Bidding at Auctions

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When you bid at antique auctions, your notebook and calculator are your best friends. Note the items you’re interested in, their lot numbers and the maximum bid for each that you’re willing to pay to avoid making costly mistakes.
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Must Know

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Do your math.
When calculating your maximum bid, deduct any buyer’s premium and applicable taxes to arrive at the desired amount so your out-of-pocket cost is your absolute maximum.

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Arrive early.
You’ll increase your chances of securing a seat close to the front and center of the room where the auctioneer can see you clearly.

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Watch the action before you start bidding.
You want to understand the bid increments and whether they increase when bids reach a certain amount to avoid bidding more than you realize.

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Trap Door

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Don’t skip the auction preview.
This is your chance to inspect the merchandise up close for any flaws or imperfections that lower the item’s value.

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Don’t be afraid to bid against dealers.
Dealers need to make a profit on the items the win and account for other costs of doing business, which often means their maximum bid amount will be lower than yours.

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Don’t forget your notebook and calculator.
To help ensure you get the deal you want and don’t bid on the wrong item, keep detailed notes on the items’ values, condition, lot numbers and your maximum bid for each for easy reference.

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Experts Say

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National Auctioneers Association

Most auction companies ask that you pay when you are finished bidding. Some may ask for downpayments when you register, as in auction of real estate. In many equipment auctions bid-assistants will ask for deposits as your purchases are increasing. It's good to ask about this prior to attending so you are prepared when you arrive. For absentee bidding you may need to give a credit card and expiration date for payment, if you are successful.

What do all of those auction terms mean?, National Auctioneers Association
Jeff Constantine, co-owner of Constantine & Mayer

I highly recommend that new auctiongoers meet the owner or auctioneer. Let him tell you about the overall process and any specifics related to his sale. Then tell him why you're coming to the auction, whether it's to furnish a home to starting a collection of one kind or another. It's a great way to get started in the right direction.

Take these tips along when you attend an auction, Pittsburgh Tribune-Review