If an item fails to interest the other bidders, you could end up with a real bargain.

Auctions can be a fascinating and exciting way of shopping for unique items that you don’t find anywhere else, and can even be a good way of saving money on the things you want or need. By following a few expert tricks of the trade, even a first-time auction visitor can use the bidding process to snap up great items and walk away a winner.

Tobias Meyer is an auctioneer with Sotheby’s, one of the world’s foremost auction houses. Here he uses his personal expertise to offer first time auction visitors and bidders some hints on saving money and getting the items they want:

• Start modestly. According to Meyer, there are auctions on every price level, so choose one where buying the items you’re interested won’t break you, even if you have to bid a little higher than you’d like.

• Select one item. Some auctions offers a huge list of items, so keep things simple by zeroing in on one thing you’d really like. Consider the personal value that the item has for you, and what you’d be willing to pay for it. In Meyer’s experience these two numbers are not always the same.

• Set a limit. Once you’ve considered the item’s value and your personal budget, set a bidding cap by telling yourself, "I’m not going to bid over this amount."

• Be flexible. Depending on the mood of the room, be prepared to bend your self-made spending limit a little bit. If the market is very active, the price could go beyond your cap, but it’s within your interest to see just how far. You don’t want to miss out on something you want over a few dollars.

• Look for bargains. On top of your primary target item, keep your eyes open for bargains. You never know when a particular item will fail to spark interest among other buyers, and you can pick up something very good at a lower price.

Sotheby’s
search.sothebys.com/liveauctions/index.html

Auctionguide.com

National Auctioneer’s Association
www.auctioneers.org