7 tips for Chicago auction shopping

Want a yacht to take out onto Lake Michigan, but not sure whether you can afford the payments? Looking to buy a car that tells your clients they're dealing with someone who's successful? Maybe you want to sell the antiques collecting dust in your attic to furnish your more contemporary North Shore home?

Chicago residents and business owners can find almost anything they need from furniture to real estate and vehicles at auction. Great deals can be found at government auctions as well as a variety of private auction houses throughout Chicago.

Consider these tips before you head out to your next auction:

1. If possible, check the items for auction ahead of time so you're prepared, know whether there are items you want, and to help determine how much you're willing to pay.
2. If auction items are antiques, collectibles or historically significant, make sure to check their provenance or chain of ownership.
3. Verify which forms of payment are accepted.
4. Carry a pen and paper,take notes and don't forget to bring a photo ID.
5. When you register with the auctioneer’s staff, be sure to ask if there is a buyer’s premium before you begin bidding. A buyer’s premium is an additional fee levied by the auction house that does not go to the item's seller.
6. Before you make a bid, confirm whether or not delivery is included or if you'll need to make your own delivery arrangements.
7. Remember, if you do place a winning bid, you have entered into a contractual agreement to purchase the item, so you’re on the hook for the payment.