Going, going, gone: When the bidding gets fast and furious
It’s easy to overspend at an auction, especially if you’re unfamiliar with the ins and outs of how they work. To help you avoid costly mistakes, seasoned auction-goers from across the country share some essential tips to keep in mind before you start bidding.
If there’s a catalog available, read it thoroughly. Many people skip the introductory sections outlining the terms and conditions, but that’s a mistake. These details often provide subtle insights into how the auction house views certain items. For example, if a piece is described as “in the Chippendale style,” it likely wasn’t made during the actual Chippendale period (mid- to late-18th century).
Make a note of your intended bids directly in the catalog, and remember to factor in additional costs. On top of the hammer price, you’ll typically pay a 10% buyer’s premium—or 15% at major houses like Sotheby’s and Christie’s—plus sales tax. Stick to your predetermined budget. Auctions move quickly and can be thrilling, and it’s easy to end up bidding $300 when you only intended to go up to $200.
Avoid Bidding in This Case
Avoid bidding on anything you haven’t personally inspected or that gives you a bad feeling. Doubts tend to grow over time, and an uneasy purchase can turn into long-term regret. During the preview, stay close to the items you’re interested in. If you’re eyeing a particular table, stand nearby as others—potentially more knowledgeable than you—examine it. Pay attention to their comments.
You might also consider hiring a dealer to bid on your behalf; they typically charge around 10%. You can find reputable dealers through magazine ads or by attending antique shows. These shows offer a level playing field—both you and the dealers have paid to attend—so it’s a good environment to assess their expertise and inventory. In the world of art and antiques, knowledge truly pays off, so seek out the top experts in the field.
Focus on materials with a solid history of holding their value through economic ups and downs. Chinese export porcelain, Delftware, early metalwork, Old Master paintings, and drawings are all reliable choices. Signature pieces by renowned craftsmen are also likely to retain their value over time.
It’s wise to observe which dealers are bidding and how they operate, but take their comments with a grain of salt. Dealers tend to stop bidding at prices near wholesale, so if you outbid them, you’re likely still within a fair retail range. Generally, auction estimates are reliable indicators; when items sell above the estimate, they are often among the best in the lot.
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