AUCTIONS
If you’re planning on visiting an auction house, follow Mark’s tips below for confident and successful bidding, and no nasty surprises…
IF IN DOUBT ABOUT AN ASPECT OF A LOT, ALWAYS ASK THE AUCTION SPECIALIST’S ADVICE. They will handle literally thousands of objects per year in their area, so will o er their opinion, based on both their experience and their expertise.
LEAVE ENOUGH TIME TO REGISTER ON THE DAY OF THE SALE. Also check the auction house’s terms and conditions a week before, as some require certain forms of proof of identity and – especially if you’re planning on bidding on high value lots – bank details or a deposit.
PAY CLOSE ATTENTION TO ANY SYMBOLS NEAR THE LOT DESCRIPTION OR PRE-SALE ESTIMATE. These can indicate that VAT is payable on the hammer price, as well as the buyer’s premium. Be aware and tailor your bidding accordingly to avoid a horrible shock when you come to pay.
HALVING A BID CAN WORK TO ACHIEVE AN ECONOMICAL TOTAL PRICE (for example, calling out, or asking for a bid of £190 when the current bid is at £180 and the next bid would normally be £200). But only do this if you absolutely need to. Don’t do it repeatedly, or at £5 increments, and make sure it’s worthwhile.