How to bid at an auction

There are three main ways to bid at an auction: Bidding in the salesroom, Commission bidding and Telephone bidding

Bidding in the salesroom

The first method is the most thrilling as you are right in the middle of the action; you can scope out the competition, spot an unexpected find and feel the tension building in the bidding battle.

The best way to get to grips with the whole auction process is to sit back and watch a few lots go by before you feel brave enough to make your first bid, then just go for it.

Just a few tips to make sure you're prepared to bag yourself that bargain.

There is an old saying in the auction trade "slow and steady won the race" so always take your time when deciding what to bid on or buy. Impulse buying is nearly always dangerous and can be costly.

Know your price, set your limit and stick to it. One of the most important things about an auction is to know when to stop.

Try not to bid too soon: Remember the auctioneer will not drop his hammer until he is sure there are no further bids and you can guarantee he will look around the salesroom two or three times. He may even say something like "all done at £x" which is your cue to bid for the first time.

Bid confidently. You've done your homework so stand tall.

Commission bidding

If you can't trust yourself to stick to a budget and you suffer from auction fever, then perhaps you should consider the second way of bidding; through commission. Most auction houses have a Commission Bid Form and on this you write your name, address and bidding number, then you write down the lot number(s), a short description and the maximum bid you'd like to pay for an item.

For example, if you want to bid on Lot 214, a framed and glazed watercolour of a street scene with an estimate of £30-£50, and you want to bid a maximum of £60 this doesn't necessarily mean that you will pay the whole whack as the auctioneers are obligated to get this item at the lowest possible price for you. So when the auctioneers says "it's with me on commission", now you know what they mean.

Don't forget that your bid should take into account all the hidden costs that go on top of the hammer price such as the buyer's commission and government taxes.

Telephone bidding

Another way of bidding for a lot when you aren't in the actual salesroom is to book a phone line to make a telephone bid. Most auction houses have this facility and many have different rules on what you can bid. For instance some have a rule that if the estimate is below £100 they won't allow phone bids.

To bid, all you need to do is fill in your contact details, and most importantly the telephone number the auction house will phone you on. The office or a porter then phones you two or three lots before the item you want to bid for turns up, so you can actually hear what is going on in the saleroom.

Whilst you are waiting you should ask the porter whether the sale room is busy.

Most auctioneers will use their commission bids first, then the room and finally they will search around for the porters to make telephone bids with the auctioneer going to and fro until the lot is sold.

So that's your lot! You should have the bidding basics so get yourself off to your closest auction house and put your new found skills to the test!