Tips For Bidding on a Poster at Auction

David

Now these tips were in the paper today for bidding at a house auction, but what the hell, you can learn from these 'strategies' at your next poster auction...

1. Hide behind a post, or at the back of the room during the auction

Does it Work? No.

“It’s much better to take a position in the middle of the room where everyone can see you,” says Scott Smith, chief auctioneer of Ray White NSW. “Looking determined, with strong body language is then very important; with decisive movements and everything about you saying, ‘I’m not going to be beaten!’ I’ve seen a lot of people missing out at auctions, time and time again, hiding away at the back.”

VMPF Auction Tip: Matt, I've met you in real life, in your case please stay hidden...

2. Never make the first bid

Does it Work? Not really.

“A lot of people tend to do this but I think you might as well bid first,” says Graeme Hennessy, chief auctioneer of the independent Premier Property Auctions. “It’s not going to cost you anything, as you’ll rarely buy a property on a first bid. But if you’re there, starting the process, then experience shows us you’ll have a better chance of still being there at the end.”

VMPF Auction Tip: Go hard go early, better to be the loser early on with the rest of the mugs than be the under-bidder at the end.

3. Come in with a strong bid early, and knock everyone else out of the park

Does it Work? Yes, sometimes.

“A lot of people try this, especially if they know they really want the property and have a good idea of what it’s worth,” says Graeme Hennessy. “This can prove a very effective strategy as it often takes the competition by surprise.”

VMPF Auction Tip: If you have a budget based on extremely long and careful research which includes a full analysis of the sales on multiple auction sites for the last five years and then placed on a graph in Excel then go right ahead and bid at the beginning of the auction and then, go have a massage that way you're guaranteed at least one happy ending

4. Work off your own instincts on auction day

Does it Work? No.

“It’s important to take notice of your agent’s advice and recommendations throughout the auction campaign, says McGrath chief auctioneer Scott Kennedy-Green. “On auction day, that’s even more important. Give careful consideration to what the agent recommends particularly about the reserve price on the day.”

VMPF Auction Tip:  You collect movie posters, most of your friends think you are weird. Truly, if you had any instincts you would have taken up buying investment properties so do like everyone else and make it up as you go along.

5. Ask, in the middle of an auction, ‘Is this property on the market yet?’

Does it Work? No.

“I think this is a weak strategy,” says Damien Cooley of Cooley Auctioneers. “The owner tends to remember who asked, and feels it’s a crack at them, and sees that buyer as being difficult. And if the property is passed in, they might not want to negotiate with that buyer. It’s only a courtesy that they meet the highest bidder; not law.”

VMPF Auction Tip:  During the auction go to any movie poster forum (I dunno, try this one) and discuss the one poster you are bidding on in a que sera sera manner to throw everyone off the game, especially your spouse, because if they find out you've bought another bloody poster...

6. Hold back throughout the bidding

Does it Work? No.

“The earlier you enter the bidding, the more seriously you’re viewed by your competitors,” says Scott Smith. “Psychologically, it’s powerful being seen early and often. At an auction in Freshwater two weeks ago, the second bidder was there the whole time, bidding until the others gave up.”

VMPF Auction Tip:  Nothing says "wtf am I doing?" when trying to bid on 10 different posters that are closing in 5 minutes

7. Stay silent, then come in right at the end with a killer bid

Does it Work? Rarely.

“The challenge with that is, if an owners seen lots of competitive bidding, then they’re more likely to put the property on the market, meet the top price and sell,” says Damien Cooley. “If there hasn’t been much bidding, they’ll probably pass it in. And then, an owner is much more inclined to negotiate with someone they’ve seen bidding.”

VMPF Auction Tip: The smart ones stay silent until it's all over and then tell everyone, "nahhh there was nothing there for me..." and then kick the dog as you look into your moth-ridden wallet

8. As soon as someone bids against you, bid again immediately

Does it Work? Yes.

“You don’t wait even five or ten seconds, but go straight in with your counter-bid,” Graeme Hennessy says. “It always gives the other bidder the impressions that you’re going to keep going and going and going, and won’t give up. I’ve spoken to the losing bidders afterwards who’ve said the winner who used that ploy made them think they just wouldn’t stop bidding until it was theirs, so they gave up earlier than they might have otherwise.”

VMPF Auction Tip: If that doesn't work arrange then hit them with a hammer or a rolled up daybill, nothing says you got shafted like a rare-original-never-folded Top Gun daybill sticking out of an orifice...

9. Getting a professional to bid for you.

Does it Work? Yes, sometimes.

“If you’re in the room, you’re the one who has to bid as it’ll be your name as the registered bidder and your name on the contract,” says Scott Smith. “But you can nominate someone else if you’re going to be away, at the end of the phone line. That can work well and it means you’re out of the emotion of the auction room, and won’t get carried away by the moment.”

VMPF Auction Tip: The only professionals in this game are the auctioneers, all the rest of us are sadass collectors.

10. Make it clear you’d like a longer settlement, to give the vendor plenty of time to get out

Does it Work? No, especially not now.

“Vendors mostly want to settle before Christmas, so they don’t have to pay land tax,” says Damien Cooley. 

VMPF Auction Tip:  Be a smartass and try and flip it before you have to settle, all the other losing bidders will enjoy hearing about it.

Sven

Haha funny read David with the VMPF tips ...somehow i think there advice is a good way to obtain a maximum price!