Recession Shopping: Auctions

For several years, my wife Lynn and I were on the hunt for quality bureaus for our two children. We checked out furniture stores, antique stores and shows attended by furniture exhibitors. Nothing. The bureaus were either poorly made, too small or too costly—and sometimes all three! Finally, we visited an estate auction.  

It was a beautiful Saturday morning and the auction was held on a busy road. We thought it would draw a crowd, leading to fairly high prices for items on the auction block. Lynn was gone for a couple of hours but returned looking pleased. Her main acquisitions were two antique bureaus. The largest contained six drawers and two compartments on top, which our son could use to store some of his treasures. Brass handles complemented the beautiful, darkly stained wood. The second was perfect for our teenage daughter. It featured three drawers and a large, attractive mirror, and it would travel with her into adulthood. Both bureaus were in good condition and required only some cleaning before being put to use.

I was surprised that Lynn had successfully bid on both of these beautiful antiques—and even more surprised by their cost: only $175 for both—a fraction of what we would have spent on new furniture, and these were better-made with much more character than most. Not only did we save a considerable amount of money, but also by “reusing” these bureaus we’d done our part for the environment. As an added bonus, Lynn also came home with an old crokinole board. The price…? Only $5!

So what is the secret to having a successful auction—and how do you find one in the first place?

Locating a Deal

Websites like eBay and Craigslist and other auction sites haven’t made old-fashioned wave-your-hand-in-the-air auctions extinct. In fact, public sales of fine art, appliances, cars, furniture, tools and many other kinds—are still thriving across the country. Locate one in your area by consulting an online auction guide. There’s at least one for most regions. For example, in Ontario, you can find upcoming auctions at auctionsfind.com and ontarioauctionguide.com.

When Lynn and I first started frequenting auctions, we relied on a copy of the newspaper Woodbridge Advertiser Inc., which has been advertising auction sales in the province since 1935. It’s still available and has expanded to the internet, at ontariosauctionpaper.com. Your local newspaper may also advertise upcoming auctions, where they are occurring and some of the items being sold.

Auction House Rules

Keep these tips in mind and you’ll increase your chances of leaving an auction with a successful bid.

Arrive early. Getting to an auction early gives you a chance to see what items are available and to identify the ones you might be interested in bidding on. Carefully inspect items of interest to learn as much as you can about them. Canadian auction house Waddington’s suggests taking measurements, looking for damage, marks of identification and interesting features, and making sure an item is complete and functional.

Don’t get caught up in the excitement. It’s easy to get swept up in the competition of bidding and, ultimately, spend more than you can afford—or more than the piece is worth. So set a limit on the amount that you want to pay and stick to it. Remember, a buyer’s premium—a supplemental fee—and applicable taxes may be added after the hammer (final) price has been established by the auctioneer (check the Conditions of Sale prior to bidding).

We’ve learned first-hand that it’s all right to go home empty-handed. Just enjoy the experience and write it off as a learning opportunity that will help you succeed at subsequent sales.

Target weekday auctions. One thing we learned early on was that auctions held during the week (especially in the evening) in small towns can result in good bargains as city-dwellers tend to stay away in favour of auctions held on weekends. Weather can also affect turnouts. In general, auctions held on warm, sunny days are busier.