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If you are new to auctions or have never attended one, knowing how auctions work ahead of time can help make your auction experience stress-free! You attend an auction, bid on an item, and you have won, what happens next? In this blog, we will discuss what paying for your auction items can look like and a few helpful tips when it comes to paying for items at your next auction.  

1. Each Auction House Is Different 
   • It’s important to know that every auction house handles payment for auction items differently. Be sure to research ahead of time so you can be prepared on the day of the auction.  
2. Set Your Limits 
   • When attending an auction, it can be easy to get carried away and end up overspending. By setting limits before bidding and sticking to them, you will stay on track and only spend what you planned on.  
3. Make a Budget  
   • Before you attend an auction, it is very smart to create a budget to help you know how much everything will cost and what you are able to spend on the day of the auction. When creating a budget, don’t forget about things like fees, taxes, and buyer’s premium. 
4. Check Payment Methods  
   • Be sure to know which payment methods are accepted ahead of time, so you don’t run into any issues the day of the auction. Find out if payment is due when the item is won and if they accept cash, credit, checks, or others.  
5. Make Delivery Plans Ahead of Time  
   • After you have won an auction item it is important to have a plan on how you will transport it. Will you pick up the item yourself or have it delivered? Having a plan will help you attend the auction prepared and will ensure that you get all of your items in a timely manner.  

When paying for auction items the most important thing you can do is to plan ahead. You don’t want to be scrambling or rushing the day of the auction and you definitely don’t want to overspend. Creating a budget, setting limits, and researching the auction house policies beforehand will help set you up for success! Visit our website to find your next auction to attend and contact our team with any questions.