This week member Anna Treasure shares her top tips for bagging a bargain at auction.
I am always looking for a way to bag a bargain, whether it is a good quality item from the charity shop, a freebie from the supermarket or just something on sale, but one of my favourites is buying at auction and I’ll certainly be going along to look for Christmas presents this year.
You have most probably seen BBC’s ‘Bargain Hunt’ or remember the days of ‘Cash in the Attic’ and wondered about the world of auctions. As it’s not the sort of thing you do every day it can seem a bit daunting, but that needn’t be the case. If you are interested in going along then there is nothing to stop you finding an auction and popping in to observe. If you want to, you can register to bid so that you don’t miss out on something you spot that you like.
Most towns have at least one auction house and you might be surprised to find two or three in your local area. Some of these could specialise in a specific field. There are the usual general auctions i.e. a bit of everything, but you may also find book, militaria, jewellery, wine, 20th century or textile specialist sales to name a few.
One of the magical things about auctions is that there are so many ‘one off’ items which means they are great for finding something unusual for your home or as a gift. I find it fascinating just to go and have a look at the things for sale even if there is not always something I would want to (or afford to) buy. But if you do want to buy, they can be an absolute treasure trove.
So, what are the best things to buy at auction? Obviously, as with any shopping trip I would say that the best things are the things you need but I have often found things that I didn’t know I needed! I have a few lovely vases and paintings that I have found at auctions. If you are looking for jewellery, an auction can be an excellent place to buy as it tends to sell at trade prices and this means it can be up to 50% less than you would pay in the shops.
If you, or a family member would like to learn an instrument there are often instruments sold as part of general auctions. Or if they collect on a specific theme then you can look out for something to fit in.
You’ll find good quality ornaments, glassware, silver and just about anything you can think of.
Auction houses tend to publish their catalogues a week before the auction and you can either pop in and pick one up for a small fee, perhaps a couple of pounds, or you can view it online for free via their website.
However, it is also important to be aware of the pitfalls. All auction houses will charge a commission fee on top of what you bid. It can vary but is usually around 20% and there will be VAT charged on top. So if you bid £50 for an item you will pay £50 plus 20% commission (an extra £10) plus VAT at 20% on the commission so an extra £4 making a total price of £64. As you can imagine, this can mount up if you are spending a bit more.
It’s also important to go to the viewing day, if you can, to have a look at the items you have seen in the catalogue that have caught your eye. Viewings are usually held a couple of days before the auction. Here you can take a look at the condition of the items and things like the size and weight. Don’t be afraid to pick things up and have a really good look.
If you’re still interested I would always recommend doing a quick internet search for similar items to see how much they sell for. Auction houses will provide an estimated sale price but I always think it’s good to have an idea yourself, especially if it’s something you really like. That way you know you’re not going to pay £100 for something you could get on ebay for £75. And, don’t continue to bid just because someone else is bidding against you. You don’t know why the item is important to them and they could be willing to pay over the top just because it reminds them of something special they had as a child or is just the right colour for their living room. Decide on the price you are willing to pay and stick to it.
Finally it will be time for you to bid on your item. You’ll need to register for the auction by filling out a form and you will be given a bidding number which you can hold up to show you are bidding. There are jokes about people sneezing and accidentally bidding on a masterpiece or coughing only to find later that they have bought a silver candlestick, but that couldn’t be further from the truth. If the auctioneer thinks you might be bidding but is unsure he will ask you if you are so you’ll have the opportunity to say yes or no. The only time they take slight nods of the head as bids is if they know the bidder well.
And if nothing else, auctions can also be a great day out. I have been to Sotherbys in London where I saw million pound paintings sold and viewed pictures that wouldn’t be on public display at any other time, and to view Elizabeth Taylor’s jewellery collection before it was sold. Even at local auctions items can sell for thousands of pounds and create a real buzz in the room.
So why not pop in to your local auction house and see what you can find. Your friends and relatives might be surprised that you managed to find such unique Christmas presents this year.