Auction Date

Even if you don't plan on buying a single thing, an auction can make for an interesting and unusual time. There can be a massive array of objects being sold and the bidding process can be as actionpacked as any spectator sport. Sometimes the bidding will soar in seconds. You wouldn't believe how many different kinds of auctions there are—those for business equipment, computers, items left in unpaid storage bins, household goods, sports memorabilia, art, furniture, cars and trucks, comic books, antiques, guns horses, cows, and much more.

WHAT AN AUCTION IS

People sometimes confuse auctions with flea markets, but there's a big difference. At an auction, you visit ahead of time and view the items being auctioned. If you see something you are interested in, you can return for the auction. The auction is either held immediately after the viewing time or it may be held the next day.

WHO DOES IT & HOW TO FIND THEM

Auctions are usually handled by auction houses. They are often advertised in the local paper. Or you can check the Yellow Pages under "auctions" or "auctioneers." On the internet try www.auctioneers.org or www.auction.net. You might even try calling some of the different self-storage companies to see if they're having an auction.

COST AND PREPARATION

Call ahead of time to find out the viewing time and location of the auction, the types of items being auctioned and if a deposit is required. Inquire when you can inspect the items and when the actual auction is held.

BIDDING

If you decide to bid at an auction, you will need to obtain a paddle with a number on it. Some auctions will require you to pay a refundable deposit upon registering. The deposit can be anywhere from $5 to $100. Some auctions don't require a deposit to register. Read the rules on the posters, brochures or handouts. Ask questions if you don't understand the policy. Inspect the merchandise well, since it is sold on an "as is, where is" basis. This means it is not guaranteed and you will have to pick it up and haul it home.

You will also want to get an auction schedule before you start viewing the items that will be auctioned. Make a check mark on the schedule next to any items you want to bid on. That way you'll know when your items are about to come up and you won't be taken by surprise during the actual auction.

ONCE THE AUCTION BEGINS

The auctioneer will introduce the object for sale and sometimes tell a couple of lies about it to help stimulate the bidding. To make a bid, you will need to make contact with the auctioneer or one of his or her assistants. Either hold up your bid card, your hand or shout "yes." The auctioneer will make eye contact with you, take your bid and immediately try to seek another bid.

WARNING

The most important thing to do BEFORE you begin the process of bidding is to set your own upper price limit for the items that you intend to bid on. Buyer's remorse is quite common at auctions. It's what happens when people get caught up in the heat of the bidding and offer more than they would ordinarily pay.

Remember, bids are irrevocable. Once you make a bid you are entering into a legally binding transaction. Once the auctioneer's hammer falls and you have become the successful bidder you will have to pay for your purchase. A buyer's premium and applicable sales tax will be added to the purchase price. You will need to pay for the items you purchase before you leave the auction, even if you aren't taking them with you that day. Don't bid on something just to impress your date.

THE DUEL

Two bidders will often exchange rapidly increasing bids and the crowd can be seen looking left, right, left and right as if they were at a tennis match. This is known as a "duel." The assembled crowd will sometimes start to buzz with excitement and later burst into applause when the winning bid is cast.

THE AUCTIONEER'S CHANT

The following information is from the website of the National Association of Auctioneers at www.auctionneers.org:

The chant is the rapid-fire, quick-cadence combination of numbers, words and sounds that keeps an auction clipping along. The chant is an auctioneer's way of telling bidders what they need to know. It is a series of numbers connected by filler words, such as:

1-dollar bid, now 2, now 2, will you give me 2? 2-dollar bid, now 3, now 3, will you give me 3? 3-dollar bid, now 4, now 4, will you give me 4?

The filler words are everything except the numbers. Filler words are used to remind buyers of the last number bid and to give them time to consider whether they want to bid higher. Think of filler words as carriers—the filler words carry the numbers, which are the most important part of the chant. By using filler words that connect and roll, auctioneers create a steady rhythm in their chants. The rhythm enables the crowd to listen longer and faster by keeping the bids at regular intervals. This helps the bidders know what to expect next and to keep the bids coming at a constant pace.

PREVIEW

For an idea of what art auctions look like, try tuning-in to At the Auction on Home & Garden TV.