Back when men fought over empires, somewhere around 193 AD, it is said that the entire Roman Empire, or what was left of it, went up for sale at an auction. Apparently, barely-used iron breastplates were going for a song.
Fast forward a few hundred years, and auctions are still a great place to find a bargain. For example, when Kathleen Hamilton had to furnish a new apartment, she found a sofa, desk and even floor mats at an auction. In fact, she furnished her entire abode with auction buys. "I even bought a teak dining table and chairs for $200 and then, because I only wanted the chairs, I resold the table for at least half the amount," says Hamilton, a crossword puzzle creator, who was living in Victoria at the time.
Now living in Montreal, Hamilton hasn't shopped at an auction recently, but her days in Victoria taught her much about getting a great deal. To help you find your own deals, we asked the pros for their best advice about buying at auctions.
Auction houses
If you're new to the auction world, you should visit a few different ones to get a sense of how they work. Start by looking in your local newspaper for listings.To figure out if an auction house is reputable, visit a few times to see if there many regulars in attendance and if the auctioneer has a good rapport with the audience. At Wooden Rose Auctions in Halifax, owners Margie and Steve Carter say they attract regulars through their honest dealings.
For example, the auctioneer always tells the audience if there's a flaw in the goods or if a painting is a reproduction. "We share our knowledge with our audience and let them make up their mind whether they're willing to pay for it or not," says Margie Carter.
Wooden Rose also informs buyers about reserve items, for which the seller will only part with the goods for a fixed amount. That price is not announced, and the item won't be sold until the reserve amount is reached.
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Preview the goods
Most auction houses offer a viewing of the goods a few days or hours before the actual bidding begins. It's a good idea to inspect the items before you buy them, not only to see what you want before people start yelling out prices during the actual auction, but to look closely for any flaws. Some auctioneers will also let you test a product if it's electrical or motorized.Unlike the warrantee you get with a new blender from a big-box store, products from auction houses don't come with guarantees. If someone sells the auction a fridge and it was working up until the day you bring it home, it's not refundable -- you take your chances.
Every auction house has a list of terms and conditions on their bidding cards or at the auction; make sure you read them to understand what you're buying.