Room Bidding
Room bidding is the most traditional method of bidding at an auction. It is the only way to get the true feeling and atmosphere of an auction with all the sights, sounds and smells. However, in the past 15-20 years, auction attendance has been falling due to the popularity of online bidding. Because of this many auctions houses have reduced the size of their premises in line with demand. I still believe that it is the best method of bidding and if possible you should always try to bid in person.
There are many advantages to bidding in person. The first is that you can view the items in the flesh before bidding. Auctioneers hold viewings before the sale date but viewing is also available on the morning of the auction. This is a huge advantage over other remote bidders as they have only seen the lots online and will only have the description and condition report to go on.
The next is that you will have an advantage when bidding in the room. You do not experience any delay as you are in the same location so can interact with the auctioneer much easier than if online. In the event of a tie with an online platform, you will also be given priority if the auctioneer spots you bid at the same time, which is a great advantage to have.
If there is an unsold lot you will also be in prime position to speak to a specialist to make an offer. Normally this only becomes common knowledge when the results are posted online at the end of the auction. If a lot was estimated at £200-£300 you could put in an offer of £160 and see if it is accepted. If this is above the reserve the auctioneer may be able to accept your offer on the spot. If it is below the reserve then the auctioneer may need to contact the vendor directly to check if the offer is acceptable. There may be a bit of haggling involved but it is a huge advantage to get there ahead of the crowd.
Finally, if successful you will be able to pay for and collect your items on the day. This means you can receive your items immediately and take them home with you in the car. The auctioneer will have a card payment terminal at the front desk or at the accounts office where you can pay your invoice. Most auctioneers will accept debit card, bank transfer or cash (up to £5,000). Some auctioneers will accept credit cards and cheque payments however I would check that this is possible before purchasing your lots to make sure you have the correct card with you on the day. I have also noticed that American Express is often not accepted.
Before bidding in person you will need to register to bid at the reception. If you already have an account you will only need to fill in a short form to notify the auctioneer of your attendance and you will be allocated a paddle number to bid during the auction. If you are a new customer you will need to register in full with the auction house. You will be required to complete a form where you to enter your name, address, phone number, email and marketing preferences (GDPR). With the new Anti Money Laundering legislation, it is also becoming more common for auctioneers to ask for ID before allowing you to bid. This is usually a photo ID (passport, driving licence etc.) and a proof of address (utility bill, bank statement etc.). Once this is complete you will be given a paddle to use in the auction. This is your paddle, don’t lose it and don’t take it home with you. In the majority of cases your paddle number will be for that day’s auction only, so will not be of any use to you in the future.
There are plenty of articles online about bidding strategies. I believe that it is pretty simple though. Find an item you like, make sure it is in good condition, know your charges and set a maximum bid amount. If you know this ahead of time you can avoid any nasty surprises when you receive or pay for the item. It can be very easy to get carried away and sometimes there is little you can do in preparation to avoid this, but by preparing for the sale you limit the chances of making any unforced errors.
