How to Buy Antiques at an Auction

Buying antiques is always an adventure, but buying them at auction adds an element of excitement and even a feeling of danger as you risk overbidding or buying something you weren’t entirely prepared for. To buy antiques at auction, you want to arrive ready and be prepared to do some prep work before flashing that paddle.

Preview Items at an Antique Auction

If you’re not just stumbling across antique auctions, visit the preview ahead of time to scan the wares and pick up a catalog. Note the items of interest and handle each to check for defects. Be sure to verify details such as seals and hallmarks.

Research Past Auction Prices

Bring your catalog home and start researching past auctions and prices that are typically paid for the sort of items you’re interested in. Make notes about what is reasonable to pay and cement that number into your mind.

Register for the Antique Auction

The day of the auction, register and be ready to swipe your credit card and have picture identification on hand. You’ll get your paddle with a unique number for bidding. Be especially careful with this as you might accidentally buy something if you’re not careful.

Bid on Antiques

The excitement of the auction begins when your desired auction is up. Wait to be sure the auctioneer doesn’t drop the starting price if nobody bids initially and then start bidding by holding up your paddle. As the price increases, be sure to pay attention to where the number is going. Avoid getting invested emotionally and buying the item for more than you’re willing to pay or more than it’s truly worth.

Pay Up for Your Antiques

After winning the bid, you’ll have to pay for the item plus a Buyers Premium and taxes on the premium. This can add quite a bit to the cost of the item, so be ready to pay up on all fronts. Once you’ve paid, however, you’re free to take the item home and enjoy it!

Easy Step By Step Instructions on Buying Antiques at Auction

• Preview items beforehand to scope out objects of interest
• Research items at home to set reasonable rates and determine what you want to spend.
• Register for the auction
• Bid on the items without getting overly emotional.
• Pay for your antiques and take the item home.

Warnings, Advice, and Suggestions When Buying Antiques

Buyers premiums can be as high as 35% on an item, so be sure to budget ahead of time for this additional cost. Check the terms and conditions of the auction to determine what the premium is at your antique auction.

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How to Acquire Heirlooms

If you have antiques or want to start your own collection of heirloom quality furniture, you need only a desire and a checking account. Heirloom quality furnishing and items make a terrific statement in your home as to the care and quality of your furnishings as well as enhance your decorations with their natural beauty.

Heirlooms

An heirloom is a treasure. It can take the form of jewelry, linens, furniture or any other item that you and your family treasure. You great-grandmother’s wedding ring is an heirloom as is your mother’s dining room table – provided they have value to you or someone else. Most heirlooms are especially well built and last for centuries with proper care.

Shopping for Heirlooms

If you don’t already have heirloom quality pieces of your own to decorate your home, you can shop for them in a variety of ways.

Estate Sales

The first is to visit estate sales in your area where families are selling items from the home of their departed relatives. These estate sales might offer you terrific bargains on heirlooms, but they may also require a bit of refinishing and care to bring them up to the quality of their past.

Antique Dealers

Another option is to visit antique options or shops. Trade fairs, displays, shops and warehouses of antiques offer a collection of items gathered by those with a presumable eye for quality and beauty. Browse the collection for items that appeal to your decorating sense and budget. Don’t be afraid to bargain and always ask plenty of questions.

Buy New

While heirlooms often seem old, there is nothing stopping you from buying items such as grandfather clocks that will become an heirloom in the future. Seth Thomas clocks, for example, are a fine statement in any home and will be treasured by generations to come. Find quality craftsman through select furniture stores or by referral from design agencies and have your furniture crafted by hand.

Decorating with Heirlooms

When using heirlooms to decorate, be sure to place the items in areas where they will be protected. Use table runners and placemats to protect surfaces and consider sheets of glass on top of dressers and tables to keep the wood preserved. Clean and polish the heirlooms regularly to protect the finish and be sure to properly insure any pieces of value.

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How to Insure Your Belongings

It doesn’t matter how little or how much you own. Once you’re established and on your own, you need to insure your belonging. This can be done through a single insurance company or agent or through separate companies if the price and need warrants the diversity. Here’s how to insure your belonging.

Your Home

If you own your own home, you need home insurance. This will include some natural disasters such as fire, but you may need separate insurance for flooding, wind and hail damage. Your home is your most expensive and valuable possession, it should be insured first. Home owners insurance should also include all possessions within the home, so be sure to list and photograph all items should you need to file a claim. Also be sure you have enough property insurance to cover the replacement costs of everything should something terrible happen.

Your Car

Car insurance covers you in case of an accident or theft. You can set your limits and deductible at various rates, but be sure you meet at least the minimum requirements for your state or area. Strongly consider adding uninsured or underinsured motorist coverage in case you are involved in an accident with an individual without insurance. If you have a new car or one that has payments higher than the vehicle is worth, you might also consider gap insurance to cover the difference in your loan and the insured value should the car become totaled.

Renters Insurance

If you don’t own your own home, you still need to insure your possessions. Most insurance companies offer renters insurance which insures just the property inside the apartment. Should a theft or natural disaster occur that damages your apartment and your belongings inside, the renters insurance should be enough to cover replacing those items.

Collectibles Insurance

If you collect items, especially antiques or other items of value, you should insure those collections. The same is true if you own antique cars or motorcycles, even if they aren’t driven.

Jewelry Insurance

Jewelry over a certain value – and you determine that value – should be insured. Jewelry retailers or your traditional insurance provided can help determine the best policy to cover expensive jewelry. This same insurance can cover other expensive items such as coins, collectibles and investment grade antiques.

Item Insurance

Many items such as appliance and electronics offer an insurance policy with purchase. Determine if the policy is worth the cost of replacing or repairing the item should it break. Also be sure to consider any manufacturer warranty.

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