Auction Tips and Rules

1.General Online Auctions
2.Auto Auctions
3.Computer Auctions
4.Travel Auctions
5.Collectibles and Antiques Auctions
6.Auction Houses
7.Wine Auctions
8.Sports Auctions
9.Police Auctions
10.Real Estate Auctions

1.Visit the genre of shops in the area that apply to the type of auction you want to attend. For example, if you're looking for a good antique auction to start attending, stop in the local antiques shops and ask if there are good auctions in the area. Sounds obvious right? But here is what to listen for; listen to what the dealer doesn't say. The more a dealer speaks poorly or negatively about an auction they attend, the more likely they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?

2.Newspaper ads. Ads in the classified section are just as good, and sometimes better, as the flashy, display ads. Flashy ads are indicative of an auction that will be high priced, may have reserves (a set price on an item), and usually a very enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginners.

3.What to find out before you go: If there is a phone number in the ad, find out the terms. Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who purchases at that auction must pay above the winning bid price. Most auctions in our days do charge a buyers premium, 10% is not unreasonable but more than that is greedy. Sometimes, using your credit card will cost you more. A 13% buyer's premium can be discounted for cash or check payments, hence a 2 or 3 % percent penalty for using your credit card. Don't you already pay enough interest when you use a credit card?

4.A good auction will have ample time to inspect the merchandise, usually 2 or 3 hours. Find out when inspection starts and attend! Never attend an auction if you can't make the inspection, never, unless you're prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell them "as is." They simply don't have the time to give a detailed description of all the items. Since almost all items at auction are sold as is, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.

5.A good auction will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.

6.When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. Ask them where there are other auctions in the area that they attend.

7.When you do find a good auction, attend it as often as possible. By frequenting good sales you help increase the bottom line of that business helping to ensure that they'll stay in business. It's tough for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, they will go out of the way to accommodate you, and keep you coming back.

Preparation and Registration

1.Get a catalog from the auction house that lists items available at the auction. It will include photographs, brief descriptions and estimated presale values.

2.Note the lot numbers of items that interest you.

3.Inspect the items you're interested in before the auction. Many auction houses host presale viewings that are open to the public. Prospective buyers are encouraged to touch as well as view items.

4.Take comparison catalogs along to see what the prices might be on the open market.

5.Go to the auction house and fill out a registration form. Registration usually requires at least one form of identification and a credit card or bank reference.

Bidding in Person

1.Take the paddle you received when you registered with the house. The paddle will have your registration number on it.

2.Open the bidding by raising your paddle to bid on a particular item when the auctioneer calls for an initial bid. If this is $1,000, you have just bid $1,000.

3.Listen to hear whether someone raises your bid. Bidding moves in standard increments, usually 10 percent of the initial price. If so, that bidder has raised the bid to $1,100.

4.Raise your paddle again to bid $1,200.

5.Raise the bid by an increment different from the standard raise (called a "jump") by simply raising your paddle and calling out your bid.

6.Listen for the auctioneer to ask for final bids as the bidding winds down.

7.Hear how the auctioneer closes bidding and acknowledges the sale. He calls out the buyer's number and adds a description, such as: "Sold to number 35, the man in the third row in the red shirt and plaid trousers." This eliminates confusion about who bought an item.

* Know what you're going to buy ahead of time.

* Do your homework. If you want to buy a fridge, find out the normal price to make sure you don't over-pay.

* Decide what you want to pay and stick to it.

Auctions on the Net can be a great way to pick up quirky objects. A Net auction also works through bidding.

Once you are established as the highest bidder, the auctioneer puts you in touch with the seller via e-mail so you can discuss settlement terms and delivery addresses.

After the buyer pays, the seller sends you the item.

* Stick to large, reputable online auctioneers.

* Know the value of the item you're bidding for, and make sure you're getting a good deal.

* Read the description carefully.

* Try to get a physical address for the seller so that you have some recourse if there is a problem.
* Ask about return policies, warranties or money-back policies.

* Be wary about collectibles.

* Pay the safest way: Requests for cash payments can be a clear indication of fraud. Using a credit card allows you to dispute the charges if the goods are misrepresented or don't arrive.

* When using a credit card, make sure the auction site has a secure connection. Look for the website's digital certificate.