Learn basics before you jump in

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Don’t attempt a swan dive your first time off the auction diving board – you may belly flop. Instead dip your toe in the water by going to several auctions without attending to bid on anything. You can watch, learn, and get comfortable in the environment.

If you’re lucky, your auctioneer might spend time educating the crowd on auction practices. According to the National Auctioneers Association (NAA), good auction staffs want people to keep coming to their auctions, so they are eager to answer questions.

But it’s all too easy to make an expensive mistake. It’s best to figure out your own high bid beforehand, and then stick to it when the bidding gets hot. And keep these other factors in mind:

* Learn the “hidden” charges like buyers’ premiums (usually 10 – 15 percent commission to the auctioneer, auction house or gallery), shipping charges, sales tax, etc. You’ll have to add any or all of these on to your winning bid. Suddenly that good deal may not sound so good.

* Know if it’s cash only. Many auto and police auctions are.

* Realize there may be a “reserve price” – the lowest price the seller will accept. Usually auctioneers are not allowed to reveal it, but the bidding can start at this minimum or bid up to it. If this amount is over your limit, stay out.

* Take every one of your bids seriously because you can’t back out. Many people get swept up in the excitement and bid past their limit.

* Look for the rules of the auction on the bidder card or on posters or handouts. They may reveal the use of “house bidders” planted to drive up prices. If so, be extra careful not to overbid.


Unless the rules dictate a bidding increment, feel free to jump the bid less than the auctioneer is asking – a $5 or $10 increase instead of $50, for instance.


All the best,


Timben