Navigating the Auction Procedure: A buyer’s Guide

Posted on Aug 07, 2023

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!

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