If you've never been to a live auction before the idea can be daunting. It's nothing complicated—Let me walk you through it.
I work in tech and spend the majority of my time behind a screen so the world of auctioning seemed mysterious and full of questions. And after I went to my first auction I was hooked and I have been enjoying the auction world ever since. In my mind it's a sort of modern treasure hunting.
Auctions come in all shapes and sizes, from the humble to the ultra-luxurious. In Maryland they're very friendly, accessible, and hospitable places with some of the nicest people you could ever want to meet. The ones I have been to have always been casual and friendly, where the whole family is welcome. If it is outdoors, plan accordingly—After getting my pale geek skin cooked I now bring a hat and a bottle of water. Nothing like finding shade only to give up the opportunity on the cast iron planter you were eyeing.
When showing up to an auction you can always expect three steps. Registration, bidding, and payment. Simple enough, but let's walk through them.
When you arrive you will have to register. This is in order to pay for what you bid on and to get your own unique bidder's number. All of the auctions I have attended require a photo ID and a credit card. It's wise to arrive a little early as you want to register before the fun starts. Once you are registered you will be given a card with a bidder's number. This is how you will be identified if you bid on something. You're official now.
When you bid on something there will be a "buyer's premium" added on top of your bid to pay the auction company. Each auction is different, and the buyer's premium amount will be clearly stated somewhere, probably on your bidding number. If the auction has a 15% buyer's premium and you bid $100, the total you will pay will be $121.90 ($100 + $15 buyer's premium + 6% MD sales tax) Check out a buyer's premium calculator here.
An auction preview is the chance to look over items before the auction starts. Sometimes there is a full day scheduled for this, and sometimes it is just a few hours before the auction starts. Once the auction gets going things can move quickly so getting there early to "preview" the items is a great idea if you plan to spend any real money. Remember everything is usually used and may have defects that make the item much less valuable to you. Take a few moments to walk around and look at everything. Each item will be identified with a lot number, so if you want to be methodical you can make notes.
Once the auctioneer gets started he will open a starting bid. If nobody bids the starting amount, the number drops until someone bids. And then the fun begins. If you want to bid, catch the auctioneer's eye and make it clear that you bid. While the high-stakes guys might like to wink and nod, I like to hold up my bidding number. (I personally don't want to be misunderstood, or just plain overlooked if I get too subtle) The auctioneer is good at spotting things but make it easy for him and stay clear with your bids.
"Reserve": The minimum price an item will sell for. Don't expect to go buy a Ferrari for $10, unless the item is listed with no reserve and there are no Ferrari fans in the crowd.
"One Money": When an auctioneer says "one money" it means the bid will cover multiple items. Two chairs for one money. Your bid will pay for both.
"Times the money": Your bid will be multiplied by the number of items in the lot. Two times the money means, if there are two chairs and your bid is $100, you will pay $200.
This depends on the auction. For outdoor auctions I collect the items and try to hold them. Auctions by nature are always organized chaos and it's best not to let anything sit there if you can just collect it. If you go to an auction where this doesn't seem to be the protocol, obviously play by the rules. The staff will happily assist you.
Depending on the auction you can usually pay about 30-60 minutes after your last bid. The work put in by the auction team is impressive and they need to gather everything so they can get your a receipt and collect payment.
You'll enjoy the experience, and likely end up with some treasure you never knew you needed. It's just the joy of it. Have fun, don't overspend, and respect the other bidders and staff.
I'll see you out there!