Any advice on bidding at a business asset or liquidation auction sale?
Know your top price before you begin bidding. Don’t, however, be stuck on the notion that you should only buy something if it’s dirt-cheap. Auctions can save you money — sometimes allowing you to buy at 10ยข on the dollar. Often, though, competition doesn’t allow such savings. Therefore, consider what something would cost you if you purchased outside of the auction format. Also consider if you will be able to find the item elsewhere. Then set your price at what you can afford. Remember, if you need something, a 20% savings is a 20% savings. There are many philosophies on how to bid successfully at an auction, but the bottom line is if you are willing to pay more than anyone else, you will win the bid. The auctioneer may start the bidding by asking for a specific price or may take a bid from the audience. If a bid is requested, you may want to throw out a bid below what you are willing to pay. While you can try bidding any amount, you will only slow down the auction or be ignored if you
