Estate auctions and public property auctions are a great way to get a bargain. If you love going to estate sales, thrift shops, and garage sales, you’ll probably enjoy attending an estate auction. Auction companies in every state specialize in the sale of jewelry, antiques, collectibles, furniture, household items, art, and other personal property. You can place individual items up for auction with such an auction house; most will also sell an entire estate piece by piece. These property auctions may be held at the auction company’s location, or on-site at the home. Most auctions usually have 200 to 500 lots. Each lot may be a single item or a group of items.
Today, many property auctioneers post photos of upcoming auction items on their website. However, this is no substitute for previewing in-person. The preview is usually held several hours before the start of bidding; you may also have a chance to preview the items in the days before the auction. You never know what you could find tucked into corners of the home. It’s also important to examine each item carefully; remember that everything being sold has been owned by someone. Use the auction catalog to record the item numbers that interest you and how much you’re willing to bid for them.
If you cannot attend the auction in person, you may place an absentee bid, in which case an employee of the auctioneer will bid on your behalf. However, if it’s your first auction, it’s best to be there in person so that you can gain an understanding of the auction process.
Before the auction begins, sign up for a bidding number. This card or paddle is your way of signaling to the auctioneer that you want to place a bid. Listen carefully so that you know which item is being auctioned and the current bid amount. Sometimes, the auctioneer may announce items that have been added to the auction at the last minute. If you’re not paying careful attention, you may miss them or attempt to bid on the next item listed in the catalog. If you wish to bid, hold your auction number high enough for the auctioneer or a bid spotter to see it. Although bidding wars are quite exciting to watch, try to avoid getting into one yourself, or you may end up spending more than you’d planned.
When deciding to place a bid, be sure to take into account the potential taxes or buyer’s premiums that will be added to the amount of your bid. Each auctioneer has different bidding rules. Especially if it is your first live auction, be sure to read the rules, which are usually outlined in the auction catalog. If you purchase a large item, have a plan for how you’ll get it home. You may not have the opportunity to store it at the auction site for more than a day or two, if that.
Auctions are a lot of fun even if you don’t buy anything. Knowing how to bid can help you find the bargain of the year at an estate auction.
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