Kaplans auction guide
Buying at auction – the sustainable choice!
Buying at auction is an exciting and sustainable shopping experience. And with online bidding, it has become even easier to get involved in a rewarding and fascinating way of shopping. If you prepare well, auctions can beat all other shopping experiences – and you always have the chance of discovering something unexpected!
The rules of the game are simpler than you might think, and what’s more, you help to give watches, jewellery, and accessories a second life.
Here, we share with you five of our top tips for how to make a successful purchase at auction– whether you are bidding remotely or in the auction room itself.
1. Get acquainted with a new way of shopping
Visit an auction without necessarily intending to buy anything or follow an auction broadcast live online. When a particular item attracts intense bidding, it’s almost as exciting to be a spectator as it is to take part in the bidding. Once you have familiarised yourself with how everything works, obtain a customer number from us so that you can participate in our auctions.
2, Attend a viewing
Items sold at auction are displayed from the day before an auction until an auction starts, so take this opportunity to view items and check their condition. You do not need to be an expert or particularly knowledgeable; the specialists who have reviewed and evaluated items will be on hand to answer your questions. Do not be afraid to ask questions – there is no such thing as a stupid question, and we want you as a buyer to feel confident about your purchase.
3. Set your budget
It’s easy to get carried away when bids start flying! Decide beforehand how much you want to bid, irrespective of whether you plan to bid from home via computer or at the auction itself. And don’t forget about fees and commission that are added to the final price.
4. Starting price, lowest price, and reserve price
Confused by the different price names used at auction? The two that are often confused are starting price and lowest price. The starting price gives an indication of what the final price for an object is expected to be based on previous auctions of similar items. Lowest price is the lowest price for which a seller is willing to sell an item. The final price for an item can be either higher or lower than the starting price, depending on interest in an item. If an item fails to sell, it is put on sale at the Kaplans store.
If you choose to bid in our auction room, you need to pick up a bidding paddle beforehand. You raise your paddle when you want to make a bid. If several people raise their paddles at the same time, the auctioneer gradually increases the price until a bidder wins. The same applies to online bidding, but in this case you log in to an auction and click on a button provided to make bids. Bidders follow a structure with fixed amounts for each increase, and this can look different at different auction houses. Remember, at auction, every bid is binding!
If you cannot participate in an auction in real time, you can place a so-called maximum bid prior to the start of an auction. A maximum bid is the highest amount you want to pay for an item. The auction house then bids on your behalf against other bidders up to the limit you have set.
Once you have won a bid, you can either pay online or at the auction house.
We’re looking forward to seeing you!