The beginner's guide to buying collectibles at auction
Buying collectibles is one way to add diversification to your portfolio. There's a low correlation between the performance of these alternative investments and financial markets.
Whether it is art, antiques or memorabilia that interests you, auctions give you access to a wide variety of collectibles.
So how can you prepare for an auction?
Read on to find out…
How to prepare for bidding on collectibles at auction
The first thing you need to do is go through the auction catalogue. You’ll be able to see if there are collectibles
that interest you.
The auction house you plan to attend should have their latest catalogue available for you to view online.
Ensure you attend the auction preview
Auction houses hold previews, so ensure you attend if you’re planning to bid on an item. A preview gives you a chance to give an item the proper once over.
There will also be in-house specialists at the preview. You can ask them any questions you have about a piece.
Know how much you’re willing to pay before the auction
Do you research on the collectibles you’re planning to bid on to find out what they’re selling for. This will stop you overpaying for items.
From your research, set the maximum amount you’re willing to pay for each item. And ensure you don’t bid over this price at auction.
How to become a bidder at auction
You can’t just start bidding at an auction, you need to register with the auction house first. Do this before the auction.
Once you register, the auction house will give you your paddle or bidder number for use during the auction.
During the auction
When your lot comes up, remember not to exceed the maximum price you decided on. There will always be other pieces coming up in the future.
If it’s your first time at an auction, you may find it useful to attend a few auctions before bidding at one yourself. This will give you a chance to see how the process works.
So there you have it. The beginner’s guide to buying collectibles at auction.
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