5 things to know when bidding in the auction room
1. Getting Your Paddle
You can’t just walk in and bid (unless you are well-known to the house). You will need to register with the auction house for a specific sale and have an account. Depending on what you are bidding on you may need 24 – 48 hours before the auction for the approval process…so plan accordingly. Once you are approved, you’ll pick up your paddle from the client services team just before (or during) the auction and will be good to go!
2. Strategic Seating
You want the auctioneer to see you when you bid (and, hopefully, take your bids first).
If you are in a Day auction (where seating is unassigned) pick you seat accordingly. Aisle seats are always good for bidding. Note that you don’t want to be too close to the front so you can see your competition in the room. If you are in an Evening sale (with assigned seating) and you don’t have a seat visible to the auctioneer, consider moving towards the side and / or the front of the room and, if needed, you can bid standing.
3. Placing Your Bid
Bids can be placed in any number of ways (not just with your paddle).
You can raise your hand, call out the amount of your bid or nod your head (if you are continuing bidding, not on your first bid). The auctioneer will then acknowledge your bid. However, if you are uncertain that you have the current bid you can ask “is it with me?” and they will confirm you have (or don’t have) the highest current bid. If you are “out,” a shake of the head “no” to signal you are no longer bidding.
4. Splitting Bids
Technically you can bid any amount you want in the room.
The auctioneer will decide if they want to take your off-increment bid (or not). This is an advantage you have while bidding in the room over bidding online. But there are set increments that the house or auctioneer usually follows which can shift depending on the house norms and as the value rises. Splitting bids is a way to strategically slow the bidding down and / or stretch your budget. You can even split a split if it’s a high value lot.
5. When the Hammer Comes Down
“Fair warning…”“I’m selling…” or “if no more…” are common phrases from the auctioneer when bidding is winding down.
This means you are close to winning (or losing). Be prepared for the entire room to be looking at you (especially in an Evening auction). You’ll hear the familiar sound as the auctioneer “hammers” the gavel down and you’ve either won or lost. If the lot is yours, the auctioneer will want your paddle number and then you’ll get a congrats from the rostrum (and maybe even applause from the room if it’s a hard-fought win).
Dane’s Pro Tip
It’s good to have a strategy and do your homework ahead of time. Bidding on a lot usually happens very quickly…from 1 to 3 minutes (although, I have previously bid on one lot for as long as 20 minutes). As such, values can escalate very quickly. So a pre-determined—but flexible—maximum bid (that factors in currency conversions and the Buyer’s Premium) is advised.