Every investor goes to an auction hoping to get bargains and better deals. However, it’s important to strategize your bidding to win since you’ll be competing with other professional bidders. Besides competing with other bidders, the owner of the auctioned item may have an advantage, particularly if the piece is unique.
With this in mind, it’s wise to prepare and know what to do if you want to come out as a winner. In this article, we put together some excellent tips to ensure that you have a higher chance of winning the auction house. Read along to learn more.
Make A Good First Impression
First impressions are vital when it comes to bidding. The way you look and present yourself might increase your chances of winning the bid. Other bidders might be reluctant to bid against you in an auction house, such as Clars Auction Gallery if you appear professional. The point is to intimidate other bidders with how you represent yourself to have the upper hand in bidding.
Besides dressing like a professional, make sure to carry your notebook and write some notes during the auction. This enhances your professionalism, indicating that you’re aware of some things that others don’t. Additionally, presenting yourself as a professional improves the confidence required to make suitable choices during the auction.
Overcome Your Shyness
Don’t be shy to get noticed before the auction begins and when it kicks off. How you carry yourself should make everyone in the room know you’re present and will settle for nothing less than winning. For instance, when entering the auction room, choose the perfect location. It’ll help if you choose a front seat to indicate that you’re a serious bidder.
On the other hand, you can choose to stay standing. While other people might perceive standing as inappropriate, it’ll make you stand out from the rest of the crowd. When speaking, do it confidently, and state your bid in full. For example, instead of saying ‘400’, opt to say ‘USD$400,000’ to create an impression.
Keep Some Information To Yourself
It’s advisable to avoid disclosing more information about your bid. The more the seller knows about you regarding your knowledge of modern art or antiques, the greater the advantage they have over you. However, let the seller know that you can afford the auctioned item even if you don’t.
It’s important to know that auctioneers will want to drive the bids up to get a higher commission. Therefore, if you disclose what you’re willing to pay, they’ll play other bidders against you to get as close to your budget as possible.
Wait Before Placing Your Bid
It’s a genius move to wait until the bidding starts and place your bid at a later stage. This move ensures you remain at the top of the bidding since most bidders have already made their bids and have probably reached their limit.
Make A Strong Bid
Nowadays, knowing the value of a painting or jewelry is easier thanks to social media. Therefore, it’s not wise to start off too low. At the auction, every individual, if not all, knows more or less how much the auctioned item is worth and is ready to pay the price. It’s therefore advisable to begin where you want to stop to knock out other low bidders as soon as possible.
Do Not Bid With Odd Numbers
Avoid bidding with odd numbers because someone will be ready to round them up. For example, if you bid for USD$879,500, a bidder will be willing to add an extra USD$500 to get ahead of you. Therefore, it’s best to bid with even numbers.
On the other hand, if another bidder slows the bidding with little increments, add an extra USD$500 or more to put yourself in a better position.
Stick To Your Budget
The biggest mistake most buyers make when bidding is not sticking to their budget. Remember, as much as you’d want to have the auctioned piece and the chances you think you have of winning, you should always bid within your budget. If you fail and go beyond your budget, you might not be able to pay.
Auctions can be intimidating and can lead you to make financial mistakes, such as not sticking to your budget. However, with good strategies, you can win an auction and end up with your favorite piece of art. It might be helpful to consider the tips mentioned above for the upcoming house auction to ensure that you remain at the top of the game.