By: Pat Fisher

The common saying goes “old is gold”. If you have your doubts in the value of “old”, you must visit an antique auction site. Antiques are one of the most common items traded in auctions, and can also be the most expensive. In general terms, anything that is a hundred years old is considered an antique, and is highly valued. Like any other trading, there are a few things you must know before going into the antique auction business.

1. Study: Before going into the business, it’s best to study the basics of antiques and auctions. Study catalogs, visit auction sites, inspect antiques of your choice and try to visit the main dealer’s stock before and after the auction. It’s good to talk with the dealers and well-known collectors and gain as much information as possible.

2. Do not hurry: It is not wise to rush in to buying the antique of your choice as soon as you spot it. Usually it takes many years to acquire the necessary expertise in auction business. Making an early move might lead to costly mistakes.

3. What to buy: Always buy items that you are interested in. You don’t want to buy anything that will just sit and gather dust, do you?

4. Viewing: Before bidding, it is important to carefully check the item. Take a close look from all angles. If you are uncertain about something, ask the experts in charge.

5. Registering: On the auction sale day, it is important to arrive on site and register early – so that you get a better seat. The position of your seat is important if as it gives a good view of the item when held up.

6. Bidding: Usually the bidding starts below the low estimate in the catalog and will rise in small increments at first and bigger increments as the price goes up. For initial bid, use your card or number to notify the auctioneer. For subsequent bids, use a nod of the head or a flick of your bidding card.

7. Winning Bid: If you are the winning bidder hold up your bidding card number for it to be noted. Also remember that there is a cost for bidding. On top of the hammer price (the price at which the bidding stops) the winner will have to pay an extra of between 10% and 17% for the auction house premium plus taxes.

8. Timing: Knowing the right timing is important. The right timing to bid for items in an auction might be just before, or just after an outstanding item sitting out of the other items. Before, the main buyers tend to often hold back their maximum bid. Immediately after, people are usually discussing. While this is going on, another piece might get sold at a bargain price.

9. Beware: Keep your eyes out for reproductions. One way is to ask the seller about the origin of the item and if his/her answer sounds uncertain, you don’t need have a reason to believe it’s original.

10. Online auctions: Nowadays, online auctions are very popular. The system is more or less same, except that you can’t see the product, and need not sit in front to have a good look at it. For this, check the online sites and gain some knowledge first.

Anyone can make millions of money through antique auctions. But the most important thing is to know the right techniques.

About Author:
Pat Fisher writes about Antique Auctions. For more information about Antique Auctions visit auction-know-how.com