Buying wine through a BiBO auction is a simple process.

However, making the most of your bids requires a little bit of art. This is a short article to help you get into the auction successfully and then secure your desired lots efficiently.

Registration

Your first step is to get sign up to BIBO Auctions. Unsurprisingly this entails completing a few short boxes so we can identify you with your winning bids. Once this quick task is completed you are ready to register for an upcoming auction. You will not automatically be entered into every auction, so go to our upcoming auctions page and sign up. If you want to be able to access your bids on the go, all of this can be completed using the app.

Create your shortlist

Ahead of the auction commencing it is useful to browse the lots and make a short list of your targets. It can help to prioritise your favoured lots and the total you wish to ahead of time to avoid paddle fever blinding you at the closing bell!

Plan your bidding strategy

There are lots of different ways to bid on auctions. We studied bidding activity in the BiBO Online Auctions and we saw some patterns emerge, often amongst the more ‘seasoned’ auction-goers. Here are some successful strategies:

Early Bird Bidding

The strategy here is essentially being the first to hold a winning position, i.e. the first to hit the Reserve on a Lot. The hope is that you may get lucky and be able to win that Lot at the lowest possible price, if no one else bids on it.

Bid Spreading

This involves spreading bids across a wide range of items that might be of interest, the idea being you will be alerted to activity (other bids) on these items. You can then review as the auction progresses to see where the best opportunities are.

Last Minute Bidding

This strategy requires organisation and nerves of steel; the bidder creates a list of items they are interested in and waits until the final few minutes to try to gazump those bidders holding the winning position. It’s a high pressure strategy, blink and you miss your opportunity.

Payments

Prior to your first auction you will be asked to provide card details which will be securely held on your profile by our payment provider.

Once the auction is complete, should you have been successful in your bidding, we will contact you to confirm your delivery preference.

If we do not hear back regarding delivery preference within 5 working days, we will assume that the wine is to be held in bond and move the wine into your own storage account with BiBO. You can then choose to pay the duty and VAT at a later date, and organise withdrawal from your in bond account. Should the wines be moved within 30 days, there will be no storage charge.

All successful bids will be processed automatically against the card details on file once delivery preference is confirmed.

Conclusion

There is no right or wrong way to bid at auction, just different strategies depending on how you like to bid. We would recommend trying different strategies and seeing what works best for your personality type and auction goals. Being organised and having a strategy in an auction means you stand a better chance of not missing out on the lots you are most interested in and hopefully winning those lots at the most interesting prices.

Happy bidding!