Opening high can be a good way to shorten the auction and reduce risk. Usually, the bidding will begin 20-30% below the actual value of the property, which is why auctions attract bargain hunters looking for a deal. If you’re sure of the price you want to pay and the value of the property, open a little under your budget. This move could cut out a chunk of the bidders, and might even secure you the property outright.
No one can guarantee the outcome of an auction, but hopefully a few simple steps could give you a good shot at staying cool, sticking to the plan, and walking away with what you want, even if that’s your budget intact for next time.