Live auctions can be a good source of merchandise for dealers who sell their items at shows, in shops or online. Collectors can often also find items that they wouldn't find elsewhere, often at wholesale prices.
Live auctions can be equally good for people consigning or selling their items. The entire contents of an estate can be sold in one day at a live auction. Items don't need to be packaged and shipped as with online auctions. Potential buyers like being able to view and inspect items, and they can take home their purchases the same day.
If you've never been to a live auction or haven't been often, this article will help you to learn what to expect.
First, find a reputable auction house. You can start by checking with friends and acquaintances that attend auctions and ask them which auctions they attend. Check the auction listings of your local newspaper and look for auction flyers at antique shops and shows. I've also listed some Web sites at the end of this article that can help you find auctions in your area. You might even want to sit through an auction or two, if you can resist the temptation to bid, to see how the auctioneer runs his auction.
You can check the auction catalog prior to the auction (if it's a catalogued auction). You can also check for photos on the auctioneer's Web site or the auction flyer.
You should be aware of the Terms & Conditions of the sale that you are attending. Most auctions charge a Buyer's Premium. The buyer pays an additional percentage on each item sold. For example, if there is a 10% buyer's premium and the hammer price is $100, the buyer's price is $110. Local sales tax may also be applicable and that will be added to the final price. You must register before bidding. The auctioneer will inform you of the method of payment that is accepted at their auction such as cash, checks, credit cards, etc.
The auction will have a set preview time. Try to preview the items as early as possible. When you preview items early, it gives you time to research the item and you can ask the auction staff any questions you may have. Take your time and carefully inspect for damage and repairs, count items, etc. Most auctioneers will try to point out problems with their items during the auction, but they handle lots of items may not always be aware of everything. The final decision rests with the bidder because items are usually sold "As Is. Where Is" without any warranty.
Most auctions will have some boxes and papers to wrap your items, but you may prefer to bring your own. Bring whatever you need to inspect the item. You might want to bring a magnifying loop, price guides and a cell phone. I often see people on the cell phone outside of live auctions. They may be checking online prices, prices from price guides or asking a family member or friend if they want them to bid on an item.
Be respectful of the items during the preview. Handle things carefully. Don't move things between lots, and inform the auction staff if you see anyone taking anything, breaking anything or switching items between lots. Shortly before the auction, check the item again to make certain that no damage occurred during the preview.
If you can't stay for an auction, the auction house may allow you to leave a bid on an item. Inform them of the price that you are willing to pay for an item and they will execute your bid. For bigger ticket items, they may allow you to execute your bid over the phone. They will call you prior to the item coming on the auction block and you will bid as if you were in the audience.
Estimated auction prices, price guides, and past live- and online-auction prices can help you determine what to pay for an item. It all comes down to how badly you want an item. If it's something that you plan to re-sell, you probably want to set a maximum price and limit yourself to that price. If it's something you really want, you might be tempted to bid higher. Just remember the old auction adage and "Bid with your head, Not over it." Check with the auction house prior to the sale if you need special arrangements for picking up items, shipping, etc.
When the auction starts, listen to the auctioneer's description of each item. They may give you some information about the piece that may affect your bid either higher or lower.
When bidding, some people like to use head nods or slight hand motions, but I'd recommend raising a bid card. You and the auctioneer will be disappointed if your bid is missed. Feel free to shout out to the auctioneer to get their attention if you don't think you're being spotted when trying to bid.
Hopefully, you will have gotten everything that you went to the auction for. Before you leave the auction hall, check that you haven't forgotten anything. Also, check your slip when you check out to make sure that you haven't been overcharged or undercharged.
Here are some online resources to help you find live auctions in your area.
National Auctioneer's Association
http://www.auctioneers.org
The Internets Guide to Auctions and Auctioneers WorldWide
http://www.auctionguide.com
"Cyber-rail connection to antiques and collectibles across the Internet"
http://www.antique-central.com
"The nation's leading source of information on antiques and the arts"
http://www.antiquesandthearts.com
World Wide Arts Resources
http://wwar.com
"National Association of Collectors and the Association of Collecting Clubs"
http://collectors.org
New England Auctioneers
http://www.cjeans.com/map.htm
