Attending a gun auction can be both interesting and exhilarating. However, all that excitement can cause you to get caught up in the moment when you’re bidding and, let’s face it, many items are too expensive to be buying without paying attention to the bid amount. There are also other pitfalls to avoid paying too much at auction. When you come prepared with a game plan, you can leave with the items you want and more money in your wallet. Here a few simple tips to remember to ensure that your bidding experience is a good one.
Research Prior to the Auction
Many people make the mistake of coming across an auction flyer and simply attending the event without a second thought. This can cause you to feel in over your head once you attend the auction because it might not function how you assumed. Doing a good amount of research before you attend a gun auction is crucial to understanding how they work and how to give yourself the best chance to win.
Know Your Guns
If you know a specific gun will be showcased in an auction, take time to look up the gun and find out the current value. Most auction companies, like Rock Island Auction Company, will list and display the guns up for auction. This allows bidders to get an estimate beforehand. Rock Island Auction Company is an auction company in Rock Island, Illinois and deals exclusively in firearms, militaria and bladed weapons. It was founded in 1993 by Patrick Hogan and the company hosts several auctions each year, including online auctions. RIAC is among the best of the best. Even with some information available, do your homework in advance to avoid overpaying.
Be Familiar with the Fine Print
There are fine prints in most auctions about winning the bid. These include the methods of payment that are accepted when you win. For example, auction houses almost always charge a buyer’s premium from the winner. In order to avoid mishaps and last minute bad news, ensure that you are familiar with the fine print and know what it is that you’re getting into.
Ask Questions
Many auctions do not allow guns to be tested on location or they are simply online auctions. Since this is often the case, ask as many questions of the auction house as it takes so you are comfortable bidding on the item. Request photos if necessary. If the auction house has a preview of the items, be sure to attend or send an agent/friend to inspect the guns you are interested in. You have a right to know about the item you are spending your money on.
All in all, gun or firearm auctions are exciting and fun even if you are not bidding. It is a lot of fun to just attend an auction and learn about the unique antique firearms. But if you are bidding, do not be afraid to come in with a game plan, so you can leave with a great gun and no regrets.