How to Buy at Antique Auctions

Video Transcript

"So, you're going to an auction and you're not quite sure how to buy. I'm Blake Kennedy with Kennedy Brothers Estate Services and I'm here to help. Going to an auction can be an awful lot of funds, especially if you're there to buy things. The first thing you want to do when you're getting ready to go to an auction is preview. Preview the items that they're going to have at the auction. Whether they have it listed on line or if you actually physically go to the, the auction house the day before or the day of and preview all the items that you're interested in. They're going to probably ask you to check in at the office and they're going to give you a bidder's number. That is your number that you'll be holding up to bid on particular items. So they're also probably going to give you a catalog. And you're going to walk through the auction house and checking off the things that you like. You want to put your notes next to the items that you're interested in. And the, the amount that you're willing to pay for it. And, and, and really stick with that amount. Because you know what it's worth. But, you know, the tip that, you know, whenever I'm doing an auction and people ask me "you know, what do you think that'll go for"? And my first question to them is "are you buying it for yourself or are you buying it to resell it"? It's two different reasons to go to an auction. If you're going there to buy things to resell it in your shop. Are you going to buy, to that auction to buy to bring into your home or office. Well if they say I want to buy it for myself, I say bid until you get it. Because your bidding gets mostly dealers at an auction. And those dealers are buying it to make a living. They're going to try and double their money. So if you really wanted that item and a dealer got it then you'd have to go to their shop and go "well wait I know that you only paid two hundred dollars for that at the auction and now you have it doubled up". So, if you're buying it for yourself, bid until you get it. Because you don't want to pay double the amount. And you really get some really good deals at the auctions. You just want to make sure you preview those items. Make sure you're aware of every, every thing on that piece of furniture or piece, the item that you're looking for. Because once you buy it, you own it. You're responsible for it, there is no turning back. And a lot of auction houses are going to have, you know, a ten percent buyer's premium. So when you're putting your number next to your item, then you're saying I'm willing to pay two hundred dollars for that. Realize that you're paying ten percent more at a lot of auctions. Just ask them when you're doing your registration, "hey is there a ten percent buyer's premium here?" And they'll say yes or no. If there is, you know, make sure you add them. Because it's going to end up being two hundred and twenty dollars when you go to check out. Some of them may even add a little bit more for credit cards and, just be aware of everything. Read the rules and regulations. A lot of them will have it in their catalogs or post it right there next to the office. But don't be afraid to stick up that, that your bidder's card. If you want something. And another tip I have, don't hold that bidder card up and keep it up. Auctioneers, it can get awfully fast in there. Before you know it, it's way up in price. Put it up when you're ready to bid and put it down. Put it up when you want to bid and put it down. Don't leave it hanging up in the air. Because auctioneers can go awfully fast. I'm Blake Kennedy have fun at that auction."