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Buying At Auction: 6 Hints to Make You a Successful Bidder
Buying at auction, be it for stamps or coins, antiques or even cattle, can be one of the most exciting 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 suggestions that should help you get on the fast track to success. (1) Do your research. Knowledge is your most important tool, even more important than money. (2) Learn how to be inconspicuous. (3) Beware of zombies, shills and lunatics. The best way to avoid them is (4) Hire an agent. (5) Be selective. Don't be afraid to spend the extra dollar when something especially rare or in exceptional condition comes your way. You may never get another chance. To elaborate: (1) Every experienced buyer knows how important knowledge is. Questions of authenticity, condition, and rarity are always the key considerations. If you are fortunate 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 don't. (2) Once you have spotted something you want to buy, fade into the woodwork as much as possible. The last thing you want to do is attract attention to yourself or the lot you are interested in. After you've been around long enough, your competition will find out who you are. Until then try to keep as low a profile as possible and guard your information. Use a code system to keep track of your limits. I'm constantly amazed at how careless some bidders are with their auction catalogs and what they write in them. (3) Zombies, shills and lunatics are every auction bidder's nightmare. 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 sure can afford to spend a hundred and ten. Most people know what a shill is. It is someone working for the auction house or seller who artificially pushes up prices by bidding against you. In order for an item to get a good price, two or more bidders must be interested in it. Shills are especially skilled at figuring out how high you are willing to go. Lunatics are the ones who absolutely have to have a lot and will bid whatever it takes to win it. The best way to deal with these three worthies is to hire an agent to bid for you. (4) Agents are professionals who have developed skills at bidding at auction. One famous New York stamp auction agent was so skilled at hiding his bids that only the auctioneer and a few other people ever knew how he did it. As strange as it may sound, paying an auction agent the extra 2-5% fee may save you many hundreds of dollars or more in the long run. The zombies, shills and lunatics won't know who is bidding against them. (5) Finally, one of the most important skills of all is the ability to recognize when to open up the purse strings. Condition and rarity are the two most important determinants of price. The exceptional item is always worth an extra bid or two. One customer who was examining my stamps at a national stamp show remarked, "I've been looking for this one for more than 40 years and you have a very nice copy. But I never pay more than half catalog for anything." I wished him well. It was a scarce stamp and I expect he'll still be looking if he lives another 40 years. To summarize: knowledge is the primary key to success at auction bidding. Secondly, develop your skills as a bidder and buyer. Then, learn to recognize the individuals you will have to deal with on the auction floor. Cross them up and use and agent. And finally, know when to pay a premium for the exceptional item. Best of luck! John Anderson has been bidding at auction for more than forty years and has purchased hundreds of stamps, antiques and collectibles that way. Now semi-retired from stamps he is a full-time writer. His first novel, The Cellini Masterpiece, was published under the pseudonym of Raymond John. He is now hard at work on his second, and an auction plays an important role in the plot. If you would like to contact John or read the first chapter of The Cellini Masterpiece, please log on at: http://www.cmasterpiece.com
