Antiques
 

Buying at Auctions

   
 

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Buy the Auction Catalogue

The auction catalogue lists and numbers all the objects, or groups of objects, in the order in which they will be sold. These are known as lot numbers. Pay careful attention to the exact phrasing of each entry.

Read the explanations at the beginning of the catalogue, which will inform you the significance of words such as 'attributed to', 'style of' and 'after'. This terminology tells you the valuer's opinion of the date and authenticity of a piece..

Browse the Estimates

Each item in the catalogue typically shows the price the auction house valuer expects the object to sell for. If there is no estimate in the catalogue, it may be pinned up in the saleroom. If not, you can ask the auctioneer. Estimates should only serve as a rough guide; they are never a guarantee of the final sale price.

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Attend Saleroom Previews

These usually take place a few days before the sale. It is worth going as it is often difficult to view items properly on the morning of the sale. Every object usually marked with its lot number, but objects are rarely displayed in numerical order. If you like something in the catalogue, but can't find it at the preview, ask one of the saleroom staff to help you; it's easy to miss something that is been poorly displayed.

Ask for a Condition Report

If you are interested in a displayed object, ask the auctioneer to write a condition report for you. Most auction houses provide detailed reports on lots where possible. At larger auction houses, you can speak to the expert in charge of the sale if you would like more information about a particular piece.

Find out if You Need to Register

Before the sale, some salerooms require a form to be filled up with your name, address and phone number; some issue a number to hold up should your bid be successful; at others you simply call out your name and fill in a form at the time.

Check the Auctioneer's Commission

Before making a decision about how much you want to spend, remember that most auction houses charge about 10 to 15 percent plus VAT on the hammer price.


Things to do at an Auction:

Set Yourself a Bidding Limit

Pay particular attention to the condition of the piece, and take into consideration the potential cost of restoration (which can be considerable) before deciding on your bidding limit. Choose your maximum price and don’t deviate away from it drastically.

Figure out Your Timing

Some sales can last for several hours. Find out if the lots you are interested in are towards the end of the sale, and how many lots the auctioneer expects to sell per hour to work out roughly when your lot will be sold. If you can't make it to the sale, you can usually leave a bid with the commissions clerk, who will bid on your behalf.

Follow the Bidding

When the sale begins, the auctioneer calls out each lot number, and starts the bidding at a rate slightly below the lowest estimate. As the people signal to him by waving or nodding, he calls out their bids in regular sums or increments.

Attract Attention to Your Bid

It can be difficult to attract the auctioneer's attention in a packed saleroom. Wave your catalogue or bidding card, and don't hesitate to call out if need be. However, if the bidding raises rapidly, the auctioneer usually only takes bids from two people at a time. When one drops out he looks around the room for someone else to join in. You could step in if the item is still within your limit!

The End of Bidding

The auctioneer indicates the end of the bidding by banging a small hammer, called a gavel, on the rostrum, and recording the sale and the name or number of the successful bidder.

 

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