A Complete Guide to Auctions

"Going, going, gone" is the classic call of an auctioneer, but these days, not every auction is run by an in-person auctioneer. For example, eBay is an online auction site where people bid against each other to win an item. There are also sealed bid auctions, in which people submit a bid without knowing how (or if!) other people are bidding. All sorts of things can be bought in an auction, from a comic book, a work of art, or a comic book to a day at the spa or even an entire house. Auctions can seem overwhelming, but by learning a little about them, you can get a better idea of how to get a good deal.

Antique Auctions

The popularity of antiques is growing with younger buyers, who have seen and embraced the so-called "grandmillennial" style on TikTok. This decorating style is a turn away from more modern, simple looks toward things that look like they came from someone's grandma's house. Buying antiques also gives you something unique with an interesting history and look, something that can spark a conversation or look great in the background of an Instagram photo or Zoom meeting. Whatever someone's reason for seeking out antiques for their home, auctions are a great place to find well-made, beautiful pieces at affordable prices. Like with all types of auctions, it's a good idea to know your budget and how much an item is worth before bidding begins.

Toys and Comic Books

Vintage and antique toys are hot sellers at auctions. The biggest factor in a toy's value is its condition: Toys that have been touched up with paint or had parts replaced are worth much less than toys in original condition. The toys that bring the most money at auction are those that are still in their original packages, unopened. Comic book values are much the same: The closer to mint condition a comic is, the more it's worth. However, rarity and popularity also play a role in how much money toys and comic books fetch at auction.

Sports Memorabilia

Auctions cover a wide range of price points, and nowhere is that more true than in auctions for sports memorabilia. It's possible to buy entire lots of baseball cards for a few dollars, but you could spend more than $12 million on one Mickey Mantle card! An item's rarity and condition are big parts of its value, but so are autographs: Some autographs carry a lot of value for collectors. Knowing which autographs to look out for and how to determine whether an autograph is real are important for sports memorabilia collectors.

Buying Homes at Auctions

Not only is it possible to fill a home with things bought at auctions, but you can also buy the home itself at auction! Houses sold at auction typically come at a big discount, and you may also be able to get a mortgage on one of these homes. One of the most important tips for buying a house at auction is to get there early: Real estate auctions can wrap up quickly. It's also important to bring a cashier's check for a large amount of money: You'll often need to pay at least part of the price of the house right away. Research the rules of the auction you'll be going to to get a better sense of what to expect.

Estate Sales and Auctions

People looking to downsize or those dealing with the estates of deceased loved ones sometimes turn to estate sale companies to sell the belongings in a home. Some estate sale companies now run online auction sites, which make it possible to bid on and win items from across the country. Other companies still host auctions at the home itself. These auctions eliminate the need to pay shipping charges and let potential buyers see the items in person before bidding on them.

Tips for Winning Auctions

The best tip for a good auction-going experience is to have a budget in mind and stick to it. It's very easy to get carried away at both in-person and virtual auctions as the desire to win kicks in! Having a hard spending limit and sticking to it helps prevent buyers' remorse. For bigger-ticket items, it's also a good idea to have done some research beforehand so that you understand right away how to evaluate the condition of an item and how much it's worth.