Attending Auctions with Confidence: During and After the Auction

By DoItYourself.com Staff

< Back to Part 1: Before the Auction

Bidding During the Auction

You're itching to know what the most strategic seat in the auction house is, aren't you? First, think about where you would sit. Did you say somewhere in the front, maybe the fourth row on the left side of the room so you can see the antiques well?

Let's pretend you're sitting there during the auction and you just bid on an item. The auctioneer acknowledges you then looks over your head to someone in the back who had just outbid you. You bid again. The auctioneer's eyes acknowledge a higher bid behind you. You're irritated. A bit annoyed. Maybe you turn around to see who is bidding, but are unable to tell.

See what is happening here? You are distracted, annoyed, and concentrating on this "mystery bidder" rather than the auction process. You're uncomfortable because the bidder can see you, but you can't see the bidder. You tense up. Do you even remember what your set amount for this item is at this point? In frustration you will either give up too early, or bid too much. Either way, you lose.

So, now you know that the best seat in the house is in the back row behind other people (in other words, hidden from other bidders but not from the auctioneer). It doesn't matter if you see the item up close because you already examined it at the preview. What you need to concentrate on at the auction is winning your items at the best possible price - nothing more.

Once the auctioneer opens bidding for an item, don't bid right away, be patient. The item may open at $200, but if no one bids, the auctioneer will reduce that amount to entice bidding. The only person who can throw out a high number and then reduce it, is the auctioneer. If you jump in at a high amount, that number is only going to increase. So, wait and see what happens. If you really want the item, it doesn't matter if you’re the first bidder, as long as you are the last. The only exception to this rule is when the opening bid is decreased at least one third, the crowd is still not bidding, and you know you can resell the item. Then you may want to jump in and end it quick while you still have a good deal.

Here is an example. A mixed set of twelve Rooster and Roses ceramics by Ucago (United China and Glass Co)/Py is opened at $100. That price alone is a good deal. You didn't plan on bidding on this, but know that they sell well online as individual pieces, and this lot is in very good condition. No one bids, so the auctioneer decreases the amount to $80. Still no bidders. He goes down to $70. You know you can probably sell these for $140 online, so you bid and you win. If you had waited for the auctioneer to go down to $50 (half-off) or lower, attendees will bid knowing nothing else about the items except that they are attractive and priced well. Suddenly a bidding war starts and the item sells for more than the opening bid (this is exactly what auctioneers hope for when they reduce the opening bid).

You have to stay alert and move fast. Always listen to what the auctioneer is saying because he/she will usually know more about the object than you do. He/she knows what bid will get the blood pumping and bids flowing, and your goal is to jump in right before that happens. Remember, the auctioneer's goal is to make the most money. Nothing they do is by accident or unorchestrated. Your goal in all of this excitement, competitiveness, and orchestration is to obtain the best deal, and that takes knowledge of psychology and strategy.

If you plan to resell the items you buy at auction, pay attention to the "unwanted items" or the antiques and collectibles that no one is bidding on. During the preview, check out damaged and dirty items, over-sized furniture, gaudy pieces, or box lots with many like pieces. These will probably have the least amount of bidders and become a good deal.

Are the most valuable items auctioned off at the beginning or the end of the auction? Neither. They are normally auctioned off in the middle; when everyone has arrived, and attendance is at its height. So, next time you're at auction, pay attention to those mid-auction antiques and make a mental note for value's sake.

On eBay, it is considered "shilling" to bid on your own items to increase the asking price, or to make sure it doesn't sell for grossly under its worth. However, in offline auctions this is a regular practice. That is why is it important to have a set price and to stick with it. Don’t get caught up in the competitiveness of the auction and don't fall prey to the auctioneer. Remember, you actually have to pay for anything you buy!

Finally, a note about auction etiquette. The pace is quick and your decisions must be, too. If you're in a bidding war at an auction, don't make the auctioneer wait while you consult everyone around you. This isn't The Price is Right. Bid and move on. If you decide not to bid, let the auctioneer know with a head shake that you are passing.

After the Auction

During the auction, jot down the items you won and the price of each, so when you check out you can confirm the total. Cash and credit cards are the preferred method of payment. Some auction houses never accept checks, so ask first. Delivery is the responsibility of the buyer. You must pay to have the item transported to your home. If your item is being delivered, be sure to inspect every corner of it before accepting delivery. It is a smart idea to take pictures of it as well.

< Back to Part 1: Before the Auction

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