You have unearthed a potential treasure and want to buy it. What are the experts’ tips for securing the item at an online auction?
1. The estimate is just an indication
Remember, the estimate is just that, merely an indication of what the piece is worth. If lots of people want the item the cost can spiral, but if fewer are interested you might bag a bargain.
2. Do your research
Get as much information about the item before you start, read the information carefully in advance and don’t be afraid to email Gavel Roads in advance for more photos or information. Who is the consignor? What are the dimensions? Where is it located? All of the specifications and details are attached to each item, the consignor as well as Gavel Roads representatives are available to answer all your questions.
3. Choose your limit
Decide your limit before the bidding starts, You can get emotionally caught up in the thrill of the moment and continue bidding beyond what you wish. Say to yourself: ‘What is this item worth to me?’”
4. Terms and Conditions
Make sure you understand all the terms of conditions for the auction and each item. Changes may occur from auction to auction so you want to ensure you are aware of all parameters.
5. It is a contract to buy
Remember, when the auctioneer bangs the gavel down at the end of bidding, it establishes the hammer price and it is a contract to buy.
6. Keep an eye on the deadline
Some auctions work in a similar way to eBay where the bidding process runs over days, hotting up as the sale deadline approaches. You receive email alerts as other bidders top your price, but most all of the activity will occur in the last few hours.
7. Pay up quickly
Once successful, you will have 3 bank days to pay and make transport arrangements for your piece of treasure. It’s worth doing this quickly as charge storage fees after a few days.
8. Remember the date
Don’t forget to note the date and time of the sale, so you are sure not to miss it.
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