Auctions can be a very interesting and fun time for many collection enthusiasts. Often times they consist of items that are particularly appealing to a certain group of people, and it can be a very rewarding experience since the audience can nab something without paying an arm or leg for it. However, sometimes people can get in over their heads if they don't know exactly what they're doing, and end up paying too much for something that's not worth it. Auctions can go one of two ways. An item can sell for a lot more than expected, or if the item is not well received by interested parties, someone else can nab the item for a lot less than expected. The trick here is to know what's worth waiting for, and the ins and outs of auctioning.

Getting Started With Auctioning

Before any bidding takes place, auction attendees should attend a few auctions on their own for the purpose of observation only. During this time, pay close attention to the auctioneer, how the items that are presented, and how the audience is bidding on the auction items. Start getting familiar with some of the auction lingo and terms and if possible, get to know the audience and ask questions. For example, it would be a good idea to ask the attendees whether they're there for collection purposes or if they are bidding on the item for its resale value. This way you will know exactly why they are bidding higher, and adjust your future bidding based on their answers. If you are an avid collector, you may want to bid higher, if you are just bidding for valuable items to resell, then you might want to adjust your bidding processes in the future. Knowing how others do it can be a good influence on how you do it in the future.

Should You Bid Higher?

Choosing whether or not to bid higher on an item is something that is a personal choice, for two reasons. First individuals have to designate whether or not they are bidding for the item because of its value, or because they just want to possess that item for sentimental reasons. Collectors and others familiar with certain antiques or collectibles will want to bid higher on an item just so they can get their hands on it. This is neither wrong nor right. It's just a matter of how bad that individual wants to own that item. However, there are avid auction attenders that bid on items that they would like to resell future, or hold onto in order to accrue more value over the years. These are individuals that don't really have a sentimental attachment to the items, therefore their bidding prices are important to the future goal intended for the auction item. In this case it is advisable for the auction attendee, to inspect the items prior to bidding on them, research their value, and research how much these items will be worth it in the future. Only then will they know what a good bidding price for the item is, and when to stop bidding altogether.

First Time Auction

During your first auction, it's okay to be nervous. Here's something to take into consideration. It's advisable to get there as early as possible. This will allow you to get the best possible seat in the house. It's a good idea to get into a position where you can clearly see the auctioneer, and hear everything that he or she is saying. It's also equally as good for you to be in the auctioneer's eyesight as well. Before bidding on anything, talk to the auctioneer and ask them any questions that you may be thinking of. If you are unsure about some of the protocols, or what to say or how to bid, ask the auctioneer in advance. They can give you all the information you need to know, so that you don't make a wrong move and accidentally bid on something you didn't want to bid on. For example, some auction houses do not allow you to raise your hands for any reasons whatsoever. This can indicate that you are making a bid. Knowing these types of rules in advance limits the possibility of mistakes. When you arrive at the auction, head over to the registration booth and register with the auction house. You will receive a bidding number in return. This number is meant to protect the privacy of the audience, so that the auctioneer only has to refer to them by their number. The winning bid will be announced followed by the winners bidding number. Keep in mind that once the hammer comes down, that means that that bid in particular has been finalized and someone has been announced the winner. Have your checks or cash ready to pay for the items after the bid is over, and have arranged transportation for the items as well.

Finally, many individuals do not realize that they can dispute bids. Usually this occurs when the auction hammer comes down and you've made a bid, but the auctioneer did not see you. If this is the case you can dispute it with the auctioneer, and request for the bidding to be reopened.