Best Auction Sales To Attend – Attending auctions may be a lot of fun. You can participate in the bidding or simply observe. However, before you begin bidding, make certain you understand how to get the greatest deal. Keep these suggestions in mind when planning your next auction.
These tips won’t only help you get the best deal but also help you find the best auction sales where you have a higher chance of getting the best deal
- Observation Is Key
Observation is one of the most effective ways to learn. Attend a few auctions with the purpose of just watching and learning. You’ll get a sense of how things work and will be better equipped to avoid costly errors.
It’s more like understanding how people behave in these auctions so you get a grasp of the best way to penetrate and win.
- Attend the Sneak Peek
The sneak peek is like the preview where you get to see the items to be auctioned before the actual auctioning. The preview can take place several days or just a few hours before the auction starts. It is free and available to the general public. This is your time to thoroughly inspect objects and examine them up close for any damage or concerns. Make use of it well.
- If You Fail To Prepare, You Plan To Fail
When you fail to prepare for something, you’re increasing your chance of failing. This is why it’s important you understand what you’re looking at, at the auction. Reference books, price guides, and the internet all come in helpful here. Doing your homework ahead of time boosts your chances of getting a good deal at the auction.
- Understand the Terminology
There are a few words you should be familiar with in order to obtain the greatest deal at an auction.
Pre-sale estimate–The auction house determines this price based on previous sales. It’s the estimated selling price for the item.
Provenance is the piece’s history, detailing previous owners. This information is not always available but depending on the owner, it can be a delicious nugget.
Start Price-This is the starting price for the auction.
As-Is – As the name implies, as-is signifies that the item is being sold in its existing state. It’s most likely a fixer-upper or something that needs some maintenance.
When the gavel falls, the hammer price is the price at which the object will be sold.
Conditions of Sale-This pertains to the sale’s terms and conditions, such as warranties and additional instructions.
At an auction, the term “lot” has two meanings. To begin, each object up for auction is given a number. This is referred to as a lot in the auction catalog and described by the auctioneer. Second, a collection of little pieces, such as costume jewelry, might be bundled together and sold as a whole.
- Check out the auction catalog.
Get the auction catalog and properly read it. The lots will be listed in selling order. The catalog may be printed or accessible online.
- Sign Up For An Auction
To bid at an auction, you must first register before the event. You provide your name, address, and phone number, and you may be asked to deposit money. You will be given a bidding number in exchange. This makes it easier for the auction house to keep track of who won what.
- Once the bidding begins, keep your cool.
Decide what you want to bid on and how much you want to pay for it before the bidding begins. Maintain your strategy. Avoid engaging in a bidding battle. If buyer’s remorse sets in, you may be sorry.
- Be aware of additional costs
A buyer’s premium is frequently charged by auction houses. The auction house adds an additional premium to the hammer price; taxes are determined after these two are applied.
- Post-Sale Bid
Ask if the auction takes after-sale bids if a lot doesn’t sell (a reasonable offer that a bidder makes after the auction closes for an item that did not sell). It is permitted by some auction houses.
- Learn about payment and Movement options.
Make sure you know what types of payments are accepted ahead of time. If your purchase is significant, make a plan for getting it home. Auction houses will keep your goods until you make arrangements to move them. However, storage fees may apply.
It’s important to always be at the good end of any deal, including auctioneering sales. However, because of the high competition, it’s can be very hard sometimes. And this is why Lansar Aghaji & Co is here to help you with any auctioneering concerns you have or Best Auction Sales To Attend.