Navigating the World of Online Auctions: A Guide for Bidders

Bidding at auctions once involved subtle gestures and a keen understanding of unspoken cues. Auctioneers had to decipher finger raises, catalog movements, and even ear touches as indications of interest.However, the rise of online auctions, both live and timed, has transformed the bidding landscape into a more streamlined experience.

While the excitement of a room filled with competing bidders may be diminished,online auctions offer unique advantages. Robert Usher of Usher Auctions in Kells, Co Meath, notes that timed auctions have been particularly successful. “we find that timed auctions are working extremely well for us,” Usher says. “We are getting very positive feedback from long-time auction goers and clients about how the timed sales allow them a lot more ease of bidding, while never missing a lot. We have exponentially increased the number of bidders by having our auction online.”

In a timed auction, each lot has a specific closing time. For example, lot 1 might close at 6 PM, with subsequent lots closing in 15-second intervals. Bidders can place bids early and set a maximum bid. If the current bid is lower than their maximum when the time expires, they win the item at that price. If the bidding exceeds their maximum, they receive an email notification and can choose to rejoin the bidding.

Alternatively,bidders can wait until the final five minutes to place their bids. However, Usher cautions that this approach carries the risk of missing out on other items of interest due to the time constraint. To mitigate this, he suggests placing early bids on multiple items.

The other primary form of online auction is the live online auction. in this format, the auctioneer presides over the sale from a rostrum, proceeding through the lots in real-time, albeit without a physical audience.

Damian Matthews of Matthews Auctions advises potential buyers to remain objective. “An emotional decision is rarely a wise decision. When bidding at auction, try to dissociate yourself emotionally, otherwise you’re playing the auctioneer’s game,” he says. “And ultimately, the auctioneer works for the vendor, not the buyer.” He also recommends bidding slowly and carefully observing the bidding process.

Lola Hynes from O’Reilly’s Auction Rooms highlights the benefits of attending live auctions in person. She notes that in-person bidders can offer smaller increments than those programmed into the computer system. “Our live online auctions are open to the public and if you are in the room, you can offer a smaller increment when bidding than the increments programmed into the computer,” she says. “There is also the human element, as auctioneers like real people in front of them.”

Share your experiences with online auctions in the comments below! Did you find these tips helpful? Subscribe to World Today News for more insights!