look at all the pictures of the items up for bid and their estimated values, see what kind of condition they’re in, learn important terms for different pieces, and find out what you like.
Auction websites provide descriptions and photos of pieces in detail. Some may even give a provenance, or history, of a piece. Knowing these important details about what you are looking to bid on helps you set a realistic budget and prevents you from overbidding.
2. Take Advantage of the Preview Period
Many auction houses have an in-person preview period before auction day. This allows you to browse through items, inspect them, and ask questions about their history, condition, or value.
Getting expert advice helps you make more informed decisions and increases your chances of winning the item you’ve always dreamed of.
3. Set a Budget (& Stick to It)
Getting caught up in the excitement of bidding wars is easy, but it’s essential to set a maximum bid for each item and stick to it. Otherwise, you might end up suffering from ‘buyer’s remorse,’ and you won’t be happy with your purchase. Remember, all sales are final.
Decide beforehand how much you're willing to spend, considering both the item's value and your financial limits. Auctions often have additional fees, such as buyer's premiums, that need to be factored in. Gray’s buyer's premium is 25%.
The excitement of auctions is invigorating, so set yourself up for success with a plan and a budget. Your plan will help make sure you will enjoy plenty of auctions in the future.
4. Understand the Bidding Process
We’re sure you’ve seen auctions in movies: some fast-talking, quick-calling auctioneer calls out numbers and bids so fast it’d make anyone’s head spin. At Gray’s, our auctioneers speak clearly and enunciate the bids they are asking for. There are a few different ways an auction may work, so it’s important to know what type of auction you want to participate in.
Most auctions offer several ways to bid: in person, online, by phone, or absentee. Each method has its own rules and advantages.
At Gray’s Auctioneers, we have three options:
Live online - On our website, click and bid in real-time while watching and listening to the live auction.
Absentee, aka maximum bid - Designate a maximum bid ahead of time for items you’re interested in. You can do this directly with us or bid in our online catalog. The downside to this method is your maximum could be outbid when the lot opens for live bidding.
Telephone bid - Sign up to receive a call from the auction clerk during the live auction, who will ask for your bid in real-time. This option is most like being on the auction floor itself!
You can participate from anywhere in our online auctions, but you need to make sure you understand the platform and bidding increments. Being comfortable with the process will help you stay calm and make strategic bids.
Learn more about bidding at online auctions and join us for our next one!
5. Be Prepared to Walk Away
Sometimes, knowing when to walk away is the best way to win at an auction. If the bidding exceeds your budget or the item isn’t what you initially thought, it’s okay to step back. Ultimately, knowing your limits will make the experience all the more enjoyable.
There are always more auctions in the future. Making smart financial decisions at each one you attend ensures you can enjoy many more.
Rules Were Made To Be Broken
So you’re locked in: you’ve done the research, scouted out the options, decided what you wanted, got down the basics of bidding, and are ready to begin. But like any set of rules, ours, too, are made to be broken. Maybe you discovered a piece that’s gone from a ‘want’ to a ‘need’ or created your own new strategy for winning bids. No matter what happens, you'll walk away with a great story to tell. So if you decide our list is more a set of guidelines than rules, we say Godspeed. After all, they do say fortune favors the bold.
Test Your New Skills
Winning at an auction is a skill but also an art – it’s about preparation, strategy, self-control, and, ultimately, instinct. Our tips can help you approach auctions with confidence and increase your chances of winning the items you’re interested in. Remember, the prices you pay at auction, including the buyer’s premium, are often significantly less than you’d pay shopping elsewhere for the same item. The thrill of getting a great piece for a great deal is all part of the fun. For more information on upcoming auctions and items, don’t hesitate to contact us. At our auctions, the more, the merrier!