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A great way to catch auction bargains is called “bottom feeding.” An item that either didn’t sell or didn’t get the seller’s reserve price is called a passed lot. You can place a private bid on that item immediately after it is taken off the block. It can be a little more work and take some time, since the auction house must contact the seller. But if the seller is willing, you could walk away with a great buy.
All the best,
Timben
Showing posts with label Antiques. Show all posts
Showing posts with label Antiques. Show all posts
Tuesday, September 15, 2009
Save $$ - avoid a bidding war
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All it takes is two determined potential buyers and you have a bidding war – which translates into an inflated price for the item. Avoid getting into a bidding war where you’ll probably start offering dollar amounts way beyond your original limit.
* Don’t express blatant enthusiasm over any item during the auction preview that could alert others to your find and increase the competition.
* Try to bid calmly and thoughtfully. Shouting, arm waving, or constantly holding your paddle in the air is not necessary – or wise.
* Neither is letting on that you want an item, no matter what. Bidding early and ferociously just makes others believe the item is worth bidding on.
* And offering your maximum amount early on means the price can only get higher as others join the bidding, leaving you out of the running.
Most professional auctioneers move an average of one item every minute. That’s not a lot of time to dither, but plenty of time to join the fray without calling attention to your intentions.
All the best,
Timben
All it takes is two determined potential buyers and you have a bidding war – which translates into an inflated price for the item. Avoid getting into a bidding war where you’ll probably start offering dollar amounts way beyond your original limit.
* Don’t express blatant enthusiasm over any item during the auction preview that could alert others to your find and increase the competition.
* Try to bid calmly and thoughtfully. Shouting, arm waving, or constantly holding your paddle in the air is not necessary – or wise.
* Neither is letting on that you want an item, no matter what. Bidding early and ferociously just makes others believe the item is worth bidding on.
* And offering your maximum amount early on means the price can only get higher as others join the bidding, leaving you out of the running.
Most professional auctioneers move an average of one item every minute. That’s not a lot of time to dither, but plenty of time to join the fray without calling attention to your intentions.
All the best,
Timben
Smart strategies for better bidding
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Bidding at an auction is a little playing poker. You’d like to know the other bidders’ intentions, and at the same time keep your own strategy secret. It helps to watch your opponents during the bidding. Many experienced auction buyers also use the preview and registration periods to pick out and “read” potential competitors.
During the auction, some experts prefer to stand at the back of the room so they can look over the entire crowd. Others say it’s best to sit at one of the front corners, where you can turn slightly and see almost everyone’s face but still be visible to the auctioneer. Then you can see facial expressions and pick out the subtle bidding movements some bidders use – not everyone bids by shouting and waving their arms. You can also make sure the auctioneer isn’t running up the bid on his own.
It also helps to spot the professional dealers in the audience. They’ll be the serious – looking bidders buying lots of items. Dealers have a good idea of how much something will bring at retail, so they will try to get it for 50 to 75 percent of that in the auction. If you want an item badly enough, you can go just a little higher and still be less than retail.
Don’t let the dealers trick you, though. They may quit bidding or say things to make you think an item isn’t worth it, and then sneak back in after you’ve dropped out.
All the best,
Timben
Bidding at an auction is a little playing poker. You’d like to know the other bidders’ intentions, and at the same time keep your own strategy secret. It helps to watch your opponents during the bidding. Many experienced auction buyers also use the preview and registration periods to pick out and “read” potential competitors.
During the auction, some experts prefer to stand at the back of the room so they can look over the entire crowd. Others say it’s best to sit at one of the front corners, where you can turn slightly and see almost everyone’s face but still be visible to the auctioneer. Then you can see facial expressions and pick out the subtle bidding movements some bidders use – not everyone bids by shouting and waving their arms. You can also make sure the auctioneer isn’t running up the bid on his own.
It also helps to spot the professional dealers in the audience. They’ll be the serious – looking bidders buying lots of items. Dealers have a good idea of how much something will bring at retail, so they will try to get it for 50 to 75 percent of that in the auction. If you want an item badly enough, you can go just a little higher and still be less than retail.
Don’t let the dealers trick you, though. They may quit bidding or say things to make you think an item isn’t worth it, and then sneak back in after you’ve dropped out.
All the best,
Timben
Sunday, September 13, 2009
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
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
Know before you go
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If you’re interested in a specific type of item – a pie safe, for instance – and an auction claim they’ll be offering a “large selection of pie safes,” don’t hesitate to call before attending. One person’s idea of a large selection may not match yours. You don’t want to spend time and effort getting to an auction just to find out you and your competition are all bidding on a single item. No bargains there.
All the best,
Timben
If you’re interested in a specific type of item – a pie safe, for instance – and an auction claim they’ll be offering a “large selection of pie safes,” don’t hesitate to call before attending. One person’s idea of a large selection may not match yours. You don’t want to spend time and effort getting to an auction just to find out you and your competition are all bidding on a single item. No bargains there.
All the best,
Timben
10 ways to determine value
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The value of antiques, fine art, or collectibles is determined by what someone is willing to pay. An auction is a good place to find that out. How should you decide if something is worth buying? Here are the criteria that many auction experts believe you should use.
* Authenticity – Is it real?
* Condition – What shape is it in?
* Rarity – How many others there?
* Provenance – Who owned it before? Does it have a traceable history?
* Historical significance – Was it there when something important happened?
* Size – Bigger isn’t always better. Can you move, display, or wear it conveniently?
* Medium – An oil painting is worth more than a drawing, which is worth more than a print.
* Subject matter – What is it a picture of? Some scenes are just more pleasing than others.
