Successful Live Auction Bidding Tips For Beginners!

Live auctions - the most interesting and exciting thing for the bargain hunters and collectors. Live auctions are considered as the prime source for getting furniture, artwork, and accessories at affordable rates. If you are a beginner and looking for ways to win the auction then you have come to the right place. In live auctions, learning how to bid is just the first step.  Online auctions offer buyers the flexibility to bid in live auctions taking place around the world from home or from the office, or anywhere, directly from your mobile device. But how do you master the art of bidding in live auctions? We gathered key tips and advice directly from the Invaluable bidder community to help you find success.

You Must Do Proper Homework And Research:

If you are really looking forward to winning the bid, you must have essential details of the commodity you wish to buy. The aim is to get a fair market price for the product. It is recommended to spend time gathering information about the various products you wish to collect. Be meticulous to avoid any sort of mistakes. Avoiding mistakes will help you from being disappointed in paying too much or missing out on the item. You must do extensive research about the item’s history, its current value, its auction history, and its potential future value. Watch different types of live auctions and learn from the strategies of the winning bidder.

Tip: If you are a beginner, be aware of how the auction house handles payment and shipping (and know the buyer’s premium and expected tax costs) to stay within your budget.

For Live Auctions - You Must Set A Realistic Budget & Stick To It: While bidding, the active bidders can get caught in the heat of the moment and might end up paying extra for a nominal item or commodity. To avoid such situations, you must set a realistic bid limit beforehand and be determined not to go over it. You can even make use of the calculation features that can help you to stay within your budget

Narrow Down Your Focus & Bid Only On Products That You Want: Although it might be really tempting to bid on each and every commodity that you come across, it is not wise to do so, especially in the live auctions. By narrowing your scope of the collection, you would be able to direct your focus on a few selected items.  If you don’t set a budget, you would run out of money easily.

 

Tip: To ensure that you don’t miss out on important sales, try setting up keyword or category alerts to be notified via email in advance.

Be Quick And Confident While Bidding: Live auctions get very interesting when you see how quickly the auction gets closed, the winning bidder gets the product and makes the deal. While bidding, you must be quick enough to put forward your bid and move ahead with confidence.  To be successful, make sure your bids are quick, firm, and full of confidence

You Must Participate In Live Auctions Whenever Possible.

Participating in live auctions increases your chances of winning the item exponentially. Live auctions also allow you to update your bid whenever necessary. When participating in an online auction, your odds of winning are increased exponentially if you bid live, in real-time, versus leaving an absentee bid and hoping for the best.

Participating in a live auction can also be a great way to get a deal. If you wish to have a specific item but think it will be out of your price range, it is often worth watching the auction anyway. Sometimes things sell for less than the auctioneer’s estimate. If you aren’t able to participate live online when the auction is in progress, make sure you set your bid limit high enough.