Buying at auction: 6 Tips to Make You a Successful Bidder

Buying at auction, whether it's stamps or coins, antiques or even cattle, can be one of the most interesting and profitable experiences possible. It can also be expensive and utterly frustrating. The best way to come out ahead is to learn the tricks of the trade early. Here are some tips that can help you get on the fast track to success.

(1) Do your research. Knowledge is the most important, even more important than money.

(2) learn how to be inconspicuous.

(3) Attention zombies, shills and lunatics. The best way to avoid it

(4) Hire an agent.

(5) Be selective. Do not be afraid to spend the extra dollar when something particularly rare or exceptional condition, comes your way. You may never get another chance.

To elaborate:

(1) Every buyer knows how expert knowledge is important. Questions of authenticity, condition and rarity are always considerations. If you are lucky enough to have both knowledge and money, you have the world by the tail. But even if you have limited funds you can still do very well if you know something the rest of the potential buyers do not.

(2) Once you have found something you want to buy, vanish into the wood as possible. The last thing I want to do is draw attention to themselves or lot you are interested in. After you've been around long enough, the competition will find out who you are. Until then, try to keep a low profile as possible and protect your information. Use a code system to keep track of your limits. I am always amazed at how some providers are distracted with their auction catalogs and what they write in them.

(3) Zombies, shills and lunatics are the nightmare of every bidder of the auction. If a zombie knows who you are, he / she will follow your every move. Their motto is: if that person is willing to spend a hundred dollars for a lot, I can surely afford to spend a hundred and ten. Most people know what a shill is. And 'someone who works for the auction house or the seller who artificially pushes prices bid against you. For an element to get a good price, two or more bidders must be interested in it. Shills are particularly adept at understanding how high you're willing to go. Crazy are those who absolutely must have a lot to offer and everything to win. The best way to address these three notables is to hire an agent to bid for you.

(4) The agents are professionals who have developed the expertise to bid at auction. A famous New York auction agent timbre was so adept at hiding his gifts that only the auctioneer and a few other people ever knew how he did it. Strange as it may seem, at an auction the agent surcharge of 2-5% can save you hundreds of dollars or more in the long term. Zombies, the shills and lunatics do not know who is bidding against them.

(5) Finally, one of the most important skills of all is the ability to recognize when to open the purse strings. Condition and rarity are the two most important factors in price. The exceptional voice, always worth a bid or two. A customer who was examining my stamps in a parade of national stamp, commented, "I have been looking for this for over 40 years and have a very nice copy. But I never pay more than half the catalog at all." I loved him. It 'was a little stamp, and I expect it will still be looking if he lives another 40 years.

To summarize: knowledge is the primary key to success in the bidding. Second, develop your skills as a seller and buyer. So, learn to recognize individuals face on the floor auction. Cross them and use and agent. And finally, know when to pay a premium for exceptional item.

Good luck! ...