How to Bid at Auction (video)
Bidding at auction is one of the most fun, exhilarating and often rewarding ways to buy, but for those new to auctions the process may appear slightly intimidating — how do you get started? How do you know what to bid, and when?
The good news is that while buying at auction does require a little bit of preparation and strategy, it's ultimately much easier than you may think. Here are our tips for a simple, stress-free experience in bidding on those special items for your new or established collection.
Research and Preparation
Understand the Auction Process: Familiarise yourself with how an auction looks, sounds and unfolds. At Webb's we livestream our auctions online so you may want to follow a couple from home, or even come along to one in person to get the full experience. Learning about auction lingo and the T&Cs of buying and selling can also give you more confidence when it comes time to dip your toes in.
Stay Informed: Keep up with market trends and prices for the items you’re interested in. This knowledge can help you make informed bids.
Inspect Items: We always encourage you to attend pre-auction viewings or book an appointment to inspect the items you’re interested in. If you cannot make it in person you can request a detailed condition report.
Set a Budget: Determine your maximum bid for each item and be sure to factor in additional costs like buyer’s premiums, taxes, and shipping.
2. Registration
Register Early: Register your details with us before auction day so there's no last-minute rush. You can do this online or in person at our Auckland or Wellington galleries.
First time registrations can sign up with this link here
3. Online bidding
Once you've registered an account with us login on our website and find the auction relevant to you via our auction portal. You will then need to register for this specific auction—this only takes a few seconds and once you have accepted the terms and conditions you will be ready to bid.
Absentee bid: These can be placed in advance of the live auction. Think of it as a 'set and forget' option: Simply enter the maximum amount you are willing to bid and sit back while the auction runs its course.
Bid in real-time: Click the green LIVE SALE button to be taken to the livestream. Ensure you have a reliable internet connection and have the sound on. When your lot comes up either place your maximum bid or bid incrementally.
4. Phone bidding
This option is available with adequate notice and for items with an estimate of $1,000 and above. A Webb's representative will call you prior to the auction and guide you through the process. Make sure you have a reliable phone connection and are in a location free from excess background noise.
5. In-person bidding
Live auctions generally take place at our Mount Eden gallery. We encourage you to arrive 30 minutes prior to the auction start to register for the auction and retrieve your paddle. This also allows you to grab a drink and get settled in!
Pay Attention: Stay alert and listen carefully to the auctioneer.
Signal Clearly: Use clear and visible signals to place your bids. Raise your paddle or hand high enough for the auctioneer to see.
Be Confident: Bid confidently and decisively. Hesitation can signal uncertainty to other bidders.
5. Winning the Bid
Confirm Your Bid: If you win, the auctioneer will announce your paddle number. Confirm the final bid amount.
Payment: Pay as soon as possible according to our Terms and Conditions.
Collecting Your Item: Arrange for the collection or delivery of your item. Ensure you understand our policies on storage and shipping.
6. Post-Auction Tips
Review Your Purchase: Once you receive your item, inspect it to ensure it matches the auction description.
Learn from the Experience: Reflect on your auction experience. What strategies worked? What would you do differently next time?
Enjoy your win!
By following these steps, you can approach Webb's auctions with confidence and increase your chances of securing great deals. If you have any specific questions or need further advice, please reach out to us.
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