Six top auction tips for budding bidders
The days when you had to physically attend auctions are long gone. Bidders can have virtual viewings and bid online or via an app.
Charlie Thomas, director of house sales, private and iconic collections at Bonhams (bonhams.com), says the switch during the pandemic was “extraordinary”.
He says: “I’ve spent my whole life selling to rooms filled with people and now, in the last 18 months, I’m selling to rooms filled with big TV screens.”
And if you’re new to auctions, Charlie has some tips...
Remember it can be a gamble
Charlie says: “You’re bidding against the market and of course some can be a gamble. Some days you get things for less than you expected and sometimes things sell for way more. To stop yourself getting carried away, decide your maximum price limit beforehand.”
Don’t forget other costs
Factor in extra costs such as shipping, VAT and the commission you pay the auctioneer for buying an item which tends to be charged as a percentage on top of the winning bid price.
Make use of the different ways to bid
“A lot of people buy purely from photos and bid on the internet, or via the (Bonhams) app. Some people still come in – and of course we love that.
“You can book a telephone line, or leave a bid – the safest way of making sure you don’t get carried away. If you leave a bid ‘on the book’, say £1,500, the auctioneer will bid on your behalf. They’ll start with the absentee bidder at the reserve (the confidential minimum price agreed beforehand).”
With the auctioneer bidding you’ll still get the item for the lowest amount, and if no one else bids or if there are only a couple of bids you could end up paying much less than the maximum bid left.
Do your research before bidding
Websites such as The Saleroom (the-saleroom.com) showcase items from different auctions houses in one place. Also, make use of auction houses’ condition reports, which detail defects – particularly important if you’re not viewing in person.
Nicola Whittaker, business development manager at Fellows Auctioneers (fellows.co.uk), says as well as public viewings: “We offer highresolution images and detailed condition reports, so customers receive in-depth information on items they will bid on without having to view them in person.”
Make use of any other tools
Fellows has an online “bid calculator” to help customers work out the total costs, including fees, before they bid. It also runs timed online-only auctions open for bidding for a few weeks and will email buyers if they had been outbid, enabling them to bid again if they wish.
Finally, have fun
Provided you stick within affordability limits, auctions can be exciting places to find interesting one-offs.
Nicola says: “At various points since the start of the pandemic, people have been unable to go on holidays or leave their homes – so buying at auction has provided the perfect escapism.”