Upon the retirement of the founder, a venerable men’s clothing store is closing and will auction all of its inventory, display cases, and signage. As someone with significant experience buying at English auctions, how might you advise potential buyers?

Maintain a high level of excitement and emotions during the bidding process.

Be sure to use a segmentation mechanism.

Bid your full valuation early in the auction.

Beware of overpaying because you’ve overvalued the merchandise and are excited during the auction.

Buyers must be sure to avoid the winner’s curse, which occurs when they pay more than they’ve valued the items.