Auction - Internet
Top strategies for buying with an online auction
You have unearthed a possible treasure and would like to buy it. What are the experts’ methods for securing the item in an online auction?
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- Do your research
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“Check when and where your auction item was developed”
Who would be the artist? Is a painting signed or unsigned? What are the proportions? Will it fit via your front door or perhaps your living room area? Check when and where your auction item was developed: the main Eames chairs were stated in 1956 but are usually in constant production under licence since that time. Remember, you happen to be buying something old and will also inevitably have chips or cracks.
Who would be the artist? Is a painting signed or unsigned? What are the proportions? Will it fit via your front door or perhaps your living room area? Check when and where your auction item was developed: the main Eames chairs were stated in 1956 but are usually in constant production under licence since that time. Remember, you happen to be buying something old and will also inevitably have chips or cracks.
- Choose your limit
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Decide your limit prior to bidding starts, or as Pontus Silfverstolpe of Barnebys says, “Follow your wallet not your heart. You can get emotionally depressed by the thrill from the moment and continue bidding beyond what you are able afford. Say to yourself: ‘What is that this item worth in my experience?’”
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Check additional charges when you bid. Auction houses usually charge 15-25 % commission on top in the hammer price plus some online bidding platforms charge 3-5 % to use them. In those cases, you might want to avoid the charge by arranging to bid via telephone.
“Some auction houses charge storage fees”
- It is an agreement to buy
- Place an absentee bid
“Some auction houses charge storage fees”
You register the utmost hammer price you happen to be prepared to pay for, then a house places bids in increments until your limit is reached – or hopefully before.
- Keep an eye on the deadline
- Pay up quickly
Once successful, you will get 5-10 bank days to repay and make transport arrangements for the piece of treasure. It’s worth achieving this quickly as some auction houses charge storage fees soon after days.
- Go using your heart
- Remember the date
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