If you think auction houses are only for those who can drop millions on rare art, you’re entirely wrong. Every day, hundreds of items go up to the gavel, everything from antiques to new furnishings. While the eight-figure transactions make headlines, deals do abound.
“In my experience, auctions are a great place to find great deals – and maybe even more so today,” Pam Kueber of Retro Renovation told HuffPost Home. “That’s because some 10,000 baby boomers are retiring daily and increasingly, they are downsizing – or just clearing out the accumulated clutter of decades. All that stuff needs to go somewhere, and impatient boomers may just call a local auction house and say, “Get this stuff out of here — now!”
Blogger Victoria Elizabeth Barnes frequents auctions in the Philadelphia region, finding everything from an oversized antique mirror for $65 to a fabulous old sofa for $200. She acknowledges that there is an element of risk involved in finding such treasures.
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7. Remember the buyer’s premium.
Wakefield says that this is the price — usually 10% to 20% of the final purchase price — that’s tacked on after the item sells. Occasionally, an auction house will offer a discount on the buyer’s premium if you pay in cash, so definitely check beforehand.
8. Remember: There is always more stuff out there.
“If you lose the bidding war, don’t fret!” Kueber says. “Seriously, there is plenty more stuff heading out of houses, basements, attics, garages and storage sheds every day –- and for many years to come. Yes, your own house will likely be so full of stuff at retirement, you’ll want to ship it all to an auction house, stat!”
