Understand the payment terms

Always go into a sale knowing the maximum amount you are willing to spend on a lot and don’t go over budget.

Avoid getting carried away and keep in mind items that attract a lot of fervent bidding can end up selling for more than they are worth.

One way to ensure you don’t go over budget is to bid in advance, which takes the pressure off on the day.

Also be aware that the guide price can sometime be an over-estimate or under-estimate.

And if something does not sell it may be open to offer the next day, so you could still snap up a bargain.

When it comes to payment, never divulge your bank details and buy using a credit card for additional protection. Also make sure you use complex passwords for registration.

Make sure you understand the terms and conditions of each auction house and the deadlines for payments.

Many auction houses will have additional costs such as a buyer’s premiumy, which is a commission on the item you buy. Together with VAT this could add an additional 15 to 25 per cent on your spend.

Purchasing at auction usually requires full payment directly at the end of the auction, or within two to three days.

‘For property you’ll have to pay a deposit at time of winning a bid and a balance will have to be paid quickly, often with 48 hours. You must have the funds available and available quickly,’ says Gordon at True Valkues.

Depending on where the auction is based you may also need to factor in transport costs.

These might be hiring a van and paying for fuel or using a courier service like Shiply.