Auctions can be thrilling events, providing buyers with unique opportunities to acquire coveted items. However, the auction process can also be daunting, especially for first-time bidders. In this blog post, we will walk you through the essential steps and etiquette to follow as a buyer, ensuring a successful and enjoyable auction experience.
Before you bid:
Before raising your paddle or making an online bid, there are some crucial preparatory steps you must take:
- Buyer Registration: Ensure you have registered as a buyer with the auction house. This step is mandatory to participate in the auction.
- Bidding number: Collect your bidding number, which serves as your identifier during the auction. It helps the auctioneer track your bids accurately.
- Know the Commission and VAT: Familiarize yourself with the auction’s commission structure. Typically, there’s a percentage (ranging from 6% to 7.5%) added as commission, along with 15% Value Added Tax (VAT) on top of your purchase price.
- Confirmation Period and Additional Fees: Be aware that there might be a confirmation period after the auction, during which the seller can decide to accept or decline your bid. Additionally, consider any transfer fees or VAT you may be liable to pay.
- Seek Advice and Ask Questions: If you have any doubts or questions regarding the auction process or specific items, don't hesitate to reach out to the auction house or auctioneer for guidance.
- Legal Obligations: Remember, once you place a bid, you are legally bound to fulfill that commitment. Make sure you're comfortable with your bidding decisions.
How to bid:
Participating in the auction itself requires some basic techniques:
- Mandatory Bidder Registration: To bid, it is compulsory to register as a bidder beforehand. Don't miss this crucial step.
- Seek Clarifications in Advance: Address any queries or concerns you have before the auction begins. Speak to representatives from the auction house or the auctioneer on duty if needed.
- Catch the Auctioneer’s Attention: When you are ready to bid, make eye contact with the auctioneer to acknowledge your intention to place a bid.
- Audible bidding: Call out your bid, make eye contact with the auctioneer to acknowledge your intention to place a bid.
- Legal Obligations (Again): Keep in mind that every bid you place is legally binding. Exercise caution before making each bid.
What not to do at an auction:
- Bid without Financial Arrangements: Never bid if you don’t have the funds or haven’t made proper financial arrangements to complete the purchase.
- Bid without Buyer Registration: Ensure you’ve completed the buyer registration process; otherwise you won’t be allowed to bid.
- Unfamiliarity with Conditions of Sale: Be fully acquainted with and understand all the conditions of sale before placing any bids.
- Be Intimidated by Other Bidders: Stay focused on your bidding strategy and don’t be discouraged by other bidders’ actions.
- Shyness is Not Advised: Ask questions and seek clarifications if you have any doubts during the auction.
- Procrastinate when Bidding: Avoid hesitating when placing bids, as this could result in missing out on a desirable item.
- Lose your Bidders Card: Keep track of your bidding number; losing it could lead to confusion and delays. Report a lost card immediately if it happens.
With these essential tips in mind, you are now better equipped to participate confidently in auctions as a buyer. Remember, preparation, understanding the process, and being attentive during the auction are key factors to ensure a successful bidding experience. Happy bidding!