MORE RESOURCES: R Ashwin breaks silence on going unsold in ILT20 Auction, says USD 120,000 price ‘bare minimum’: 'Happy not to play...' | Cricket Hindustan Times Sweetwater County Sheriff’s Office holding public auction of abandoned, court-forfeited vehicles Oil City News Taliano’s building has sold, other assets set for Oct. 9 auction Talk Business & Politics ‘Air bidding’ and other tricks of the auction trade revealed Financial Times High Country Cattle Auction brings top-notch stock and country charm to Southwest Colorado The Durango Herald Marquee Fall Auctions in Hong Kong Disappoint Artnet News NJEDA Expands Funding for Tax Credit Auctions Due to High Demand New Jersey Business Magazine Italy's 'exceptionally competitive' first MACSE energy storage auction concludes, procuring 10GWh Energy-Storage.News Seattle Southside Chamber seeking donations for its 2025 Grand Garden Gala auctions; items due Oct. 20 The Waterland Blog Mines Auction Online Bidding Now Open! Colorado School of Mines Athletics Annual Spay-ghetti and No Balls dinner and dessert auction KOLN | Nebraska Local News, Weather, Sports | Lincoln, NE Fall auctions: jewelry, rare books and design on the calendar Oct. 3-20 Finestre sull'Arte Wonder Woman, Batman, Star Trek costumes lead huge TV auction Just Collecting Race-Inspired 1970 Plymouth Barracuda among killer MoPars to rumble across Barrett-Jackson’s Scottsdale Fall Auction Block this October Old Cars Weekly GunBroker Auction of Winchester SX4 Shotgun Supports Project ChildSafe® NSSF | The Firearm Industry Trade Association Babe Ruth's first-ever Baltimore Orioles rookie card hits the auction block WMAR 2 News Baltimore Online auction is now open! Over 600 items to bid on!! Preview GALLERY the wellsville sun Camp Norwesca Fall Online Auction – KCSR / KBPY chadronradio.com Doug's Relocation Auction The Lawton Constitution Beethoven, Magritte, and Einstein Letters to Auction Fine Books Magazine Long weekends impact auction volumes in capital cities Mortgage Professional America Beatles memorabilia up for auction in Springfield. See photos of some of the items The State Journal-Register Get a flavor of the Peoli Farms Produce auction Times Reporter More than 100 pieces of Beatles memorabilia to up for sale in Springfield The State Journal-Register Lennon’s lost weekend specs head for auction Just Collecting Stack’s Bowers to Lead Auctions at New PCGS Events Numismatic News Tuscarawas County Fair auctions hit record $1.83M Your Ohio News TERRY LEADBETTER DAY 1 The Courier Express Photos: High County Cattle Auction The Durango Herald U.S. Bank Center in downtown St. Paul heads to auction with $1 million starting bid The Business Journals Volleyball's 2025 Pink Out Auction Starts Thursday Creighton University Athletics Hong Kong’s latest art auctions see turnover lingering at 8-year low South China Morning Post Guillermo del Toro auctions off part of his Bleak House horror collection ABC News - Breaking News, Latest News and Videos Italy’s first MACSE battery auction smashes expectations with 10 GWh awarded at record low prices ess-news.com Original ‘Lil Penny’ puppet from Nike ad up for auction Action News 5 Online Auction – bid until October 9 Ankeny Community School District Vintage Warbirds and Firefighting Aircraft Up for Auction in Greybull Vintage Aviation News Legacy Wyoming Ranch Surrounded by Public Lands to Sell at Auction for Luxury Travel Lifestyle Travel And Tour World Auction at the heart of Taft Corners Williston Observer 2025 Foundation Fall Auction Metropolitan Golf Association Logan Paul files injunction against Heritage Auctions over Michael Jordan autographed court section Sports Illustrated Community shines at BIG Autumn Auction Georgetown Gazette JCS benefit auction highlights weekend schedule lewistownsentinel.com 'Raising the Steaks' | FFA students in southeast Texas prepare for major livestock auction 12newsnow.com County to auction lots at Hidden Valley Lakes, lawsuit case currently ‘in limbo’ receiver says Main Street Media of Tennessee Demon Deacons Raise Over $2,000 in Mental Health Awareness Jersey Auction Wake Forest University Athletics A Wild 1955 Chevrolet 210 Sedan Gasser Heads To Auction Street Muscle Cincoro Tequila Auctions Ultra-Rare 1.75L Extra Añejo Bottle Designed by Travis Scott at Annabel’s London Haute Living NCC soccer to host inaugural Trivia & Auction Night The N'West Iowa REVIEW Tony Gwynn Gold Glove bags record sale in special memorabilia auction Sports Collectors Digest Original ‘Lil Penny’ puppet from Nike ad up for auction Action News 5 Why one big Willie Mays auction winner is pushing to display memorabilia at Oracle Park The San Francisco Standard Office Of The Treasurer Returns Purple Heart, Auctions Unclaimed Property Taylorville Daily News Some rare Eames masterpieces are heading to auction wallpaper.com PUBLIC AUCTION-LITLE MAHANOY TOWNSHIP The Citizen Standard MACSE auction: record prices in italy spark debate on profitability and merchant alternatives Strategic Energy Europe |
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