28 Mar A beginner’s guide to live auctions
Despite your prowess while you scour Ebay for great auction deals, a live property or consignment auction is very different. Many people are afraid to attend a live auction for the first time because they aren’t sure what to expect. Our goal here at Krueckeberg Auction & Realty is to ease those first-time auction jitters as your premier Fort Wayne auctioneer. Check out the tips below as a beginner’s guide to live auctions:
- Learn about the items to be auctioned
Many times throughout various auctions, the auctioneering company allows the public an “open house” of sorts to inspect the property or items being sold. This is a great opportunity to do your research. Whether you are looking to score a great deal on furniture or you’re interested in collectible items, research which items are going to be listed at the auction and determine an estimated “fair value” price.
- Know the rules
Each auctioneering company operates on a different set of rules, so it is very important to reach out a few days before the auction and get a copy. After all, it would be a pain to win an item you had been watching for weeks, only to get to the cashier and realize that the company only accepts cash! You can always find our full list of terms here.
- Start the bidding at a fair price
Once you determine what you are willing to pay for your items, keep a record so that you can open bidding at a fair price. For instance, if you are willing to pay $1000 for a dresser set, start your bidding at $600 or so. It will make the auction go much faster (which your Auctioneer will appreciate), and discourage those wandering through the auction from cutting in on your bidding because they see a great deal.
- Don’t be afraid to bid against dealers
Some bidders get nervous (understandably) around dealers, who will come into an auction and often purchase the most expensive items, following the idea that they then in turn could make a profit. If you outbid them even slightly, you could be bringing home what they all turned up for. On the other hand, don’t be afraid to seek out those “diamonds in the rough.” Art and collectible items that might seem knick-knacky could turn out to be worth big money. Either way, make sure you bring home your own real treasure from every auction.
Ready to give auctions a try? Visit our upcoming auctions page to see which items will be up for bidding in the next few weeks.
Do you have more questions about the auction process? Take a look at our FAQ page, or give us a call: (260) 724-7402.