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What are some tips for attending a liquidation auction?

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Quick Answer

Some tips for attending a liquidation auction include learning as much as possible about the auction house before attending and getting specific information about bidding requirements. Other tips include asking questions and watching the process a few times before participating.

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Full Answer

It is not necessary to have a lot of experience when attending a liquidation auction, and for most people, these auctions are exciting and fun. Some of the best advice people give is not to be afraid and simply jump in to get one's feet wet. It is helpful to look at the auction house's website and read any published tips for buying and selling prior to attending the event.

It is also important to get specifics on the auction, including bidding requirements, inspection times and if the auction is online, live or both. Because the goal of the auction house is to have as many bidders as possible, even beginners are welcome at most auctions. Auction houses are usually welcoming of questions about the process to help newcomers understand how to get involved.

Attending an auction with no intention to bid may also work for beginners interested in the auction-bidding process. This allows people to see how the auction works and helps attendees feel more comfortable before bidding on a certain lot.

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