5 Things You Need to Know When Bidding at a Live Auction
If you have never been to an auction before, it can be exciting—and even a little daunting if it's your first time preparing to bid. To make sure you don’t get caught up in the moment, take a look at our top five tips to consider while bidding during a live auction.
1). Be prepared
An Alex Cooper auction can be a great opportunity to find unique jewelry, handbags, silver, furniture, rugs and more. Even if you aren't ready to buy yet, go to an auction or watch one online at bid.alexcooper.com. You can also visit the auction gallery to preview the auction lots before an auction—you’ll learn about the types of art, antiques, and collectibles that are offered and you'll start to learn what a typical auction catalog includes. Before bidding, do your research so you are familiar with the market value of the item you are eyeing.
2). Know what you want
Alex Cooper carries a wide range of items from Jewelry to Furniture and holds Gallery auctions every six weeks with live and online bidding. Monitor the bidding website and set alerts so you don't miss something that may be on your wish list.
3). Determine how much you’re willing to spend
When you arrive at an auction or register to bid online, it's helpful to decide how much you’re willing to spend on that particular item. The competitive atmosphere can make it tempting to continue to bid, but keep your original target price in mind to avoid getting in over your head. A solution to this situation is setting a maximum bid. This means the auctioneer will place bids on your behalf up to your desired amount.
4). Watch the bidding closely and don't wait until it's too late
During live auctions, you will want to make sure you’re in tune with the bidding on your lot. Typically, the bids will be placed quickly when the lot is open and when the bidding slows down the auctioneer will give the final call (going once, going twice, sold) and sell to the highest bidder. It is worth noting that in a live auction it is not helpful to wait until the last second to bid, like in a timed auction. This may cause the auctioneer to miss your bid and close the lot before your bid is accounted for.
5). Check your device and make sure you have a strong connection
Alex Cooper provides two ways to bid online. On the day of the auction, you can press "join live auction" on bid.alexcooper.com to see the bids coming in live on each item. Another option is to download the Alex Cooper Fine Art app. This too will let you see live bidding and also give you a seamless experience, like you are on the auction floor.
Make sure you’re connected to wifi or cellular data at the time of bidding. If not, you may risk losing out on an item because your bid wasn’t sent in time. If you may be out of range, consider placing a maximum bid ahead of time so the auctioneer can bid on your behalf.
With these five tips in mind, we wish you luck participating in your first Alex Cooper auction.