Are you looking to purchase a firearm and want to do it through a gun auction? If so, it will help to know a few things to expect during the auction process.
Signing Up
You start by signing up for the auction so that you can place bids on firearms. You'll need to give identifying information to the company that is running the auction, which includes providing ID. You may also need to provide a curios and relics (C&R) license, which prevents you from paying any transfer fees and having to go use a third party to make the firearm transfer. If you are into purchasing antique firearms, you are likely already familiar with the license and the benefits it can provide. You'll be given an auction number that is tied to your account, which can be used for placing bids during the auction.
Previewing The Lots
It is common for gun auctions to sell the firearms in lots, which means that they are sold together with several firearms. This is done to speed up the auction process and to ensure that sellers are able to offload multiple firearms that they want to sell. You'll have the ability to preview the different lots in person so that you can pick up and inspect the firearms that are being sold. Even if you want one firearm from the lot, you'll need to bid on the entire lot to get that firearm. This means that the firearm that you want could be paired with a few that you do not want. You can make note of the lot number to see what day the firearms will be up for auction.
Keeping WIthin Your Budget
If you go to the gun auction with a budget in mind, it is important to know all of the potential costs you could face in addition to what you bid on the lot of firearms. Some auctions will include a buyer's premium, which is an additional fee that you must pay in addition to your bid amount. There is also sales tax to pay in some states, even if the firearms are being transferred to you in a different state. If the firearms are being shipped, you'll also need to pay shipping costs.
Bidding During The Auction
Make sure you are aware of minimum bids that are required during the actual auction, which could be in $50, $100, or $250 increments. It is also possible for the minimum bid increments to increase as the cost of the lot goes up in price. There can be some strategy of placing the last bid before a jump in the minimum bid increase. For example, there may be $100 bid increments up until a lot reaches $2,000, and then a jump to $250 bid increases beyond that. It would be in your best interest to place a bid at $1,800, wait for someone to bid $1,900, and then lock in a bid at $2,000 to make the next bid substantially bigger for rival buyers at $2,250.
Use these tips to have a good time at firearms auctions.
