For many people buying at auction is something of a mystery –frightened of coughing at the wrong time or of a mistaken blink of the eye, or of misunderstanding the fast talking auctioneer. In reality it is more likely that the first nervous bid will be completely missed.

For those of us who are regularly involved in auctions whether as buyers or sellers it is all too easy to overlook the fears of the ‘auction virgin’.

In an attempt to break down the mystery and encourage attendance and participation it is perhaps worth going back to basics for a while.

Auctions can take many different forms from the very smart and formal international fine art sales to more humble sales in village halls, in between there are a vast array of specialist events for the sale of everything from pedigree livestock to prestigious properties.

However, the basic principle is the same, someone has something to sell and someone else wishes to buy – in the middle is the auctioneer who will attempt to match buyer and seller at the point where the deal can be done.

Auctions have operated in this way for many hundreds of years and whilst minor details have changed the basic principle remains the same.

On the assumption that you have seen an auctioneer’s advertisement for a sale which includes something you require. You have noted the time of the auction and the venue. The auctioneer will normally advertise the sale beforehand giving a summary of the items for sale, time, place and special terms (more later). A catalogue may/may not be available beforehand, or on the day of the sale. You will probably be charged for the catalogue, which will list the lots in sale order and in more detail. It will also give details of viewing times, pre-sale registration and buyers’ terms.

The pre-sale viewing is generally held on the morning of the sale although sometimes viewing is held the day before or even several days before. This time should be used carefully by prospective purchasers to consider the lots on offer and to select or discount accordingly.

Pre-sale registration is usually a requirement for all prospective purchasers. This will involve providing the auction clerk with name and address details, possibly also bank details/references (you should always check if this information will be required before attending any auction), before being issued with a buyer’s number or paddle. On purchasing you will show the number to the auctioneer and the clerk will record this on the sale sheets – against the lot you have purchased and the price you have bid.

You should also be aware of the other charges you may encounter which will be added to your bid (the hammer price).

You will be advised if VAT is applicable to the lot being sold. The auctioneer may also charge a Buyer’s Premium, this is an additional charge usually a percentage of the hammer price (between 5 & 20%). The premium will be subject to VAT – you should take these charges into account when bidding.

Having registered with the auctioneer, got your buyer’s number, viewed the sale and understood the terms/charges – you are ready to start bidding – good luck !!

It is always a good idea to follow the auctioneer for a while to get used to his speed / phrases before your lot is offered. You should be aware that you become responsible for your purchases from the fall of the hammer.

You should also be aware as to what increments (bidding steps) are being used and if the price being asked is the total price or the price per head of stock being sold (with poultry it is often the price per bird), this will then be multiplied by the number of birds in the cage.

You will then need to settle your account, collect your invoice and your purchases – you should of course have made the necessary arrangements for carriage/transporting your new purchases. link