Antique auctions are a great way to find an amazing deal on an item. These auctions are held both in person and online. They’re especially popular for collectors of antiques and collectibles, whose value can fluctuate dramatically based on demand and popularity. In order to find the best deal, it’s important to attend an antique auction early on.
The final price for an item that is sold at an auction is determined by the fees associated with it. Some auction houses include these fees in the final bid price, while others do not. The fees can range anywhere from ten to thirty percent of the hammer price. You should always check with the auction house before purchasing an item at an auction to ensure you understand the fees associated with buying antiques.
The antique auction process starts with a preview period, during which potential bidders can inspect the items on display. The auctioneer will usually have an auction guide available ahead of time. You should also register with the auctioneer if you want to bid at the auction. You’ll need to provide your identification and proof of financial stability. The preview period can last several days or even a few hours before the actual auction.
When you make a bid at an auction, you’ll need to pay the buyer’s premium. This fee is typically 20 percent of the hammer price. In addition, you’ll be responsible for paying sales tax and shipping and delivery fees. Auction houses may vary in their payment policies and deadlines, so it’s important to familiarise yourself with their terms and conditions before bidding.