09/05/2013 12:23 EDT | Updated 11/05/2013 05:12 EST

Be Bold, It's Sold: Auction Etiquette 101

The rules of the game -- Part One

After 15 years on the auction circuit, we know how to turn a single night of work into thousands of dollars in profit. In fact, we've bankrolled family vacations, our daughter's tuition and a complete home reno with auction earnings alone. And we just keep coming back for more.

This world is not for the faint at heart as big risks reap big rewards! But, there's ALWAYS money to be made and that's what matters. If you want to be a player, you need patience, perseverance and balls of steel. Do you have what it takes?

At every auction, there is a code-of-conduct that buyers are expected to follow. Over the years, we have witnessed people who have been asked to leave the auction because they were too loud, their kids were running around or they got caught opening up boxes -- a MAJOR no-no in this world.

It is really embarrassing to be singled out by the auctioneer in front of all those people, the room goes silent and all eyes are now on you; you don't want this kind of negative attention, trust us!!!

Here are some basic guidelines for auction etiquette that will help you avoid becoming a target...

Know the house rules

Each auction has its own set of house rules and if you don't obey them, you could easily find yourself out on your butt. Make a point of learning the auction house rules; inside and out. The auctioneer will often list the house rules at the beginning of the auction; pay close attention so you don't miss anything. This will help you avoid embarrassment later on.

Respect the auctioneer

During an auction, the auctioneer has the last word. Don't try to argue with him/her or you will quickly find your bids being ignored. Use your bidding card and get it up high so he/she can see you. Don't try and get the attention of the auctioneer by whistling at them, this is a BIG no no. If the auctioneer can't see you, it's your responsibility to get in his/her sightline!!!

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You bid, you buy

There's no such thing as buyer's remorse in the auction world. So if you make a bid, be prepared to open your wallet. Be sure to preview the sale beforehand, as this is your opportunity to do proper research and inspect all items and their condition. It's your responsibility to check all items to make sure they are complete, intact, factory-sealed and not expired. If an item is not new, there is still a possibility that you can make money on it, just do your research because once the gavel drops it's all yours.

Next week we will share part two of the rules of the game -- you need to know how to be a player in order to win big at the auctions!

Watch Mr. & Mrs. Hollywood on their new auction hunting series Lost & Sold on Mondays with back-to-back episodes starting at 10PM ET on Slice.