BUYING AT AUCTION IN THE UK (PART I)

An excellent source of Silver, Antiques and collectables for resale on eBay are the many Auctions around the UK. A good, but not exhaustive, calendar of auctions can be found at http://www.antiquestradegazette.com (free to subscribe).

Once you have decided which auction to visit you need to view in advance and also obtain a catalogue (some General auctions do not have catalogues). Most auctions will have viewing days when you can go and examine the items you may wish to bid on. If the auction is local I suggest viewing on days before the auction day as you will have more time to examine the items. If this is not possible then arrive at least a couple of hours before the auction, register to get your bidding number and buy a catalogue – this will be a valuable research tool in the future particularly if you note down the hammer prices of interesting items sold in the auction.

When viewing you need to satisfy yourself as to the condition of the items you wish to bid on and the price you are willing to pay bearing in mind the buyer's premium.

Condition – this is one of the most important factors as it is rare to find antiques, silver or collectables at auction in pristine condition. Most items will have some damage of varying degrees. The less damage an item has increases proportionately your chances of getting a good price for it when you resell. Contrary to popular opinion eBay buyers are very demanding on this point. Quality and condition are everything if you want to obtain high prices for your items on eBay.

Price – decide on the price you wish to pay for an item BEFOREHAND, write it in your catalogue and STICK TO IT! Bear in mind the buyer's premium (see below). Many auction catalogues give an estimate of the price they believe the item will fetch and you are unlikely to win the item for less than the lower end of the estimate as this is often the reserve. If you have been able to examine the items a day or two earlier look at the prices that similar items have fetched recently on eBay to decide what you can afford to pay. Sticking to your price is vital as it is easy to get carried away and bid more than you intended. NEVER bid on something you haven't examined beforehand. What seems like a bargain at the time may well be a mistake you will regret when you get it home.

Buyer's Premium - virtually all auction houses charge a buyer's premium (only one I know of still doesn't). This premium can be anything from 10% to 25% (the norm is 15%) on top of the 'hammer' price and often VAT is charged on top of the premium. Premiums of 20% or more are only likely to be found at the more upmarket specialist auctions. As it can be complicated to work out what the premium will be when you are actually caught up in the bidding I find it easier to think of it as 20% or £2 on top of every £10 you bid. There is the added complication of Credit Cards which often attracts a surcharge of 2-3%. Pay by debit card or cash if you can.

http://stores.ebay.co.uk/Mixed-Lot