Bid Like a Pro

Bidding at a live auction is akin to the rush you get in the final moments of a crucial sports event. But at an auction, you actually can get in the game and, with a little forethought, take home a prize.

By Ron Shipmon | | April 11, 2014

Here are tips for bidding like a pro:

STEP ONE: The Eyes Have It
Attend the preview. This is your opportunity to examine the condition and quality of an item of interest. If you are unable to view the item in person, ask the auction house for a written condition report.

STEP TWO: Set a Limit
Determine the maximum price you want to pay for an item and do not exceed it. Period. As you are bidding, be mindful of the buyer’s premium and sales tax, which is included in the final purchase price.

STEP THREE: Bid Wisely
Never bid in haste or on impulse. Don’t get caught up in emotional bidding or what’s known as “auction fever.” This can send prices of inferior or secondary goods to meteoric heights.

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