5 Tips for Buying at Estate Auctions

Estate auctions can be a great place to find furnishings on a budget. There are thousands of auction houses across the United States that take consignments for public auction. The consignments might be from estates, downsizing households, merging households or simply from someone who bought a new dining room set.

Here are a few tips for buying at consignment auction.

1) Know you item and terms. Check the auction for a preview and go if at all possible. If you find an item that piques your interest, research to find what its worth. Read the salebill to find out if there is sales tax or a buyers premium (an additional percentage of your bid added to the final bid amount)

2) Set your limit and stick to it. When setting your limits, avoid the common mistake of setting an even number, such as $500. Very often a round number is a threshold that buyers set and often the next bid, no matter how small will win the item.

3) Auctions are not a competitive sport. If you determine that you are willing to pay $550 for a bedroom set, do not get carried away and still be bidding if the item reaches $900.

4) Arrive early and recheck those items. If you are interested in items that are condition sensitive or breakable recheck them at some point during the auction to make sure that they are still in a condition that merits your interest.

5) There is always another auction. It may take more than one auction to find that perfect dinette or print for your wall

Estate or consignment auctions can be a great way to furnish your home on a reasonable budget. Playing by the rules can minimize your mistakes and create a more enjoyable experience.