Luke Judge

Jun 11, 2010Stephen Albrow

A large auction house, like Sotheby’s, Christie’s or Bonham’s, can be an intimidating place for the first-time visitor, especially those who are worried that a mistimed sneeze or cough might result in the accidental, multi-million purchase of an unwanted Picasso or antique chest of drawers. But if you love eBay and garage sales and take an interest in art, antiques and collectibles, then don’t be afraid to head along to your nearest auction house just to watch and learn how things take place. And then, when you do spot the lot of your dreams, remember these simple rules for bidding.

• Register with the auction house. In order to place a bid at a live auction, you first need to give your details to the auction house. They will then give you a card with a number on, which you can use for bidding. Raising the card gives a clear signal to the auctioneer, and rest assured, only a clear signal will result in a bid being placed.
• Attend the viewing days. In the week before an auction, the auction house will hold viewing days to allow prospective buyers a chance to view the goods being sold. This is a great opportunity for you to decide which items you like and how much they are worth to you. And don’t be afraid to handle the goods. An item’s worth is often dependent on whether it has any little faults or cracks, so be sure to pick up that Art Deco vase and examine it from every angle.

Buying at Auction – Set Your Upper Price Limit

• Set your upper price. If you find an item you like, then check the guide price in the auction catalogue or online at the auction house’s website. This will give you an estimate of how much the auction house expects the item to sell for. If the price suits you, then choose how much above that figure you would be willing to go before attending the auction. It is easy to get carried away in the heat of the moment and end up bidding far more than an item is really worth, but a strict upper limit set in the cold light of day prevents all that.
• And when setting your limit, remember to factor in the auction house’s commission. The price you pay might be as much as 20% more than the price you bid, so check the commission terms beforehand to prevent any nasty shocks later.

Buyer Beware

Auction houses don’t give refunds for faulty goods – you are paying for what you see – and that makes it all the more important to make sure you attend the viewing days and have a chance to examine the goods up close. If that Clarice Cliff plate has a hairline fracture, it’s your job to find it – and not the auctioneers!

Collecting Antiques – Only Buy Items You Love

Some people might view auctions as a way of making money. By buying items cheap and then selling them at a higher price, there’s a chance to make a tidy profit, but it can be a risky strategy. That’s why it’s always wise to buy items that you genuinely love, because then even if they fall in value you will still have something to treasure forever.

• Antiques expert David Dickinson – David Pickavant

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