Essential tips for new bidders
While auctions are often perceived to be only for those willing to shell out millions, the truth is, the auction format is best for those who are looking to get great deals on pieces that people may never have had access to in a gallery, or other retail stores.
With the help of Salcedo Auctions, below are six essential tips for placing one’s first bid, and raising that auction paddle with star confidence:
Peruse the auction catalogue
With hundreds of pieces often up for sale, take an afternoon to look through the online and/or printed catalogue and to read the descriptions, marking which lots pique one’s interest.
Inspect the pieces for yourself
Auctions offer pieces in as-is condition so it is best to save the gallery preview date (these typically start two weeks before the auction) and see the actual items.
Decide which way you want to bid
Live bidding is definitely the most exciting way to participate at auctions but if a bidder really needs to be somewhere else that day, there are telephone and absentee bid options available where a staff member of the auction house will execute the bids on the customer’s behalf.
Register ahead of time
Signing up early allows one to skip queues on the day itself and frees up some time to grab the best seats in the house. Who would want to be left standing at the back, hidden from view, jumping up and down to get the auctioneer’s attention?
Know the auction increments
There are pre-set bidding increments that are announced at the beginning of the auction to ensure that the process is seamless. Make sure to listen carefully to know how much a bidder is committing to when he or she is raising the paddle. For example, while bids go up by P2,000 within the P10,000 to P30,000 range, once the bidding hit the P30,000 mark, they go up in larger increments, followed by P5,000 at the P50,000-P100,000 range, then P10,000 above P100,000, and so on.
Don’t take too long to bid
While scoping out the competition by watching bids get placed before raising a paddle can be strategic, remember that once the auctioneer strikes the gavel the piece is sold so don’t wait too long before putting in a bid.
Now, if you’re the successful bidder – congratulations! – but don’t forget to settle your account within the auction house’s prescribed period so that you can take your prized acquisition home with you sooner to enjoy! Happy bidding!