Dispelling the auction myths - Your guide to buying under the hammer

By: Christopher Proudlove

Auction sales are as old as commerce itself, so why not join in the fun? Visit your local saleroom and discover for yourself there's no more civilised way of buying fine art and antiques ... or come to that, 20th century collectables. There’s nothing to fear. Nor should you pay any heed to the old chestnut that scratching your nose might be mistaken for a bid for something you can’t afford. It’s a fallacy!

The reluctance some people might have at bidding in a saleroom is understandable, they can be daunting places. But once you conquer your initial nerves, auctions are a fascinating and often exciting way to buy things for the home.

The newcomer to auction sales would be well-advised to visit the saleroom on a couple of occasions, just to get the hang of proceedings and a feel for prices. Introduce yourself to the auctioneer and tell him or her what you’re looking to buy. You’ll find he is a font of knowledge and he’ll be only too happy to pass his knowledge on to you. He’ll also give you unbiased advice on whether or not pieces in the sale are good buys.

I advise any prospective buyer to purchase a printed auction catalogue, which describes objects for sale, and should give an indication of period, style of construction and size. The better auction houses also give an indication of condition and likely selling prices. However, the onus is still on you to check condition and suitability Time spent viewing and examining carefully the pieces on offer is time well spent. So arrive at the saleroom in plenty of time.

One pitfall in an auction sale is getting carried away and finding yourself bidding far more that you had originally intended. To guard against this, during the viewing, either mark your auction catalogue, if one is available, or make a list of anything you might be thinking of buying with a note of the highest prices you are prepared to pay. When the bidding starts, stick to the limits you have set yourself.

Auction houses charge the buyer a commission, known as buyer’s premium. Somewhere between 10 to 25 per cent is the usual rate of buyers' premium, which needs bearing in mind when fixing your upper limit. VAT is also payable on the buyer’s premium, but many auctioneers including ourselves now charge a VAT inclusive premium. You should check out the saleroom’s charges when you register to bid.

Once the sale starts, remember the auctioneer rules the proceedings. He has the right to refuse a bid, or advance the bidding at a figure to suit him. He can withdraw, divide or combine lots at will and, in the case of a dispute, what he says goes. If there is a dispute, perhaps where two people each think they have bid successfully, the auctioneer will usually re-offer the lot and the bidding starts all over again. The winner between the two would-be buyers is, as ever, the one prepared to pay the most.

When the bidding starts, it is wise to hang back until the pattern of bids is clear. Join in when you think fit, but don't leave it too late, or your bid could be missed. When you make your move, bid calmly and decisively, making sure you catch the auctioneer's attention. If a raised hand fails to catch his eye, make a spoken bid by saying "Yes" or "Here". From then on, the auctioneer will return to you as the bidding advances. By now a nod of the head is all that is required.

If the idea of bidding yourself is too daunting, leave a written bid, known as a commission bid, with the auctioneer. He will buy the lot for you as cheaply as other bidding permits, not at your upper limit as some people think.

If you fancy dipping a toe in the auction water, salerooms always have a large selection of Victorian, Edwardian and 20th century furniture, china, glassware, pictures and collectors’ items. When you become proficient - and hooked on the collecting hobby - you could then graduate to fine sales held periodically throughout the year.

Auction sales are a good day out and buying from them is pleasurable and potentially rewarding - there’s always a chance you’ll go home with a bargain. Good hunting!

Article Source: http://collectibles-articles.com

Christopher Proudlove writes about antiques, auctions and collecting at www.WriteAntiques.com/. The not for profit site is a must-read for anyone interested in collecting.

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