Understanding The Terminology
First and foremost, auction houses have specific terminology that describes different aspects of auctions.
- Lot number: A Lot - often a single item or group of items - is assigned a lot number...
- Reserve price: The minimum amount the seller is willing to accept...
- Catalog: A detailed listing that showcases all available lots...
- Lot: An item offered at auction...
- Estimate: A value range...
- Bid increments: The amount by which the bidding increases...
- Seller’s commission fee: A fee paid by the consignor...
- Gavel: Auctioneer’s hammer used to close the bidding.
- Buyer’s premium: Fee in addition to hammer price.
- Preview period: Time when potential buyers inspect lots.
Registration
You must register and show ID before the auction. Once approved, you can bid.
Different Types Of Bids At Online Auctions
- Pre-bid: Bids placed before the live auction starts.
- Live bidding: Real-time bidding, often streamed.
- Timed bids: Enter the max amount you're willing to pay.
Mistakes To Avoid In Online Auctions
- Read all terms before participating.
- Don't exceed your bidding limit.
- Stick to your budget.
Be Wary Of Some Online Auctions
Check sources and legitimacy of auction houses. Read reviews before bidding.