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March 26, 2010
Demystify the auction house
These tips for making the best of a bid can reap significant rewards.
ASHLEY LETTS
Auction houses may seem like mysterious places. Many people have a notion of an austere auctioneer bellowing bids, his words a dizzyingly fast, barely discernable monotone. The process might seem intimidating at first glance but, as is so often true, braving the unknown can reap significant rewards.
For example, Maynards’ fine art and antiques sales are customarily led by the director of the department, an experienced British auctioneer with a quick grin and ready wit to engage his audience. The room is a brightly lit, modern gallery space with friendly and helpful staff, and there are always items to be found at a rare value. Here are a few hints to help both buyers and sellers get the best value from auctions.
Be a fly on the wall. The best way to become comfortable with the auction process is to see it in action. Be sure to attend a preview (generally scheduled the two or three evenings before the auction) and consider the idea of arriving a bit early on auction night, so that you can look at the pieces you like one last time before you bid. Consider attending an auction or two without the intention of bidding. This will allow you to gauge important factors like the auctioneer’s speed, the increments by which the bids increase and, most importantly, the value of pieces in which you may be interested. Be careful not to form your opinion on a single visit: some auctions are in effect “clean-up sales,” while others are rich with rare finds and valuable items.
Take advantage of knowledgeable staff. When we shop, our first response is often a hasty, “I’m fine, thank you,” when a staff member asks if they can be of assistance. At an auction house or liquidation store, take advantage of the staff’s expertise. Staff members at reputable auction houses are equipped to answer questions about items of interest.
Know your motivation. Are you looking to get a deal on something that is a necessity? Are you a collector seeking something rare? Do your research beforehand and, if the auction house has a similar item, be sure to attend a preview so that you can examine the piece up close. A good starting point is the auction catalogue, which includes estimates of what the auction house thinks the item will sell for. If you have any questions, ask a staff member. At any reputable auction house, you will receive an honest answer.
Pick your price. Pick a maximum amount you are willing to pay and stick to it. Be realistic. Though it’s far from impossible, if the catalogue estimate on a piece is $1,000-$1,500, it is unlikely that you will be taking it home for $300. Having a set-in-stone price will help you avoid the uncomfortable feeling of “buyer’s remorse” should you get caught up in the auction atmosphere and end up paying more than you wanted. In addition to the amount you bid, factor in a percentage for sales tax and the buyer’s premium, a small fee on each sale that goes to the auction house to cover sale costs. Some items have a reserve bid, a hidden price determined by the consignor below which the auctioneer is not permitted to sell the piece. As the auctioneer will sell them at whatever price the bidders offer, items without reserve can be an outstanding opportunity.
If you cannot attend the auction, you can place an absentee bid. This means that you leave a maximum price for an item with the auction house (“in the book”), and the auction house will bid on your behalf up to the maximum you indicated you were willing to pay. If there’s not much competition for the item, your successful bid may be less than the amount you left on record.
Pick your position. Find a seat with a clear line of sight to the auctioneer’s podium that will allow you to see your competing bidders clearly, as well as ensure that it’s your bid the auctioneer is acknowledging. If you’ve already seen and inspected the item on a preview day, you don’t need to see it up close as you bid at the auction. All you need to worry about is sticking to your set price.
Bid! The auction pace can be fast, so be ready to raise your paddle and commit to buying your item. It is a good strategy to wait a few moments after the auctioneer opens the bidding on the lot; if there are no takers right away, he might drop the starting price of the item. If you don’t want to bid further, let the auctioneer know with a shake of your head. If you intend to continue bidding, do so.
As you keep these points in mind, you are prepared to attend an auction. Once the bids start flowing, so does the adrenaline. Don’t be surprised if you find yourself attending auctions just for fun!
Ashley Letts is from Maynards Auction House. For more information, call Jessica Carroll at 604-675-2228 or visit maynards.com.
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