The system for bidding is relatively the same at all auction houses. Here’s what you need to know, especially at mom-and-pop auction houses that I mostly attend:
- You have to register to bid. Be sure to get a bid number from the office (you may need to leave credit card info). Auction houses have different rules regarding bidding.
- Auction houses charge a premium (fee) for your purchases. These vary by auction house, but can run from 10 percent to up to 25 percent for special sales. Some will reduce their premiums if you pay cash. You must also pay sales tax unless you have a state sales tax number and plan to resell.
- The bidding process: Depending on the item, auctioneers in their singsong voice will start high and if there are no takers, they will drop the bid in increments. Some will not go below a certain amount (and once you know the auction house, you’ll know what that minimum is). Hardly anyone takes the starting bid. Bidders wait for the number to drop to $5 (or sometimes $2) before they start. As other bidders step in, the bid may surpass the original starting point. Once you win the bid, you will be asked to show your number, which is recorded with your bid price by a staffer.
- Pay close attention to the amount you actually bid, and keep a tally of what you bought and the price. You can pay for your purchases at the office at any point during the auction.
- Don’t assume that just because the auctioneer says an item is rare or made by a named manufacturer that it is true. A lot of guessing goes on at auction. That’s why it’s good to preview items and ask about them beforehand. Remember, items are sold AS-IS.
- What should you bring? A fixed amount of money to spend. It’s easy to get caught up in the bidding and overpay. If you plan to buy a lot, bring boxes and newspapers to wrap glassware and other items. Some houses have boxes available. Some do not.
- Once you win a bid, auction houses will hand you small items and most ask that you remove your items to prevent thieves from taking them. Some houses don’t’ mind if you put items in your vehicle before paying (they have your credit card number). Some expensive items may remain behind a counter until you produce your receipt to claim them.
- Once you buy the item, it’s your responsibility to get it home that day or a couple days later, depending on the auction house’s rules. Some auction houses have staff who will deliver oversized items for a fee.
- Don’t be discouraged if you’re out-bid. The same items tend to come around again at subsequent auctions.
- Don’t be put off by pushy bidders: There will be some of them, but most bidders are nice and decent people like yourself.
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