The Ferrari 599 GTB Fiorano China Limited Edition which has a special paint finish was won by an anonymous bidder from Shanghai yesterday.

We spoke with RM Auctions car specialist Peter Wallman for tips on buying a car at auction.

Difficulty: Medium
Time: One day
What it's worth: Owning a unique or bargain model

What you need:

• Auction catalogue
• A car in mind
• Proof of ID
• Access to the auction location, a phone line or a computer
• Money

Directions:

1. Buy and view the catalogue of the auction you're interested in.
2. Pick a car you want to buy.
3. Do your research - find out everything you need to know about the car you're interested in. Read Auto Trader car reviews or speak to a specialist at RM Auctions about classic models. Peter says: "Study the catalogue description very well. Auctions are all about good preparation, and the general car buying rules still apply."
4. Decide whether you want to be present at the auction or bid from home.
5. Register to bid by contacting the auction house. You can usually do this by phone, fax, email or post.
6. You may have to provide proof of ID, so have your driving license or passport number ready.
7. Arrange to view a car as soon as possible - this is especially important if bidding online or over the phone. Peter says: "Budget well and check the car over properly - sellers will always make a car look great, but this doesn't always mean it's perfect mechanically."
8. If it's your first time at an auction, try to go with someone who has experience.
9. You may not be able to take a test drive, but these can occasionally be arranged - contact the auction house well in advance and express your enthusiasm for the specific lot. Peter says: "Don't forget to find out the car's value. Auctions are a great way of discovering a prestigious car's value by looking at the final sale price from previous auctions."
10. Ask to see the document file relating to the car, which includes bills and restoration invoices.
11. Is the car an import? If so, there could be extra taxes to pay.
12. Get insured, otherwise you won't be able to drive it home. You can usually arrange to have the car put in storage via the auction house, but they may not take responsibility for this and you'll have to pay more.
13. Set a budget and stick to it. Have three prices in mind:

• A great deal
• A fair price
• The most you're willing to pay - avoid going over this

14. Bid for the car you want. You can even place a 'proxy bid' before the sale, but you may not be able to bid higher if you're not present. Peter says: "Remember, prices can go up and down. Final prices vary greatly depending on the lot."
15. If you bid the highest, you'll be expected to pay by the first business day following the sale.
16. Credit cards aren't always accepted, so try to pay by cash, cheque or a money transfer.
17. Pick up your car. Delivery to your home address can occasionally be arranged.
18. If a car is misrepresented in the catalogue or contains incorrect information, then you may be able to take action. But usually a sale is final.

View more ways of buying a car:

View every car from this year's £10.9 million RM Auction in London.

For more information on owning a supercar read our supercar buying guide.

Thanks to RM Auctions for the image and tips.