Exposing Misconceptions About Live Auctions

2 November 2015
 Categories: , Blog

Going to an auction at a house like Gary Hanna Auctions Ltd can be an exciting experience that can offer the opportunity to purchase rare items for excellent prices. Unfortunately, going to the auction house can be a daunting experience the first time, and this is especially true for those that believe some of the misconceptions circling these institutions. If you are considering attending an auction, you should make sure that you understand the truth behind the following couple of misconceptions.

Myth: You Must Be Physically Present At The Auction House

Auction houses are often very crowded and loud places. Not surprisingly, there are many people that may feel uneasy going to these locations. Fortunately, it is possible to enjoy the auction process without having to be part of the crowd.

For example, there are many auction houses that allow proxy bidding. Under this scheme, you can designate someone to bid on your behalf during the auction. However, if you use this option, make sure they understand your bidding limits as you will be legally liable for these expenses. Also, many of these auction houses will allow individuals to bid through the telephone. By using either of these options, you can avoid many of the most stressful aspects of attending a live auction.

Myth: You Will Only Pay The Amount Of Your Winning Bid

There is a frequently held notion that you will only be required to pay the amounts of your winnings bids. While this will be the bulk of your expenses, it should be noted that there are often additional fees associated with using these services.

The buyer's premium is an additional percentage based fee that is added to each transaction done at the auction house. The amount of this fee will vary, and you should make sure to verify this amount before starting the bidding process to ensure you do not break your budget. Also, you should be mindful of the fact that credit card processing fees are also passed on to the buyer at many auction houses.

The experience of visiting an auction can be thrilling and intimidating. However, if you take the time to properly educate yourself about what to expect, you may find that your experience is both more productive and enjoyable than it otherwise would have been. Having an understanding about the options for participating in the auction as well as what you should expect to pay will help make this the most enjoyable experience that it can be.