How do I avoid overpaying when the bidding gets competitive?

The best protection is deciding your top price before the item comes up. Research comparable sales, look the item over during preview, and set a firm limit that includes the buyer's premium and any sales tax.

During the sale, remember that the person bidding against you may simply want the item more, or may know something you do not. Neither is a reason to keep going past your number. Many experienced buyers stop at their limit and let it go, knowing that similar items come up again.

If you are prone to auction fever, consider leaving a written or online maximum bid with the auction company instead of bidding in person. That way your limit is set in a calm moment, not in the excitement of the room.