How to Succeed at Online Auctions

Online auctions are both enjoyable and straightforward. The bidding process is essentially the same as at a traditional auction. The key difference? You can bid safely and conveniently, 24/7, wherever you are.

When securing that sought-after item, there are as many strategies as bidders. Tom Österman, Senior Client Executive at Auctionet, has over 35 years of experience in the auction industry. Here, he shares his top tips for success in the online auction world.

Do Your Research

Taking the time to learn about the items you're interested in is crucial for both the fun of the experience and making a smarter purchase. “If you’ve done your homework on the artist or designer, you’ll feel more confident in your decision—and you'll also have a great story to tell your guests,” says Tom Österman.

Auctionet boasts an open archive of over three million items. For example, if you're interested in a particular Danish armchair, you can search for items that are sold and compare the price of a similar chair in mint condition to one with minor wear and tear.

“Of course, inspecting the item in person is ideal, but most auction houses provide plenty of photographs. Make sure to read the condition report carefully. A small scratch on the underside of a piece of furniture may be acceptable for many, but you don’t want to pay full price for something with noticeable damage."

Set a Budget – and Stick to It

"When I bid on an online auction, I set a firm limit for what I’m willing to pay and enter my maximum bid. It’s a simple and reliable way to stay within budget,” explains Österman.

Auctionet’s system keeps your maximum bid hidden. Whenever someone outbids you, the system automatically raises your bid to your preset limit. It’s convenient, so you don’t have to worry about it, and you’ll receive a notification if someone exceeds your maximum.

Tom Österman, Senior Client Executive at Auctionet.

“Then it’s up to you whether you want to continue. Perhaps you’ve envisioned the item in your home and feel comfortable going a bit higher, or you may decide to let it go and move on.”

Setting a max bid early means you won’t miss out on last-minute bargains. “There’s nothing more frustrating than forgetting about an auction and realising afterwards that the item sold for much less than you were willing to pay.”

Let Desire Guide You (At Least a Little)

Looking for items that no one else seems to want, hoping to score a great deal, is a form of self-deception, according to Tom Österman.

“To truly be happy with your purchase, follow your own taste. Look for items you genuinely love. Use your heart, and listen to your desire. If you really like an item, you can often justify paying a little extra and still be content. If you’re unsure about something, no amount of savings will make you happy in the long run."

“To truly be happy with your purchase, follow your own taste. Look for items you genuinely love" says Tom Österman © Stockholms Auktionsverk

And don’t forget the resale potential – most items you buy at an auction can also be sold at one.

“That’s especially true for items that have attracted multiple bids. If few people are interested, potential buyers may hesitate. They might think, ‘If no one else wants it, maybe I shouldn’t either.’”

Avoid Being a Last-Minute Bidder

When new items appear on Auctionet, early bids are usually followed by a quiet spell. As the auction nears its end, more people enter the bidding war, and the final minutes can become frantic. You won’t need to worry about being outbid if you've already placed your maximum bid.

“There are always those who swoop in at the last moment. Personally, I don’t subscribe to that philosophy. The auction is extended by three minutes when a bid comes in with less than a minute remaining. So you can’t really outsmart other bidders in that way. Plus, there are unnecessary risks. Who knows where you’ll be when the auction ends? You might be on the tube, losing reception or stuck in an important meeting.”

Last-minute bidders are also more likely to get caught up in the heat of the moment and place bids that are much higher than they intended. Impulsiveness is definitely not your friend in these situations.

Make the Most of Auctionet’s Features

While it’s wise to check the site regularly for new listings, you can also set up ‘watchlists.’ For example, if you’re hunting for a table lamp, you can set a reminder and receive an email every time one is listed.

“At the moment, I have rococo bureaus on my watchlist. 18th-century furniture is, in general, very affordable right now. A bureau that cost 7,000 GBP 20 years ago is going for a fraction of that today.”

Experienced auction buyers frequently use saved searches to track their desired items, and Auctionet’s 'My Page' feature is a fantastic tool for this purpose.

Stay Emotionally Detached

The world of auctions is about strategy and psychology, and it pays to keep your emotions in check. Österman confesses: “Even though I’m an experienced bidder, I still get frustrated when I’m outbid. That chair was already in my kitchen! It can stir up my temper, which is a dangerous thing.”

© Stockholms Auktionsverk

One way to maintain emotional control is to avoid visiting the auction site too often.

“If the auction lasts ten days, I’ll only check in a few times. If I catch myself snooping every day, I know there’s a risk I’ll overspend. But on the other hand, I constantly want to find new items, so it's a difficult balance.”

Don’t Forget the Shipping Costs

Even if the item you love is in another city or country, it's no problem. Every item on Auctionet has a fixed shipping cost, so you can easily calculate shipping costs from Madrid or Newcastle. Add this to the final price — it’s part of your research.

"Finally, I just want to say that auctions are some of the most fun you can have, and you’re also contributing to a circular economy. It's a win-win."

For a more detailed guide on placing bids at Auctionet, click here.