How to... get brilliant bargains at auctions

A complete guide to buying everything from plasma screens to Persian rugs at auctions. By Jack Shamash

One of the best ways to pick up a bargain is these recession-stricken times, is to buy at auction. Of course, the average general auction will have a great deal of rubbish, but among all this stuff there will always be some fantastic buys. Here's what you need to know to nab that bargain!

 

Find an auction house
There are lots of auction houses dotted around the country. Some of these are specialist auction houses - like the well-known ones: Phillips, Sotheby's, Christies and Bonhams. These will have specialist sales of silver or nineteenth century art or rare Japanese prints. If you are looking for bargains for your home, you need to go to a general auctioneers. Google 'auction' with your area name to find the nearest to you.

 

How auctions work
Auction houses have viewings where you can inspect the lots. The lots will usually be numbered and described in a catalogue (for which there may be a small charge). The bidding will take place at a set time. If you want to bid, you usually have to register and the auction house may ask for a returnable deposit. If you want to bid, but don't actually want to attend the auction, you can usually fill in a special form to do this. Ask the staff for details.

 

Are there any hidden costs?
If you win an auction, you have to pay what is known as ‘the hammer price' - ie the amount that was actually called when the hammer went down. You may also have to pay a charge known as ‘buyer's premium'. This is usually between 10 and 20 per cent of the hammer cost. You will usually have to pay VAT on the buyer's premium too. In practical terms, this means that if something has a hammer price of £20, you'll probably end up paying over £25 before you can take it home. Unless you collect your goods quickly, there may also be storage charges. Check with the auction house about this.

 

What are the best things to buy?
Auction houses don't just sell old merchandise. They will also sell new stock that traders can't shift. There is also lots of junk - and some treasure - from house clearances. We asked Bill Carroll, the manager of an Auction House in north London what he thought it was best to look for at aution. Here are his recommendations...

* New beds

 

* New garden furniture

 

* New sofas - often far cheaper than on the high street. But check thoroughly before you buy. Auction houses sell everything ‘as seen' and won't accept returns. However you can get a brand new sofa for three or four hundred pounds.

 

* New electrical equipment - stereos, plasma screens etc. You can plug it in and check that it works, but there are no guarantees.

 

* Large Persian, Afghan and Chinese rugs

 

* Old ‘brown furniture' -  chests of drawers, dining tables and sideboards. These are too big for many smaller homes, and some high quality antiques can be obtained for a few hundred pounds. You can get a Victorian chest of drawers for rather less than the equivalent from IKEA.

 

* Secondhand pianos - you can get a baby grand piano in good order for under £500

 

* Secondhand china tea sets and canteens of cutlery

 

* Architectural salvage - doors, fireplaces, leaded windows, terrocotta bricks, garden sculptures. Much of this is put into auction by builders or demolition firms.

 

What about collectible items?
Auctions usually have a good range of collectible items - good quality silver, gold, jewellery, stamps, fine art prints. This is usually available at far cheaper prices than it would be in shops. However, you have to know what you're buying. Remember that auction rule about 'no returns'. Another problem is that things are often sold in large lots. You may spot a wonderful first edition book in a large box of books, most of which you don't want. Unfortunately, you have to take the entire lot.

 

And what about selling at auction?
An increasing number of people are selling at auction - either to raise cash or simply to clear out junk that they don't want. Auctioneers will charge a seller's premium and VAT and you may often have to pay a delivery charge if the goods have to be taken to auction. There is also a charge called a ‘lotting fee' for putting the items into lots. Auctioneers are happy to give advice on selling items - don't hesitate to ask.

 

One last tip
There are several hundred lots at an auction, and the auctioneer has to conduct the auction extremely quickly - each lot usually takes around 30 seconds - so if you attend, you have to concentrate or you will miss your chance to bid. Good luck and happy bidding!

 

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