What is a common mistake that first-time bidders make at auctions?

Failing to set a budget is a common mistake that first-time bidders often encounter at auctions. When individuals enter an auction without a predetermined budget, they may become swept up in the competitive atmosphere and end up bidding more than they can afford. This lack of financial planning can lead to regret after the auction, especially if they win items that strain their finances. It's crucial for bidders to establish a clear budget beforehand to ensure they participate responsibly and remain within their financial means, allowing for a more controlled and enjoyable bidding experience. Setting a budget also helps bidders to be strategic in their decisions, focusing on specific items of interest without getting sidetracked by impulse buys or the competitive nature of the auction floor.