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One of the greatest dangers at any auction is the possibility of overbidding. Depending on the kind of auction, this can be very easy to do. In silent and sealed auctions, it is very easy to overbid, because you have no idea what the other bidders are bidding. In a live auction, the intensity of the bidding itself can lead you to overbid. The easiest way to avoid overbidding is to do your research.
Know about the items that you are bidding on. If you can, get a hold of the auction catalog beforehand and research the values of any of the items in which you are interested. Then, prior to the auction, inspect the goods and see if there are any additional factors, such as wear and tear, that you will have to take in to account. Also, take in to account the estimated appreciation the goods may realize in the coming years. Once you have set a comfortable price for yourself, make sure that you don't exceed it when you bid.