Discover Hidden Treasures and Great Buys at an Estate Auction

Become familiar with the auction process so that you can bid and buy with confidence

You have made the decision to at least attend an estate auction. You haven't got a clue what to do when you get there, but you have decided to take the plunge and explore a new way of shopping.

Whether you are looking for some good reproductions, interesting artwork, or variety in your accessories, you will find a myriad of choices at an estate sale.

An Antique Daybed Purchased at an Estate Sale

The first time you go to an estate auction, you may wish you had someone to hold your hand and lead you along the way. You may wish you had a personal guide to explain the process making selections and the bidding procedures. If you have such a guide, consider yourself fortunate.

However, don't let the lack of knowledge keep you from enjoying this fun activity. Read the hints below, and go forward knowing that you have the basics in hand to bid and buy with confidence.

Understanding the Estate Auction

Most often the estate auction is held for the dispersal of household goods following the death of a family member and the need to pay inheritance taxes. At other times, people are retiring, moving into smaller homes, moving across country, or sometimes selling off contents of second homes they no longer want.

Oftentimes these owners have spent a lifetime collecting these possessions, upgrading their collections, or "trading up" their furniture.

It is these characteristics that make estate sales auctions such interesting places to visit.

Check Out Other Types of Auctions

Dealers are an important source of auction stock. They are constantly turning over their items as they upgrade their stock. Some auctions are consignment only and all items are submitted by individuals and the auction house gets an agreed percentage for the sale. Other auctions may be specialized in nature, such as containing only tools, art, or other collectible items.

Unrestricted and Limited Auctions

There are two types of auctions, unrestricted and limited. In limited auctions, some items are being sold under a reserve price. This figure is set by the seller to protect the seller against having to sell an item at a disastrous price.

In the unrestricted auction, everything is to be sold, regardless of the price bid. Usually the word "Unrestricted" is listed in the ad or catalog to reassure the buyers that all items will be sold by bidding from the floor.

Do Your Research Before the Estate Sales Auction

Before you decide to go to an estate auction, check out the contents in the catalog. This will give you some idea of the quality and quantity of items being sold. The conditions of sale and guarantee terms are also listed in the catalog. Be sure to read these carefully as they vary greatly from auction house to auction house.

Many require a deposit as soon as your bid is accepted. If you are bidding on several lots in a row, you may find this to be a distraction. A way around this is to leave a check with the house before the bidding starts to cover any bids you may make. Full payment is also due immediately after the estate auction. If you don't buy anything, your check will be returned.

Another thing to be aware of is the fact you may be required to remove your purchases immediately or within a certain time period such as within 24-48 hours. Be sure to check the house policy and have your transportation lined up should you need it immediately.

Once a piece is sold, the auction house rejects any responsibility for it, so it is to your benefit to remove it as soon as possible after the sale.

Some Accessories Available at an Estate Auction Sale

If you find you are interested in some items, attend the presale exhibit. Bring a tape measure and the measurements from your floor plan on where you intend to put the item.

As you are examining the pieces you are interested in, ask the floor attendant what the piece is likely to bring. This will give you a ballpark figure of what you should expect to pay for the piece.

On to the Auction Bid

Everyone has heard horror stories about how someone scratched their nose or turned their head, and now owns a perfectly hideous pea green sofa. This should not be a worry for the uninitiated. Auctioneers respond to these types of auction bids only if they were prearranged. Believe me, auction houses do not want the hassle of disgruntled customers any more than you want a pea green sofa.

When the lot comes up that you want to place an auction bid on, keep your mind on the auctioneer. Don't let your eyes wander to what is going on in other parts of the room. Don't listen to the couple arguing in the corner, or the movers bringing another item onto the podium. It is easy to get distracted and lose out to another bidder by inattention.

Don't worry that the auctioneer won't see you. Once you place a strong auction bid, he will be looking over to see if you want to continue bidding. He will watch as long as you keep bidding, and a negative shake of the head, or wave of the hand will let him know when you are no longer interested.

One Last Caveat

Auction houses are protected by law against persons who bid and later decide they made a mistake. When you conduct a successful bid, you own it.

Get Adventurous, Enjoy, Have Fun!

Get into the spirit of treasure hunting and expand your knowledge of furniture, art, and antiques. Find one-of-a-kind items, homemade quilts, and the occasional piece that makes people drool on the "Antique Roadshow".

A Great Find for a History Buff or for Decorating a Picture Wall

So go ahead, sort through the trash and the treasures, have a great time and a fun new adventure.

Happy Hunting!


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