Buying at Auction- Part Two

Buying at auctions can be very exciting, and if you love vintage furniture and collectibles like I do then you may have the opportunity to grab some real bargains...but...there is always a but, like everything it pays to take your time, and see how things are done first before jumping in.  This could save you from parting with too much of your hard-earned cash.

Tullochs Auctions

Last week I spoke about viewing days, you can read about them here. So having had a good look over the item or items you're interested in the next step is to register as a bidder.

Armitage Auctions

You register as an auction bidder by leaving your name and contact details, in return you will be issued with a number on a card that you use as your bidding number.

Armitage Auctions

 Probably one of the most important things to remember is that most auctions will have a buyer's premium, which can probably range between 10 and 15 percent on top of the hammer price. That's OK if you bid on something, win and the hammer price is say $20, at 15% it means you will have to pay $23 to collect your item. But on high amounts or if you buy several items that 15% can add to a significant extra amount on top of the hammer price. Something to remember!

Tullochs Auctions

 Auctions can  have any number of lots available for sale, sometimes well over 1000. Generally the auctioneer starts at #1 and works his way through the numbers until finished. If you ask they can generally give you a rough estimate of what time your lot is going to be sold. Bear in mind an estimate is just that. It's up to you to be there, so I would give myself a half hour of so extra time just to be sure.

Tullochs Auctions

 If you're a first timer it's a good idea to go early and really get the feel for how things work. Listening to the auctioneer can sometimes take some practice, they speak quite fast! Look at others bidding and how they do it, relax and enjoy the experience.

Tullochs Auctions

 If you can't be at the auction, you can leave with the office what is known as an absentee bid. This is where the auctioneer will bid on your behalf. Be sure to leave the highest amount that you would be willing to pay for an item, the auctioneer will bid for you to the next highest increment in the room, which means you could possibly get it cheaper than your bid.

Armitage Auctions

OK you've looked things over, you're a registered bidder with your number, you know what lot you are interested in and roughly what time it should go under the hammer. All is looking good for now.

Next week I'll share the process of bidding. Lisa xx