How to Attend an Online Auction

I attended my first online auction before the and of the last century, in 1998.  Not a long time ago to me but to those gen x'ers it's more than a lifetime.  

The auction was held by a new company, now internationally known and who continues to be the most widely used site  by sellers and buyers alike.  It's not perfect but is offers the most variety of items, ease of use  from signing on to cashing out. 

Since those early days I have attended hundreds of auctions from the comfort of my office or where ever I happen to be.

 

Deciding What Auction to Attend

There are several auction sites devoted to hosting auction from around the world.  Get to know these sites by previewing their auctions, the items being auctioned.  Be certain to understand the condition of sale, who arranges and pays for shipping of large items like furniture.
Many of the larger auction houses host their own auctions.  I recommend the same information be reviewed.  Check what the auction house specializes in, what types of payment are acceptable, what is the average selling price for items of interest to you.
 

Most important, read reviews of the auctions, are bidders satisfied.  Chances are if others have been you will be too.  

Do Your Homework Before Bidding 

Now that you have identified which auction to attend it is time to complete the registration process.  Most auctions will require you to register, sometimes providing a credit card in order to bid on items.  

You will be issued a bidding number and will be required to select a name to identify yourself during the bidding process. 

Carefully review the pics of the items being auctioned.  Bookmark them, read the descriptions. 

Contact the auction house with any questions.  The time to ask is now, not after you have won the bid.  

Prior to the auction starting is the time to develop your list of items on which you want to bid. Some auctions allow pre-bidding.  If you are available you can attend the auction in real time. 

Determine the highest bid you will enter.  It is important to hold yourself to this during the auction, otherwise you may find yourself bidding more than you wanted. Avoid bidding wars and bidding fever, these lead only to buyers remorse. 

Selling a Collection

Online auctions are a great way to add to a collection, find items to start a new collections, keep current with trends in the auction industry.  Lastly should you decide to downsize a collection you will have the knowledge to select the right auction house for selling your items.

Send me your stories of online auctions. I would love to share in your experiences!

Till next time stay well, stay happy,  

http://www.antiquestattheirongate

auctionmom80@gmail.com

Are You Prepared to Attend an Internet Auction?

I attended live auctions with my family as long as I can remember.  In those days the auctions were country auctions held on Saturday and Sundays in the outbuildings of farms and flea markets.  There was no seating, no bright lights, and no second chances if you won or lost a bid.


As a child I was not allowed to bid but I did watch the other bidders as they focused on the items and bidding strategies of their opponents as they developed their own bidding strategy to win the items of choice.  There were no friends during the auction.  Only after  the last pound of the gavel and the words "Sold Bidder # _" did the friendships revive and the storytelling begin. 

Watching the bidders was often more fun than seeing what was being auctioned.  Eyes glanced from side to side, then down and to the side again.  Pencil and paper in hand they tracked the prices realized for those items won and lost.  Eye contact was avoided among the bidders, their body movements  were more revealing of their intent to continue bidding or not.

Occasionally a bidding war ensured.  It usually started with three bidders.  This would continue for about a minute then  one bidder would lower their head and turn their body, indicating they were now out. The audience would follow the remaining two bidders turning to look at each as the bidders held constant their number or slightly nodded their head alerting the auctioneer to continue.  


In the parking lots the trading began as winners examined   their purchases imagining the prices they would gain and losers approached winners to inquire if they could strike a deal.

Attending a live auction requires people watching, learning the nonverbal behaviors and what they mean to those you are bidding against.  I have always found watching the bidding audience as well as the auctioneer to be helpful in my own bidding.  At times this knowledge has allowed me to win a sleeper; other times it has stopped me from bidding beyond reason for an item. 

The most noticeable difference between bidding at a live auction versus an internet auction is that there is no personal verbal and nonverbal communication among bidders or the auctioneer.  If you are a people watcher like myself, this may determine whether you are destined to enjoy bidding at such auctions.  

 To get a sense of what it is liketoattend an auction follow different on-line auctions to get a feel for the bidding process.  You will also learn whether you like bidding against unknown and unseen bidders.  

You must make quicker decisions when bidding on the internet, these auctions move quickly!

6 Quick Tips for Bidding at Internet Auctions 

1.  Search a site such asProxiBid  to explore the types of auctions offered.   

 2. Visit the sites of auctions you find interesting, jewelry, autos, art, etc.

3.  Register for an auction that interests you.  Be sure to read the policies of the auction house, policies differ from auctioneer to auctioneer. 

4.  Review the online catalogue of items to be auctioned. Complete this several times.  Select items of interest to you. 
Determine the highest bid you will make on each item

5.  Follow through with you financial plan developed in step 4. 

6.  Celebrate a winning bid.  

Till next time, stay well, stay happy

auctionmom80@gmail.com

www.antiquesattheirongate.com