Five tips for bidding at auction houses online and bagging bargains: LEE BOYCE

When I used to think of auction houses, images of stuffy men in tweed jackets, monocles and dusty antiques sprung to mind.

No way would I humiliate myself in such a setting with numbered paddle in hand, trying to outsmart experts who know their Qing vases from their elbow.

But last year, I discovered the joy of bidding at auctions from the comfort of home in your dressing gown (if you wish) – and have made some unusual purchases I think are well worth the money.

So, how do you do it? One easy way is to create an account with the Saleroom, an online portal that links up with hundreds of auction houses around the country.

When I’ve mentioned this to friends, they seem to have no idea about Saleroom – and when I show them specialist auctions coming up, such as music lots with vinyl and guitars, they’re mesmerised.

You can search your interests to see if an item or genre is coming up for auction anytime soon, search through catalogues, then watch the auction live and pounce like you were in the room. No tweed required.

Though, if you are tempted, there are five key tips worth taking on board to be a successful auction house sofa bidder…

Bidding joy: Many auction houses are online – and you can snap up some genuine bargains, dressing gown optional

1. Bid locally for ease

My top tip is to only bid at auctions that are nearby. You can search to see which auction houses are within a certain radius of home, that way you don’t need to fret about postage – and items being broken.

The big difference to eBay, is that usually you’ll the buyer will need to go and sort the postage separately, rather than the seller – and depending on what you’re buying, they come under different pricing categories.

And if you don’t organise it quickly, the auction house might start charging you storage fees.

In my opinion, the best lots are the ones where auction houses say: ‘they won’t post.’ It reduces the pool of potential buyers, and if you’re local, you’re safe in the knowledge you can go get it without any P&P drama.

I bought a full set of NatWest piggy banks for a good price at an auction house five minutes from home, largely because they couldn’t be posted.

2. Do your homework on items

Before you bid at all, make sure you’ve done as much homework on an item as possible and zoom in carefully on photographs to spot any blemishes.

I love buying, selling, and collecting as a hobby – and when I’ve gone through a catalogue of items, I stick whatever I like the look of onto my wishlist.

I then spend some time looking for the same item online, hoovering up as much data as possible about the item and whether it is worth my time and money.

An example of this was a box of original The Simpsons bits I bought at an auction. It contained a dozen items, and being a big fan of the cartoon, I dug for information on each item – and found an alarm clock buried in the lot that had sold at previous auctions, and eBay, for big bucks.

Because it was buried in the lot, I got the entire box for far less than what I believe that alarm clock to be worth. Even if it’s not, I’m left with a bunch of cool items I like in a genre I love.

On the flipside, I saw My Little Pony items (not something I’d buy, just to be clear) going for FAR more than estimate, which leads me onto number three…

3. Set a limit – don’t get swept up

It’s safe to say bidding can be a frenzy – and my answer to that is to set a rigid upper limit and ensure you don’t go over it.

Also, remember, some items go for bottom dollar. I recently bought a bag of old coins that included a Charles 1 Jetton for £12 (including fees). Again, it wasn’t offered with a postage option.

The coin alone is worth way more than that – but it was great to show my young daughter a coin that is nearly 400 years-old and put some history in her hand.

It can be hard to stop yourself going over a limit, especially online, but I’ve missed out on plenty of lots I’ve flagged on my wishlist – mainly as the next point tips them over the value for money stakes.

4. You MUST factor in fees

Fees can be incredibly large. At the auction house I have bought the most from, the buyer’s premium is between 25 and 30 per cent.

So, if there is an item you’re bidding £100 on, it will cost you more like £130. Last year, I bought an Atari Jaguar boxed games console, with other boxed bits, and knew my limit was £300.

When I bid £200, I was safe in the knowledge that in reality, it was £260. If, however, I bid £300, that would be £390 – way over what I’d want to pay, so be careful.

5. Time the lots to save… time

Often, the auctions are in huge lots of up to 1,000 items, that can last for hours. The auctions go fast, so you don’t want to miss out on what you’ve got your eye on.

As a rule of thumb, I find the pace to be around 120-150 lots an hour. So, if you’re after something that is nearer the end, set an alarm, and log-in on time (making sure you’ve been verified to bid with your card details).

That means you miss out on lots you don’t care about, but won’t miss the ones you are interested in buying.

PS: Bidding in your dressing gown is optional. You can wear tweed at home if that’s your thing.

SAVE MONEY, MAKE MONEY

£100 Isa cashback

£100 Isa cashback

Open a new stocks & shares Isa with £10k

Fix energy bills

Fix energy bills

Find out if you can save with our partner uSwitch

5.03% cash Isa

5.03% cash Isa

Get 5.03% with our code TIM

5.05% cash Isa

5.05% cash Isa

Cash Isa and money management

Sipp cashback

Sipp cashback

Up to £3,000 when you open a Sipp by 28 Feb

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.