Navigating Your Way Through an Online Auction

Millions of people participate in online auctions everyday, but do they really know the ins and outs of bidding online successfully? There are certain things that one needs to be aware of when bidding online without breaking the bank or ripping out your hair.

One of the first things that bidders should do is invest time learning all of the different auction terminology there. It is important for you to know what the auctioneer is talking about while the action is happening, especially when you are bidding online rather than being there in person. It will be so much easier for you to follow along with an auction when you know what they are talking about.

Once you are well versed in auction terms, you should next familiarize yourself with the upcoming auctions and peruse their catalogs. By looking through and researching what is available for auction ahead of time, you are able to make decisions on what you what to bid on in a calmer atmosphere rather than in the heat of the moment during the auction. With online catalogs, you can see descriptions and pictures and are able to ask questions to the auction house before the auction so that you can make informed decisions rather than ones based on emotion.

Another important thing to do before the auction starts is to remember to register as a bidder for that auction. Many auction houses will want to approve you as a valid bidder before the auction starts and you will find it much easier to be an approved bidder before the auction starts rather than during the auction. By doing this well ahead of time, you eliminate the possibility of missing the lots that you are interested in bidding on while waiting to be approved.

While the auction is happening you will notice that it can be fast paced and sometimes you might struggle with keeping up. This is why taking advantage of maximum bidding ahead of the auction can be beneficial. If you can go through the online catalog and place maximum bids on items you are interested in, you lessen the risk of not getting the item you want considerably as well as minimize the risk of overpaying for the lots you are bidding on.

When the auction is finished and you have items that you have won from that auction, most auction houses will send you an email confirming the items you have bid on and won. This process can take a bit of time for the auction house to complete as they need to confirm each lot number. Remember to be patient. Many auction houses wait until the completion of the full auction to send out these emails rather than the completion of the lot number in the catalog. Bidders can easily get frustrated by not knowing that the process can take time to get their confirmation emails, but once you are aware that this can take time, you can rest easy while you wait.

By being aware and knowing these few tips to help you navigate through your next live bid online auction, you will reduce the anxiety around bidding online and ensure a fun and easy process the next time around. Happy Bidding!