Online Bidding Mistakes
Before you register for an auction, it's imperative that you know what you're getting yourself into because not all auction houses are the same.
They each have their own terms and conditions that have a massive impact on what happens after you bid on a lot.
We want all online bidders to have the best experience possible so, in this guide, you'll learn about the mistakes you need to avoid.
The end goal is that you have the information you need to make an informed decision and bid with confidence.
1) Do Your Homework
It's an important one which catches a lot of people out.
Before you make a bid, it’s important that you do some research to gain an understanding of how much the item is worth.
Once you have a figure, it can be formulated into a bidding strategy so you know how much you're willing to pay for the lot.
2) Your Bid is Final
Once you make an online bid for a lot, it’s considered genuine.
This also means that you are legally obliged to pay the amount you bid. Why? Inside the terms and conditions of the auction, it will state the legal obligation to fulfil any amount due.
However, a bid can be removed if circumstances such as fraud can be proven.
Situations have occurred where it's reached the courtroom and soured relations between the auction house and bidder.
3) Read the Terms and Conditions
You commit to this everytime you bid!
Listed on each auction catalogue are the terms and conditions which detail all the contractual obligations of all parties involved. That is the auction house, seller and bidder.
You agree to these terms whenever you place a bid which makes it important to see what you’re agreeing to.
4) Bidding Wars
Tensions can run high in an auction. You probably go through every emotion in the dying moments!
One thing these feelings can inspire are bidding wars. However, they can come at a great cost!
Bidding wars can become a consequence of irrational behaviour. It's where bidders get 'caught in the moment' and make bids they may not have under different circumstances.
This can invite a lot of problems for the bidder, so it’s recommended to be extremely cautious of the bids that you place.
5) Underestimating Fees
You'll be surprised how many bidders get hammered by premiums.
Online auctions, similar to traditional auctions, have fees such as 'buyer premiums' and even VAT which affects the final price. It’s essential to understand how this will affect your bid.
If you bid without taking into consideration any premiums or VAT, you will be in for a surprise when you get your final price!
If you're unsure what the premiums are, contact the auction house or look for the 'Important Information'.
6) Image and Description Not Matching
If there's a discrepancy between the product image and description, it’s advised to ask questions.
It's essential that you bid with confidence and if there are any doubts, they need to be calmed.
You can do this in various ways e.g.
- Contacting the auction house.
- Making use of features like 'Ask a Question'.
It's important that you have the information you need to make a bid because once it's made, it's final.
7) Going Beyond Your Maximum
Items which are highly desired by bidders can encourage irrational behaviour if the item becomes contested.
It’s in these circumstances that bidders can exceed their maximum.
In these situations, you're still obliged to pay if you win the lot.
It's vital that you bid with a clear intention and not one you will regret afterwards!
Online auctions can be a thrilling experience and we hope you get the best experiences possible.
This guide highlights the small mistakes made by bidders which encourage them to not return.
However, if you avoid those mistakes, you can find that one thing you never expected and feel like a champion.
Don't take our word for it. Check out our live auctions and Bid, Win and Love today!