The last thing you want is to come home from an auction with something you spent too much money on. So do your homework, especially if you're looking for a specific item. That means knowing what similar pieces sells for, either at retail or through other auctions.
Get the auction catalog ahead of time, if possible, and study the goods. Find out if you can preview the auction - which allows you to inspect items from an hour up to a week before-hand. Talk to the auction staff about items you're interested in. They sometimes will discuss value. Bring along an expert or pay for a dealer's advice - whether it's someone who knows cars or antique china.
Then, based on all this homework, set your bidding limit. Many auction authorities say don't pay more than half the retail price of any item.
All the best,
Timben
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