* Fashion – Collecting has trends, just like women’s clothing and the stock market.
* Quality – Where does it rank towards being “the best of its kind”?
All the best,
Timben
The value of antiques, fine art, or collectibles is determined by what someone is willing to pay. An auction is a good place to find that out. How should you decide if something is worth buying? Here are the criteria that many auction experts believe you should use.
* Authenticity – Is it real?
* Condition – What shape is it in?
* Rarity – How many others there?
* Provenance – Who owned it before? Does it have a traceable history?
* Historical significance – Was it there when something important happened?
* Size – Bigger isn’t always better. Can you move, display, or wear it conveniently?
* Medium – An oil painting is worth more than a drawing, which is worth more than a print.
* Subject matter – What is it a picture of? Some scenes are just more pleasing than others.
* Fashion – Collecting has trends, just like women’s clothing and the stock market.
* Quality – Where does it rank towards being “the best of its kind”?
All the best,
Timben
Don’t get burned by a purchase
Auction items are purchased “as is.” That means, of course, no warranty, no returns. Now if you’re buying table linens, it’s no big deal. But anything electrical or mechanical can be a dicier issue. You can often find appliances, power tools, and other such items at country auctions for much less than retail. A good deal isn’t a good deal if you spend more on repairs than you would buying new. That’s when it is more important than ever to be knowledgeable about the item, or bring along someone who is.
All the best,
Timben
All the best,
Timben
Saturday, September 12, 2009
Know Which Bargains Are Best
The best bargains at auctions range from flatware to furniture, according to Leslie Hindmand, auctioneer, author, appraisal show host, and CEO of Eppraisals.com. She believes these are the top 10 bargains you’ll find.
* Upholstered furniture – If a battered sofa or chair was made well in the first place and has good “bones,” a relatively inexpensive reupholster job can turn it into magnificent place of furniture.
* Chandeliers – They’re hard to display, so if you can recognize the potential grandeur of a hanging chandelier while it’s sitting in a heap, you have the advantage on those who can’t.
* Dinner services and stemware – Demand for fine china is low because of changing entertainment customs and an abundance of department store dishes. Find a pattern you like, and it will probably be a steal.
* Silver flatware – Another overlooked bargain because most people don’t think of looking for silver at an auction.
* Monogrammed objects – If it has value as an antique or family heirloom, what does it matter that they’re not your initials?
* Old books – Not usually a popular item at auctions, boxes of 10 to 20 books, sometimes containing rare finds, are often sold for less than the bookstore price of just one.
* Jewelry – Many people don’t want someone else’s personal items, and nothing is more intimate than an engagement ring, wedding band, or engraved brooch. This can mean incredible bargains for someone who just appreciates quality.
* Minor contemporary works of art – If the artist is not well-known, it’s not unusual for paintings to sell for no more than the price of the canvas alone.
* Large-scale furniture – Anything bigger than 8 feet often won’t sell despite the advent of 12-foot ceilings and huge great rooms where large pieces are just the ticket.
* Box lots – Knickknacks and other miscellaneous articles are often put in boxes and sold as one lot. Look for the one item that makes taking home the whole box worthwhile.
All the best,
Timben
* Upholstered furniture – If a battered sofa or chair was made well in the first place and has good “bones,” a relatively inexpensive reupholster job can turn it into magnificent place of furniture.
* Chandeliers – They’re hard to display, so if you can recognize the potential grandeur of a hanging chandelier while it’s sitting in a heap, you have the advantage on those who can’t.
* Dinner services and stemware – Demand for fine china is low because of changing entertainment customs and an abundance of department store dishes. Find a pattern you like, and it will probably be a steal.
* Silver flatware – Another overlooked bargain because most people don’t think of looking for silver at an auction.
* Monogrammed objects – If it has value as an antique or family heirloom, what does it matter that they’re not your initials?
* Old books – Not usually a popular item at auctions, boxes of 10 to 20 books, sometimes containing rare finds, are often sold for less than the bookstore price of just one.
* Jewelry – Many people don’t want someone else’s personal items, and nothing is more intimate than an engagement ring, wedding band, or engraved brooch. This can mean incredible bargains for someone who just appreciates quality.
* Minor contemporary works of art – If the artist is not well-known, it’s not unusual for paintings to sell for no more than the price of the canvas alone.
* Large-scale furniture – Anything bigger than 8 feet often won’t sell despite the advent of 12-foot ceilings and huge great rooms where large pieces are just the ticket.
* Box lots – Knickknacks and other miscellaneous articles are often put in boxes and sold as one lot. Look for the one item that makes taking home the whole box worthwhile.
All the best,
Timben
Friday, September 11, 2009
Do Your Homework - don't Overpay
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
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
Thursday, September 10, 2009
Search out a quality auctioneer
One of the best places to find antiques is at an auction. You can find auction listings in many places, including the classified ads of your local newspaper. But once you're ready to jump in with your wallet, attend auctions only conducted by reputable auction houses. Check with the Better Business Bureau, your state's auctioneer licensing office if you have one, or your county or state consumer protection office.
The National Auctioneers Association (NAA) is another resource for auction listings and other information. Only members can post an auction on their Web site, ensuring each one is run by a reputable auctioneer. Visit them at www.auctioneers.org. Once you've been to an auction house you like and trust, you can get on their mailing list to receive notices of upcoming events.
All the best,
Timben
The National Auctioneers Association (NAA) is another resource for auction listings and other information. Only members can post an auction on their Web site, ensuring each one is run by a reputable auctioneer. Visit them at www.auctioneers.org. Once you've been to an auction house you like and trust, you can get on their mailing list to receive notices of upcoming events.
All the best,
Timben
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