Expert tips for auction beginners
Ben Walker, international director of the Bonhams Motorcycle Department, gave us some sound advice that anyone considering buying a motorcycle at auction might find helpful.
1. Do your research
It’s vital that prospective bidders do their research to avoid making potentially costly mistakes. The first thing to do is to work out what it is you want, and then do some research to find out what similar models have sold for in the past. It’s also important to get hold of the auction catalogue for the sale, as this gives vital information about the estimate for the machine, as well as comments by the owner on its condition and provenance. It also outlines the Conditions of Business for the sale – and also becomes a keepsake in its own right – especially if you end up buying one of the machines in the catalogue. All this information should also be available to view online.
2. Ask for advice
The motorcycle world can seem like a minefield of confusing information, but by buying at auction prospective buyers can not only check the condition of the machine beforehand, but also benefit from advice from specialists in the market. At Bonhams we are always happy to help anyone who is unsure or who needs advice about a purchase. Many of those who buy with us later come back to us as repeat buyers and sellers, so it makes good commercial sense for us to help as much as we can. Attending an auction is also a great way to see the wide range of machines out there, and to meet collectors from all over the world.
3. Spend within your budget
The key thing to remember about buying at auction is to always set yourself a limit. As auctioneers we want to achieve the highest price we can for our clients who sell with us, and it can be very easy for bidders to get carried away. It is also important to take into account that there will be a buyers’ premium to be paid, and there will be VAT charged on that premium, so it is wise to work out how much you have in total to spend and work backwards from there to set the hammer price you can afford to bid up to.
4. Buy what you like
People talk to me all the time about buying motorcycles as an investment, but really and truly our buyers are – for the most part – genuine enthusiasts buying beautiful machines to enjoy riding. It is impossible to predict what will happen with the market in the future, so prospective buyers are best advised to purchase something they can afford, that they like and will cherish, and that they will get use out of.
5. Don’t consider restoration projects as investments
We have seen on numerous occasions how a machine in need of restoration can sell for nearly as much as a fully restored example. We enjoy restoring bikes to their former glory and bringing them back to life. This is of course a timeconsuming and potentially expensive exercise. So anyone considering embarking on a restoration project should do so for their own enjoyment, and not solely with financial gain in mind. Also look for a machine with as many of its original parts as possible – it will prove invaluable in the restoration process.