3 Tips For Being Successful At Live Auctions

Auctions are both exciting and stressful because they combine the thrill of seeing items that you want for a great price with the stress of seeing the price go up and the contemplation that you might lose the auction. If you are just starting the live auction circuit, here are some tips to help make sure that you don't lose your head and are as successful as possible.

1. Wait

The first tip is that, for an item that you especially want, wait until the last possible moment to place your bid. There's no point in placing bids early on in the process when lots of people are bidding because it doesn't make you any more likely to get the item and you'll just drive the price up higher. By waiting, you'll be able to see where the price taps out at sweep the item when people are fatigued. You will also be able to keep your expectations in check, which makes it easier for you to  make sure that you are able to deal with losing the item gracefully.

2. Don't Get Really Excited

People want what other people want. If you show that you are visibly excited about an item that is being shown, you are going to draw people's attention to the item and away from talking with their friend or contemplating the items that are going to come up next. You want as few people bidding on the item as possible in order to make sure that you increase the chances that you are able to get the item before its price rises out of your budget. By staying calm, you won't draw undue attention to the item.

3. Look at the Items Ahead of Time and Set a Maximum Bid For Each Item You Want

Finally, look at all of the items ahead of time and set a maximum bid for each item that you want. Stick to this limit. When you're bidding, your heart rate is going to be elevated because you are going to be excited. This surge of adrenaline could make you make decisions that are not in your best financial interest. You don't want to accidentally overpay for an item simply because you got caught up in the moment. By setting a hard limit, you'll be able to make sure that are able to keep your head during the proceedings.

For more information, talk to an auction company like Gary Hanna Auctions Ltd.