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Written by Shaun | 6th June 2023
The thrill of the bid can be both exciting and unpredictable. So how can you improve your chances of placing the winning bid? Follow our five proven bidding strategies to give you the best chance of success in Catawiki’s auctions.
While it may sound counterintuitive, a common strategy adopted by top bidders is placing a high starting bid. The advantage is that other potential buyers may lose interest if the bid amount is high long before the auction closing time. This strategy is rooted in a psychological phenomenon called ‘the anchoring effect’: a cognitive bias that causes us to rely too heavily on the first piece of information we see when making decisions. By seeing a high starting bid, potential bidders are more likely to assume that the object will sell for a higher price.
Of course, there is no guarantee that you will win by adopting this strategy, but it can increase your chances. It’s also good to keep in mind your budget and how much you’re willing to pay beforehand – leaving a little ‘wiggle room’ in your budget for an extra bid or two as the auction progresses makes sure you can compete with any last-minute bidders.
Once an auction starts, you can set up an automatic bid – a convenient way to place bids without having to repeatedly check the auction’s progress. When you place an automatic bid, you input the maximum amount you’re willing to spend on an object, and we’ll automatically place bids on your behalf (by the smallest amount) each time you’re outbid. If your maximum limit is reached, we’ll let you know via email just in case you want to bid higher.
Not only is this strategy convenient for you, but it can also deter others if they’re constantly being outbid in a short period of time.
Jump bidding is a popular strategy in the auction world, which means bidding much higher than the next minimum bid amount.
For example, if you see a bid steadily increasing by small amounts, you can place a significantly higher bid to demonstrate your commitment and put off rival bidders – a strategy that works much like bidding high at the start of an auction.
Typically the most action in an auction takes place at the start and very end. While bidding high at the beginning of an auction can help put off other bidders, you can also adopt a strategy of waiting until the last hour – this is when the real action takes place. For that live auction feeling, stay on the auction page for the final moments and keep a watchful eye on the closing time. This is when you need to think fast, but be sure to have an idea beforehand about how high you’re willing to go.
The thrill of the auction can be felt in full force at the end of an auction, and it’s at this stage where many early bidders have exceeded their budget and dropped out. While this may contradict what was said about the most activity taking place at the start, bidders adopt different strategies, so bidding wars between the last-minute bidders are always possible. So use this strategy with caution.
A common practice in the auction world, ‘sniping’ means placing a bid as late as possible – typically in the last few seconds – giving rival bidders less time to outbid.
However, this strategy is not possible in Catawiki auctions. When a bid is placed in the last minute of a Catawiki auction, the time is automatically extended. We do this to ensure all potential buyers have a fair chance of winning, emulating the experience of a live in-person auction. Think of the extended time as the equivalent of an auctioneer’s chant: “Going once…going twice…” – a final opportunity to give all interested parties a chance to place a bid before the object is sold.
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Ultimately, the only way to win in an auction is to be the highest bidder, but these strategies can certainly help you get there. Ready to start bidding? With over 600 auctions each week across categories ranging from comics to classic cars, you’re sure to find something you love.
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