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Buying at auction can be a great way to not only save money but to find yourself something highly individual and unique.
Auction houses acquire stock for a number of different reason - items could come from liquidators, private companies and individuals with excess stock, homeowners looking to free up space and cash or even police stations and councils looking to get rid of lost and found items.
Modern household furniture and fittings can be bought cheaply in general auction sales; be savvy and you could furnish a house for £500 or less. Whilst the benefits of buying at auction are great, the process can be fraught with pitfalls and can be intimidating. So, to help make your auction-purchase experience a happy, successful and profitable one, we've got some useful hints and tips.
Prior to bidding
- Once you've decided on the auction you're going to attend, request a catalogue. Flick through it and make a note of what you'd like to bid for (and to what limit) in advance.
- Always view the lot before you bid. While inspecting furniture, you need to check three things: (1) suitability of the furniture as to the dimensions required; (2) physical inspection by going through the article carefully and thoroughly to detect any kind of crack or fracture in the body, protruding elements, dents, working condition of add-ons like drawers and normal wear and tear; & (3) inspecting about peculiar features of the furniture.
- Never be afraid to ask the auctioneer for their advice. A good tip is to make yourself known to the auctioneer, they will advise you and guide you in the right direction if you need help.
- Read the catalogue description carefully and check for any disclaiming phrases such as "in the school of", "in the style of" or "after such and such period".
- Ask for the condition report if you intend to bid by phone, or are leaving a commission bid with the auctioneer
- If buying a lot that needs restoration, check the cost of the additional work before bidding.
- Beware when buying electrical items; don't be afraid to ask to plug it in, especially TVs and fridges. Most auction items are sold without guarantees, so if items are described as faulty check that the faults can be easily repaired,
- Restoration is acceptable if the item is a rarity, otherwise steer clear of restored items.
Bidding
- When bidding, stick to what you know; costly mistakes can be made with impulse buys.
- Bid with confidence but don't get carried away and bid beyond your intended budget.
- Ideally, never be the first one to bid! It might just be possible that no one is actually interested in the item. So, you can expect a below reserve price cost for the item if the terms and conditions of the bid allow for such an arrangement.
- Familiarise yourself with the rules, regulations, terms and conditions regarding the auction sale. Payment options, reserve price, buyer's premium, sales tax etc. are some of the important considerations before bidding.
- If you are unsure about the quality and authenticity of the item being sold, don't bid for it.
- Listen out for any changes stated by the auctioneer in the description they give of the item at the start of bidding.
- Don't be disappointed with unsuccessful bids. Unless the lot is unique, another one will turn up one day.
- Don't be afraid to invest in Modernist furniture, as lots of money has been made by investors who spotted future collectibles.
- If you want to collect blue and white china there are many other patterns apart from Willow. Keep your eyes open for unusual shapes and designs, especially those with animals.
- If there are lots of items on sale, insist on a catalogue if it's available. Jot down the winning bid price for each item for future review. A catalogue will also assist you in arriving at a quick decision about the furniture item to purchase.
