4 Tips for Buying at Auction

One of the most exciting ways to buy and sell in the Philippines is through auctions.  These events are like a gold mine to collectors and bargain hunters and regular people can have just as much fun and obtain items that are just as valuable.

Valued artworks, antique furniture, and one-of-a-kind accessories are often the star of auctions. They usually cost more than the average person can afford, but that’s not the norm. Most auctions showcase normal items that are sold for cheap so anyone who’s interested can join

If you’re one who’s already intrigued and itching to get into the auction scene, then there’s no better article to read than this one. We’ll be giving auction buying tips for beginners and although it may not always lead to a winning bid, you’re guaranteed to walk away with no regrets.

Attend the Preview

Auctions – especially those that put up antiques and collectibles – always have preview days that allow bidders to inspect the items that will be up for sale. Take advantage of this and allot at least one day to check the quality of the goods. This is also a good time to research about the item and check its original price so you know how much to bid. If you find things that interest you, make a mental or actual not of the lot number, so you know what to bid on during the day of the auction.

Contain Your Excitement

During the preview days and the actual auction, it is imperative that you contain all your excitement. Acting all giddy and happy gives away your status as a beginner and also focuses the attention of other bidders to your desired items. It will prompt them to take a second look at the lot that you are so excited about which, in turn, will increase your competition. So if you think you’ve struck gold, just keep it to yourself.

Don’t Anger People (Bidders and Auctioneers)

The easiest way to get thrown out of an auction is to piss off everyone from your fellow bidders to the auctioneer in charge, and you can do this in so many ways. One is to talk smack about the auction lots and the people bidding on them. Another is to hurry the auctioneer along and keep him from managing the event at the right pace. Last is to talk so loud with your peers that you disrupt the flow of the whole event.

In case you aren’t up to speed, these are the things that you must avoid doing so not to anger anyone in the event.

Set a Limited Budget

You won’t believe how easy it is to spend an excessive amount of money at an auction. Once you find yourself in the middle of a bidding war, you might do this unknowingly. The desire to acquire a particular item can blind you and stop you from making rational decisions. So make sure to give yourself a budget before you enter an auction house. It also helps to bring a friend that will keep you in check and prevent you from throwing money away.

Key Takeaway

Before you take a dive into the world of auctions – a popular way to buy and sell in the Philippines – make sure to keep these 4 things in mind. If followed accordingly, these things should allow you to win big and lose small no matter what type of auction you are in. People are also going to respect you more and won’t see you as the beginner you are!

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