How to get lots out of visits to auction sales
A couple of amateur antique enthusiasts share tips so you too can make cash from an absorbing hobby
Auctions can be intimidating and mystifying ... Rob and Janette explain how to get the most out of the experience.
Rob: I find an auction well worth a visit; to see what is selling, the prices items make and for the experience alone.
There seems to be a lot of mystery surrounding auctions. The most common one being ‘don’t blink or scratch your nose as it looks like you are bidding on a lot’. I doubt this has happened in real life.
If in any doubt, the auctioneer would ask you if you are bidding and you would reply “no!”
Auctions have viewing days. These are when you should make a visit and look at what is for sale. If possible, get a catalogue to help steer you through the lots. Viewing days is the time to pick up and look at the items that you wish to buy. Examine them for condition or any damage. A small chip in some china may not be visible when viewing online.
You can ask questions from the auction staff; most are very knowledgeable. Buy a catalogue. You can do this online before viewing days. The catalogue will give you an auctioneer’s estimate so you have an idea of the price range on the day.
You can leave a bid on an item if you cannot attend the auction – this is called a ‘commission bid’.
Although you can be part of the auction online or bidding by telephone, there is no substitute for being there.
You must register and obtain a number to bid. Always use the catalogue to follow the auction and I write down the sale prices on items that interest me. This is a very good way of seeing what is selling well and what’s not! You can also use the information to price up your existing stock.
There are usually a few lots where the bids are too low and do not make their reserved price. You can ask about these at the end of the auction and agree a price with the auctioneer.
At the end of some auctions there are ‘job lots’.
This is where I tend to pick up the bargains as there are usually two or three good items where you can make a good profit when you sell the items on.
When the auction is finished you are able to pick up your bought items. You must first pay your bill. Remember, there will be costs to pay.
It is a day out meeting people, learning about antiques, and enjoying the experience. And remember, that £1,000,000 lost item is out there.
Janette: One of the best ways to spend a couple of hours is going to an auction. It’s one of the main things I have missed due to COVID-19 lockdown.
One of my favourite auction houses is in my hometown of Bridlington. Lockdown allowing, viewing day is Wednesday and the auction starts early on a Thursday morning. It’s a far cry away from the ‘luxury’ auctions you see on the television.
It is quite basic but it’s brilliant. Usually on offer is a jumble of garden items, white goods, furniture, pictures, ceramics, boxed collections of job lots.
There is no Internet connection so no online bidding, no large screens showing the lots on offer, no live telephone bidding and no catalogue
The auctioneer sits on a wooden bench at a platform, uses a pencil as his gavel and then to note down the buyer’s name and purchase price on a piece of paper.
He gets annoyed if your telephone goes off.
I have bought fabulous items here, including antique ceramics, an oak chest of drawers and a 1950s kitchen unit.
I do go to other auctions and also view and bid on auctions online. However, there is nothing like being in the auction room itself.
I get a catalogue, have a look at the items I am interested in.
There is a real buzz about an auction and when it’s time for you to make a bid it can be a little nerve racking. It’s also addictive. Once you have been to an auction, you will want to go again.
Top Tips
View the items beforehand – viewing day, catalogue, online – and go with an idea on what you want to buy.
Bid early when the price is low, sometimes a maiden bid will win the lot.
Don’t get carried away. Have a set figure in mind and do not go above that.
There probably will be some auction costs. Find out about these before making any bid. They will be displayed in the auction house and also be printed in the catalogue. Costs are usually around 20 per cent. Factor this in when making a bid/ deciding on how much you are prepared to pay. I usually work out 20 per cent as one fifth of the price so £20 becomes £24, £50 becomes £60 and £100 becomes £120.