Online auctions have definitely gained more participants and therefore are becoming more and more frequent. Participation in events of this type brings undeniable advantages: comfort, agility, variety of products, among others. But what is also true is that many times some people participate in these events without having enough information not only about the article but also about the auction house itself.

Therefore, today we bring you a series of tips that will help you have a pleasant experience participating in online auctions.

  • Do your own research: Get as much information as possible about the item you want to purchase, read the information carefully and feel free to request more information or images via email. If you are buying an old item, it is important that you check if it has any kind of damage. If it’s a work of art, find out if it’s a signed work or not.
  • Consider that when bidding you have two options: Decide what your limit will be or how Pontus Silfverstolp, one of the founders of Barnebys, says, “Follow your portfolio, not your heart.” Consider that the virtual world, on many occasions, takes us to other “realities”, and it may be that when you get carried away by emotions you start making offers that you will not be able to cover later.
  • Ask about additional costs: Before participating, you need to check the additional costs. Auction houses usually charge a percentage for using their online auction platforms. Do a good research and it might be better to participate by phone. Obviously, in case you are a winner, you need to know the costs of shipping, transport and other services.
  • It’s a contract: Remember that even if you participate online, participating in an auction is like signing a contract. Once the auctioneer closes the bid and sets the price, it is a purchase contract, so if your proposal was the last and you do not comply with the agreement, there may be legal repercussions.
  • Processes: Consult all the necessary documentation for you to participate. The website must contain all the information about the process and how to participate in the online auction. We know that this is a lot of information, but it is essential that you not only read it completely, but also fully understand it. Any doubt, however minimal it may seem, must be clarified.
  • Pay attention to the deadline: The bidding process in this type of auction can take several days. Auction houses typically send an alert to your email account if someone else exceeds your bid, but this alert may stop working a few hours before closing due to the number of bids received.
  • Make your payment within the deadline: If you were the winner, you need to know the deadline for making the payment. The auction house may charge an additional fee if you exceed this time period.