WELZ’S GUIDE TO SURVIVING AN AUCTION

● When attending an auction, register as a bidder and collect a bidder number. Hold the number up when you wish to bid so that the auctioneer can see you are bidding. If successful, pay and collect immediately after the sale if possible.

● If an item is unsold, there is often an opportunity to buy it after the auction. Ask the auction house staff about it, as items can often be sold at the reserve price after the auction.

● Auctions are great places to find bargains. Make sure you go through the catalogue carefully and you will often find a “sleeper”, an item that has slipped pass the attention of the auction house specialists and is undervalued.

● Specialists will give an honest opinion, so use their knowledge. All reputable auction houses aim to eliminate vendor bidding – someone in the audience bidding up a lot. However, the auctioneer can bid on behalf of the seller up to the reserve, and this should be announced before the auction begins.

● Know your limit and where you want to stop bidding; bidders can get caught in a war of egos and then overpay for an item. Do your homework and know what you are buying and what you are prepared to pay.

● Familiarise yourself with the auction house’s terms and conditions of business, as well as the buyer’s premium payable.

● Put your phone on silent.

● Make your first bid easily visible to the auctioneer so that he knows to look at you for further bids.

● Don’t hesitate too long as the lot may be knocked down to another bidder. If you are telephone bidding, make your bid clearly and quickly as the room is waiting for you to bid.