Placing bids at an online auction is a bit different from attending a live auction. There are a few things you need to watch out for to ensure that you are getting the best deal on your chosen lot. iCollector works hard to make the online bidding process as safe and secure as possible. Still, there are some measures you should take to be extra sure that you are getting the best deal at auction.
Take estimates with a grain of salt
Many lots will list the estimate of what the item will end up selling for. Always keep in mind that this is merely an indication of the approximate value of the lot, not necessarily what it is actually worth. If there happen to be a lot of individuals who are interested in the item, there is a good chance that the price will skyrocket above estimates. However, if few people show interest, then it could end up selling at quite a bargain.
Sniping and squatting
With online auctions, there are two strategies that you are likely to hear about most often: squatting and sniping. Auction squatters get in on their chosen auction early and try to price out the competition with high initial bids. This sends a signal to other bidders that you are intent on procuring this particular lot. If you are planning on using the squatting strategy, be sure to browse the upcoming auctions on iCollector to be sure you are one of the first bidders off the gate. The key is to start bidding as early and often as possible.
Sniping, on the other hand, involves rushing in at the last minute to place the highest bid. The key here is to be as late as possible, leaving no time for any other bidders to even recognize what you've done, much less respond with a higher bid. One of the most common ways that people try to auction snipe is by installing software into their computer that can enter the highest bid a few seconds before the auction closes. This leaves no time for anyone to try to outbid you.
Follow your instinct
Your intuition can be your most valuable tool at an online auction. When browsing the catalogs of the many auctions featured on iCollector, it is easy to feel overwhelmed. Trust that even if you don't have the clearest idea of what you want, you will know it when you see it.
Visit iCollector and start browsing through all the available lots today.