25 July 2024
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If you’re thinking of expanding your model collection, buying at auction is one of the many ways available to you. It can be a bit daunting if you’ve never bid at an auction before whether that’s in person or online, check out our handy tips on expanding your collection at auction.
How do I place a bid at auction?
As well as in person, most auction houses also host online via invaluable, the saleroom and EasyLiveAuction, some also have their own online auction platforms. You can also send in bids by email, post and phone, some auction houses will also be able to bid on your behalf if you can’t attend the auction in person. If you’re not sure where your nearest auction house is, check out our auctioneer directory to find your nearest auction house.
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Above: A past auction taking place at Astons Auctioneers
Whichever way you choose to start bidding there’s always a few things to keep in mind:
Decide on your maximum bid
Before the bidding begins, decide on your maximum bid for each item you’re interested in. Remember to factor in your buyer’s commission, which is typically 15% to 20%. During the auction, stick to your maximums, and don’t get carried away by the auctioneer’s banter or the fact that other people are willing to pay more.
Get your bid in early
Make sure to get your bid in early, in the event that two identical bids are received for the same lot, the bid that was received earliest will prevail, don’t risk missing out on something you really want!
Make sure to double check the amount you’re bidding
Check your bid carefully! Whatever method you choose to use to make a bid, it is essential that you check you’ve entered the bid correctly. Auctioneers can’t accept responsibility for any errors made during the bidding process.
How do I increase my bid at auction?
Often bids will go up in certain increments e.g. bids below £20 will go up in £1 steps, bids from £20 to £50 will go up in £2 steps, bids from £50 - £100 will go up in £5 and so on. In most cases bids submitted not corresponding to bid steps will be rounded down to the nearest step.
Above: Buyers at a previous auction at Astons Auctioneers
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I’ve won my item at auction; how do I pay for it?
If you’re attending an auction in person, most auction houses will have a preferred method of payment, it’s always best to get in touch with the auction house you’ll be attending and double check if different methods of payment are accepted. If you’re bidding online using invaluable or the saleroom, the auction house will usually contact you to arrange payment once the auction has ended, alternatively you can contact them. Depending on where you are in the world, only certain currencies will be accepted so make sure to double check with the auction house what they accept if they can.
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Are there any other costs when buying at auction?
Buying at auction can be great, especially if an item comes up that you particularly want to add to your collection but as well as the cost of the successful bid there are some fees you will be expected to pay. Successful bids are subject to a buyers’ premium which is around 20% plus VAT.
Buying at auction can be exciting and there’s no feeling quite like winning a bidding war on a collectable you’re desperate to get your hands on, but it’s important to remember to budget.