Patience, previewing pay off at auctions

"Going once, going twice, going, going, gone! Sold for $12 to bidder number 205." This lucky bidder with a keen eye for value just became the proud owner of a mahogany antique grandfather clock.

If you have expensive taste but can't afford retail prices, start attending auctions. Not only are they entertaining, if you're patient and do your homework, by attending auctions you can eventually furnish your entire house and save a fortune.

Anything can be found at an auction - anything from china figurines, to fur coats, to six-piece bedroom suites, to Royal Doulton china. Best of all, you and your fellow bidders set the price.

Here's some advice for first-time auction-goers:

Practice sessions: Attend one or two auctions to watch and learn first. Talk to seasoned action-goers. They can give you valuable tips.

Advance viewing: Auctions are advertised in the paper, usually in the Classifieds. In the ad, you'll notice a viewing time. A serious bidder will never miss this. Don't be afraid to inspect items thoroughly. Turn chairs over to inspect the construction, open and close drawers, check for damage and replacement pieces - take notes.

Comparison shop: If you're going to bid on pieces, do some homework. Visit local antique shops to get an idea of value. Note items of interest.

Example: You're in the market for an oak dining room table and six chairs. The local antique shop is selling such a table for $400. The chairs are $125 each. The final figure is $1,150. You know the value and you're prepared.

Setting limits: Come equipped with a pad and pencil. Note the items of interest to you. At the same time, write down the maximum you will pay for this piece. When it comes time to bid, be very strict with yourself. It's very easy to get caught up in the excitement and end up with a piece you can't afford.

When to jump: Remember the oak table and chairs you saw at the shop for $1,200? At a viewing, you notice an oak table, six chairs and a server. After thoroughly inspecting the pieces, you're satisfied with the quality and make a note. Come bidding time, the price begins to slow at $650 for the table, chairs and server. The auctioneer says "Going once . . . " Now's the time to make your bid. "Sold for $700 to bidder no. 195!" You just saved $450 and got a server to boot.

Basic equipment: Be sure to bring patience and a sandwich when you attend an auction. often there are more than 500 pieces up for bids, so plan on making a day or an evening of it Relax and enjoy.