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Tips to Buying at Auctions

Auctions can be great fun to attend. You can get in on the bidding or just watch the action. But, before you start bidding, make sure you know how to get the best buy. Keep these tips in mind at your next auction.

1. Start By Observing

One of the best ways to learn is by observation. Attend a couple of auctions with the intention to simply watch and learn. You'll get the feel for how things work and are prepared to avoid costly mistakes. You can opt for office furniture auctions by searching on the internet.

Estate Furniture

2. Attend Preview

Preview can be held a few days before the auction or just a few hours before the auction starts. It is open to the public and free. This is your chance to see items more thoroughly and to get up close to see the damage or problems with the item.

3. Be Prepared

Know what you are looking at. This is where the reference books and price guides and useful internet. Doing the hard work beforehand increases the likelihood that you will pay a reasonable price in the auction. Not doing so, can lead to disaster.

4. Learn the Terminology

There are a few things you need to understand so that you get the best buy at auction.

Pre-sale estimate –  The auction house's base price on their past experience. This is the price they expect to sell the item for.

Provenance – This is a piece detailing the history of past owners. This information is not always available, but it could be interesting news watering depends on the owner.

Starting Price – This is the price at which the auction will begin.

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