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21 Oct 2024

Top Tips For Buying At Auction

Iconic Auctioneers Limited Stand: 2-100
Top Tips For Buying At Auction
We sat down with our auction partner Iconic Auctioneers to hear about their top tip for buying at auction.

Familiarise yourself with an auction environment: Auction halls are exciting! They can be full of adrenaline with lots of activity going on, which is why we would always recommend going along to an auction as a spectator before you are looking to buy. Don’t worry, you wont inadvertently make a bid if you itch your nose or nod your head, but you’ll quickly understand what to expect. At the NEC Classic Motor Show our team of experts are always on hand to answer any questions you may have and can even bid for you.

Do your research before you buy: We always offer viewing days prior to each auction, and these are a great opportunity to inspect the vehicle or item along with any associated history files prior to bidding. Whilst we provide photographs, video content and a written description both online and in the catalogue, we still recommend interested bidders attend the viewing day and carry out an in-person inspection. You are always welcome to send a representative to review the vehicle or item on your behalf.

Understand the auction rules: Every auction house will have their own set of terms and conditions and we are no different. When you register to bid with Iconic Auctioneers you are agreeing to be bound by the conditions of sale. These are printed in the auction catalogue, as well as on our website. Always familiarise yourself with these terms ahead of bidding as when the hammer falls, if you were the last to bid you have won the item.

Set a budget and have funds available: Bidding in an auction can be exhilarating, but make sure you don’t get carried away! Be sure to go with a budget in mind and don’t forget that if you’re the successful bidder, you’ll need to add the buyer’s premium onto the hammer price too. With Iconic Auctioneers payment is due in full by 5pm the next working day following the sale, so make sure you have the funds available before you bid. You can view more about fees in the Buyer’s Guide on the Iconic Auctioneers website.

Be aware of the bidding increments: In the case of Commission, Telephone and Live and Online Internet bidding, the following increments apply;

  • Under £1,000 - at the Auctioneers discretion
  • £1,000 - £2,000 - £100 increments
  • £2,000 - £5,000 - £200/300 increments
  • £5,000 - £10,000 - £500 increments
  • £10,000 - £20,000 - £1,000 increments
  • £20,000 - £50,000 - £2,000/£3,000 increments
  • £50,000 - £100,000 - £5,000 increments
  • Over £100,000 - at the Auctioneers discretion

Identification: Here at Iconic Auctioneers we offer bidding in person, as well as online, by phone or via commission. No matter how you bid, you will need to register beforehand and as part of this process you will need to provide one form of photo identification such as your driving licence or passport.

Not everything meets its reserve: Cars, motorcycles and automobilia items in our sales will either have an estimate price or they are offered without reserve, this will be clearly stated in the listing. Within the estimate price there is a pre-agreed reserve price and there will be occasions where lots do not meet their reserve price and the auctioneer passes, leaving the lot unsold. In this instance, you have the opportunity to make an offer to the auctioneer post-sale. These post-sale deals can also be viewed on our website after the auction.

Consider how you will get the vehicle home: If you are the winning bidder, you are responsible for arranging collection of your purchase. Motor vehicles must be collected from the NEC by 2pm the Monday after the sale (Collection times differ according to the auction venue, but it is usually the day after the auction, so please familiarise yourself with them). If you are unable to collect the vehicle yourself, we have dedicated transport partners who can assist with collection and delivery.

So why not come along and view their auction live at the show, everyone is welcome, entry is with an auction catalogue available to buy on the day £20 admits two. Cars will be auctioned on Saturday 9th November with Motorcycles on the Sunday 10th November. More information about Iconic Auctioneers and the items making up this auction, as well as how to register to bid, can be found here: https://www.iconicauctioneers.com/nec-classic-motor-show-sale

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