Collecting 101

1.

Do Your Homework

Though you may have your heart set on a 1960s MG, a 70s Jaguar or a 1980s ‘hot hatch’, you should always aim to learn as much as possible about the model you're hoping to buy so you truly ‘know your product’. Have some idea of what a fair price would be, as well as the potential running costs such as maintenance and insurance, and keep in mind that mileage, condition and the provenance (history) of a car can increase or reduce the value.

Bonhams will always publish the sale list or catalogue online a few weeks prior to the auction, and these can be viewed on Bonhams.com or the Bonhams App. Each lot is described with a 100-point condition report alongside a gallery of images.

2.

Set a Budget – and Stick to it!

It is very easy to get carried away in the saleroom, so we suggest you always set a budget and stick to it before you start bidding. Check the small print – read the ‘conditions of sale’ and check the buyers’ fees (knows as buyers’ premium) before you bid so you know what the final total price is and avoid any surprises!

3.

First in Line

Ahead of our auctions, potential buyers are welcome to attend our preview events in person so they can take a closer look at any vehicles they may be interested in buying.

Ensure you arrive early, giving yourself plenty of time to speak with the specialists or even sellers who will be able to answer any questions you may have. Check any related paperwork to make sure you are happy with the condition and originality of any lot you are interested in before bidding.

You will also need to register in advance of the sale; Whether you do so in person, online or through the Bonhams App, make sure that you have all the necessary documents on hand – photographic identity and proof of address (passport or driving licence and a utility bill).

4.

Auction Day

The auctioneer’s job is to help make the auction as clear and straightforward as possible. They will always provide information about the vehicle before bidding begins, including service history information, MOT test and mileage details, along with any additional information (known as ‘Sale Room Notices’) which may have come to light after producing the catalogue.

There are many ways to bid in a Bonhams auction, including over the phone, via the Bonhams app, or in person. If you choose to attend the auction in person, make sure you stand in the hall where the auctioneer can see you and when you're ready to make a bid, signal clearly. When the reserve has been met (the minimum price that a seller will accept) the highest bid offered is the one that will secure the lot. The auctioneer will give ‘fair warning’ before dropping the hammer and declaring the lot ‘SOLD’!

5.

No Takebacks!

If you’re the successful bidder, congratulations! You can drive your new car away from the auction but on the fall of the hammer, the lot is at the ‘buyer’s risk’ so you must make sure you are road legal – with road tax and insurance cover in place.

It may sound obvious, but make sure you have the means to pay. Once the hammer falls the car is yours – you have entered a contractual agreement and can’t change your mind.

To stay up to date with news from our global motoring team follow @bonhamsmotoring on Instagram.