Buyer Benefits & Tips

Do your homework and know the value of what you want to purchase before bidding. Make sure to factor in all costs, including buyer's premiums, time, transportation, repair or alterations if required, plus a return on investment. You have to buy cheaply enough that you can add in all related expenses and still be able to resell the item(s) at a profit. It is a good idea to keep a logbook and list expenses for each individual sale, along with items purchased, and what they were later resold for.

Don't get carried away in all the excitement and bid on items you did not intend on buying. Also, never bid higher than your preset limit on any one item, not even if it is only $15.

Once the auctioneer has said "Sold!" you cannot retract your bid if you were the successful bidder, but you can at any time up until that point. If you are feeling uneasy about the item or the price, get out of the bidding by telling the auctioneer or bid spotter you are dropping out before the gavel drops.

Look for auctions listing "fish out of water" items because these items can usually be bought for a song. For instance, if you deal in antique furniture and you notice an auction selling mainly computer and office equipment but listing a few pieces of antique furniture, then at least go to the preview to examine the antiques. Dealers generally shy away from these sales because of the limited number of items of interest, and the other people in attendance are more likely to be interested in the computers than the antiques.

Get to know auctioneers in your area so they can keep you informed about items of interest to you prior to sales. Also ask to be included on their auction notification and schedule lists, which are generally sent by fax or e-mail, and list forthcoming auction sales and the items available.

On items that interest you and are within your preset price range, enter the bidding late, as this often discourages other bidders from continuing because they feel the item will go out of their range. Last-minute bidders coming into the game can even force the most determined bidders to give up.

Come to the sale with suitable transportation and equipment, such as loading dollies so you can leave with your purchases. Trips back to pick up purchased items cost time and money, driving up the prices of items that must be resold to make a profit.

Look for deals in need of a little elbow grease or minor repairs. Some of the most profitable auction finds are ones that require a little TLC to bring them back to their former glory.

If you are interested in items that did not sell because the reserve was not met, be sure to give the auctioneer your business card with the lot number of the item and the maximum price you would spend for the item printed on the back of the card. The auctioneer can easily present your card to the seller, who may accept the offer after the sale and contact you.

If you are an absentee bidder, submitting by phone, fax, e-mail, or online, make sure you know the currency the sale is dealing in before you bid.

If possible, try to attend midweek auctions as opposed to weekend auctions because there are generally fewer people in attendance, which usually means less pressure to drive bids into the stratosphere.