Published on December 19, 2016
1. The truth is that many people choose to bid on items on a live online auction because it is an easy way to save money. Bidders set the price on collectibles and luxury goods, so it is very easy to find good value on items. At the same time, though, you still have a budget to consider.
2. Set up a personal budget to calculate how much discretionary income you have for an online auction. Keep in mind that the price will include the buyer’s premium and any shipping costs. Federal Assets Auctioneers, for example, does not charge for shipping in the United States.
3. Prioritize what you want to bid on. Don’t think broadly. Narrow your interest in collectibles so you can buy higher premium items. Keep a number in mind. Don’t let the excitement of an auction get in the way and cause you to bid more than you can afford. Consider submitting absentee bids so you can directly control how much you bid.