8 Must-Follow Tips For Bidding At An Online Auction

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To acquire rare collectibles is one of the best feelings in life. It’s a sublime connection to history and a deep personal satisfaction. Participating in an auction could be an amazing way to find exquisite and rare collectibles for an unbelievable price. However, the nearest auction may be miles away from your home or office, and you running tight on deadlines, making it challenging to attend such one-of-a-kind events in person.

Thanks to the internet, the world is now running at the click of a button on your smartphone. Yes! Bidding at online auctions offers an exciting way to participate without any time commitment, allowing you to place your favourite bids and grab items at unbeatable prices such as exquisite jewellery, vintage décor, limited-edition art & sculpture or writing instruments, heirloom silverware, or superlative shawls and many more.

If you’re one of the keen buyers and interested to know the winning strategy for an online auction, this blog is for you. Stay tuned for the next 10 minutes and we will share some sure-shot tips for making the most at an online bidding.

About Giftex

Giftex – India’s premier gifting trade show with its 37 years of pioneering experience, launched its first online auction in October 2023. This online auction is aimed to foster collaboration and open doors to exciting new possibilities in the world of gifting.

What Is An Online Auction?

Just like an in-person auction, an online auction lets interested buyers place their favourite bid on a particular item or collectible. You have to check the bid placement and accordingly, raise the bid based on your budget. At the end of the auction window, the person with the highest bid will be able to buy the product. Online auction let buyers grab rare products at unbeatable rates.

Live online auctions have various benefits such as saving time + travelling costs, participants can place favourite bid, bid from the comfort of their homes or offices, bidding while on-the-go, etc. Secondly, you can avoid crowds.

While an auction house is a high-pressure environment, wherein auctioneers instill a sense of urgency in buyers; an online auction is just the opposite to it. You can avoid the hassles of making unwise and overwhelming buying decisions.

Giftex Online Auction

Online auctions are competitive marketplaces and the best way to buy rare collectibles if you have a strategic approach to bidding as possible. Learn how to make the most of online auctions using these tips:-

Learn The Auction Rules

Before you start bidding, it’s wise to go through specific terms & conditions, as each auction site may have its own set of rules. Thoroughly review the terms and conditions before the auction begins to avoid any unwanted penalties. Any violation of bidding rules will forfeit your chance to receive the product or item.

Add To Your Watchlist

Most online auctions send mailers about their auction, letting you receive direct notifications when they put they put your favorite item for bidding. For instance, if it’s a jewellery up for auction, women may receive a notification, if an art is up for auction, people will receive a notification for it. Depending on your likes or dislikes you can subscribe to the auction site and specific events like the World of Collectibles auction.

Study The Bid Clock

In a timed online auction, the bid clock will be the period when you can place bids on items. The duration of the bid clock, start times, and end times may vary between various items. By keeping track of the individual time frames for every item you like, you can monitor your bids easily to stay ahead of the competition. Note that the displayed countdown clock might be down due to network connection issues or so. If you plan to bid at the last moment, the chances are you might get the product at a higher rate.

Place A Higher Bid

Although you’re looking for an item at lower prices, starting the bidding low will only encourage other bidders to bid as well. A low bid gives more chances to erupt into a bidding war, where various people may bid marginally. By starting with a reasonable offer within your financial capacity, you can take control of the competition, mitigate the emotional quotient, and tend to win the product or rare item.

(Sources: Youtube/Jakob’s journey)

Pick A budget

In the excitement of an online auction, it’s easy to overspend on a particular item. Setting a budget will help you manage your funds amid a bidding war. If at any point you reach your limit, just wait for a few seconds, give a clear thought, check if it’s worth spending and the amount of returns you may gain, and then go for bidding.

Research The Collectibles

Before bidding on a particular product, you should make sure that it is within your financial reach. Start with basic research on the product such as manufacturing date, technical information, and user reviews. Some auction houses like ‘World Of Collectibles’ even arrange an appointment on call to visit and touch and feel the product. If it’s jewellery or exquisite art, vintage décor or so, you can ask for a certificate of authenticity to take your expert team to verify the rare item or collectible.

Stay Prepared To Pay

Once you win the desired collectible, you must make the payment ASAP. Delaying your payment can result in late payment fees, which eventually turn out to be a loss to you. If the online auction site offers an auto payment facility take advantage of it. It’s the best way to make sure you pay on time and avoid unwanted charges.

Compare The Products

You may have set your heart on a specific item for its particular brand or model, and have joined the online auction. However, you might find a better deal by considering similar items from other manufacturers. These items would have lesser competition compared to leading brands, thereby giving you more chances to bid and win the product.

Also Read: 2nd Edition Of World Of Collectibles Auction: A Grand Success

Winning Online Auction

You may register for an online auction for that rare item such as heirloom jewellery, fine art, or exquisite pashmina shawl which you’ve been trying to possess for a long time. If you’re willing to put in some extra effort, then such live auction bidding strategies will make it easy to grab your favourite product.

On A Concluding Note –

If you have the time to monitor the auction, do it, and make sure every time someone bids for your favourite product, you bid immediately after them. When you quickly counter their offer, chances are they might lose interest in bidding and you tend to win the product. But keep your finances in place and also make a short raise instead of bidding too high else later you will need to pay the price for it.

Hope these online auction bidding strategies will help you to bid at its BEST.

Giftex ‘World Of Collectibles’ 3rd edition is all set to take place on 14-15 May 2024.

Let the bidding excitement begin!