5 Things to Expect at Your First Online Auction
With ever-advancing technology, the way auctions are run has changed drastically in the last few years. Online auctions are gaining popularity and providing an accessible and convenient way to participate in bidding. If you've never attended an online auction before, you may wonder what to expect and how to navigate this new realm of buying and selling. Fear not! In this blog post, we will guide you through the process of your first online auction, offering insights, tips, and essential information to make your experience a successful one.
Here are 5 things to expect:
1. Understanding the Auction Process. By the time buyers attend an auction, so much work has gone on to prepare in advance for the event. Grafe Auction staff has already worked with the seller to catalog each lot item and add them to our online event site. We’re also available at the site for a preview on a designated day and time before the event. Check each auction page to find out when. The items available in the auction are posted on the Grafe Auction website in advance of the auction event closing so that buyers can browse the catalog and place bids ahead of each item closing. On auction day, the event goes fast and advances by lot number once bidding on each item has concluded (20 seconds after no additional bids are made). If you’re the high bidder, congrats! More about next steps below.
2. Preparing for the Auction. As a buyer, you need to first create a profile on our site in advance so you can bid on items. Browse the event page to find assets that you’re interested in bidding on. Consider what bid you’d like to initially place and determine your budget for the event. Auctions are an exciting event, so knowing your high bid in advance will help you stick to your budget without getting caught up in the excitement.
3. Tips for Success.
- Set a calendar invite. Once the event starts, it can go fast, so having it on your calendar will ensure you’re on time. Double-check time zones because our auctions are all over the country.
- Stay focused. Remember the budget you set for yourself and the items you chose in advance so you don’t get caught up in the excitement and go over budget.
- Questions? If you have a question before, during, or after the event, there’s always a contact number on the auction page. Reach out if you need help!
4. Bidding Strategies.
- Decide how you plan to bid before the event. Planning on placing a bid last minute? Keep an eye on the countdown, but remember, connectivity issues do happen so keep that in mind.
- Stay alert. As mentioned earlier, our online system uses a 20-second bid clock. This goes fast! Pay attention to the lot numbers and know when your item is approaching. We encourage you to add items to your watch list and then turn on in-ring remainders in your profile.
- Place a maximum bid. If you know your budget for an item and are worried about missing out, you can place a maximum bid on our website for each item. This will ensure you don’t go over your intended amount. Another instance where this might be helpful is if we have multiple auctions happening at once, and you don’t want to jump back and forth.
5. Post-Auction Procedures. You are responsible for picking up or working with us to arrange shipping for your items. Each auction can vary, but pick-up is typically 2-7 days depending on the size of the auction (industrial is usually more). Make sure you review the terms of each auction to know the date and time for retrieval. When picking up items, bring the tools you need or an additional person to help.
Attending your first online auction can be an exciting and rewarding experience. By understanding the auction process, preparing in advance, and implementing effective bidding strategies, you can increase your chances of success. Remember to stay focused, stick to your budget, and ask questions if needed. The key to success is being well-informed, prepared, and engaged. So, start browsing our upcoming auctions, set your budget, and get ready to experience the thrill of online bidding. Happy bidding!
