If you’ve never been to an auction, what are you waiting for? There are bargains and fun to be had by everyone! You may even make a profit by selling your personal or business merchandise. Some people are hesitant to jump into the thick of an auction because they don’t feel they have enough knowledge to be successful. If that’s you, Backes is here to help tackle the most common auction questions.
Won’t I get better items by buying new?
Some might say there is a strong “throw-away” mentality in our culture. This is not the case with those who utilize auctions. Backes Auctions has quality equipment that auctions at a competitive price. You are able to find name brand items in great condition for a fraction of the cost. Often, you cannot even tell that the equipment has been gently used.
Should I prepare before going?
A bidder will need to have a little more preparation than a seller if they want to bid confidently. You should do your research on what kind of items you are likely to find. You should know what you want and what you are willing to spend. It would serve you well to research the value of a similar item and what your top bid should be so you don’t overbid. You should also evaluate your finances so you do not get bid happy and bid more than what you can afford.
What terms should I know?
Of course, you may not be able to completely understand everything an auctioneer says, but you should know some basic terms to keep up with auction events. Some of the common ones are:
Bidder’s Choice: The highest bidder wins the right to choose items or a grouping of items in similar quality.
Withdrawal: Failure to reach the reserve price.
Buyer’s Premium: A percentage added to the highest bid.
Minimum Bid: An auctioneer accepts bids only at or above a set price.
How do I bid?
This depends on the auction type you attend. The two main ways to bid are live bidding and online bidding. If you’re at a live auction, you will register when you enter the auction and receive a bidding card. In an online auction, you can bid at the click of a button. This is most often in real-time, but there is more time available to bid than you would have at a live auction.
We hope that you feel more prepared for your first auction after learning these basics. If you are looking to sell your items or are ready to begin bidding, contact us today!