How to Get Started with Auction Bidding: A Step-by-Step Guide
Auctions are a great way to grow your memorabilia collection, however the thought of entering an auction room (or bidding online) for the first time can be a bit daunting, as it’s quite different to our everyday online shopping experience.
If you're a beginner looking to get started with auction bidding, we've got you covered - read on to find out everything you need to know to get started in the world of auctions, with confidence.
1. Understanding the different types of auctions
Before you start bidding, it’s essential to understand the different types of auctions available. Broadly speaking, auctions can be split into two main categories:
Live Auctions - Our live auctions typically run over a few days and are available to attend either in person or via our online bidding platform (website). Our auctioneer will begin the auction at Lot 1 and progress through until the final lot is offered for sale.
If there’s a particularly large auction, it will be held in sessions, sometimes across multiple days.
Our auctioneer will accept bids from the room, absentee (where you are not in attendance but set your maximum bid, in advance), online and telephone bidders.
The starting price will be based on bids already received or a proportion of the agreed reserve. The auctioneer will advance the bids incrementally until there is no more competitive bidding. The lot is concluded when the gavel (hammer) falls.
Timed Auctions - Our timed auctions are online auctions that take place over a set period of time. These auctions allow bidders to place bids at their convenience, rather than having to be present at a specific time for a live auction. The bidding process is done online through the website, and bidders can monitor the progress of their auction and place their bids at any time during the set period.
At the end of the timed auction, the highest bid for each item wins, and the winning bidder is notified by the auction house. We will send you an invoice detailing the lot(s) won the hammer price and final price including commission. The invoice will also offer shipping options.
2. Register and Set a Budget
To take part in an auction, you'll need to register. Simply click the "Register" button at the top right corner of our auction pages, and then follow the instructions on the BidLive website to complete the registration process.
3. Browse the Auction Catalogue
Prior to the auction launch day, a catalogue will become available on our website. Take the time to look through the collection and make a note of the items that catch your eye. Look closely at any photos and read the descriptions.
4. Payments
For any bids you win, you have a contractual obligation to purchase. Once you have received the invoice this will list the method of payments, bank transfer, telephone payment etc...
5.Collecting your winning item
After you’ve paid, it’s time to collect your item. We will typically ship items to the winning bidder, though you may need to pay additional shipping fees.
Ready to bid?
Getting started with auctions doesn’t have to feel overwhelming. By understanding the auction types, setting a budget, and familiarising yourself with the process, you’ll be ready to bid with confidence.
Whether you’re attending a live event or bidding online from the comfort of your home, auctions are a really exciting way to grow your memorabilia collection.
If you have any questions or need assistance before the next auction, our team is here to help.