AN INSIDER’S GUIDE TO AUCTIONS
Do Your Homework Find out about upcoming sales by looking at Artnet.com, Artprice.com, Art
+ Auction magazine, and making sure that you’re on the mailing lists of all the relevant auction houses.
Time it Right The day sales are more affordable. It’s during the evening that the major headline-making auctions are held.
Know What You’re Buying The auction house should provide you with details of provenance. You can also ask for a condition report, which will let you know if there is any damage not immediately evident.
Act The Part To make sure that your auction goes smoothly, leave enough time to register before the piece comes up for auction, then once you’ve got a feel for the rhythm and interest in the room, calmly make your bid. Don’t go over your budget and show your paddle to the auctioneer if you are successful.
Make Your Bid Whether it’s in person, via telephone or online, absentee—all options are fine. When you’re at the auction you can gauge the momentum of the sale, while bidding over the phone or online allows for anonymity and lets you take part in the auction from the comfort of your home. Absentee bidding, where you tell the auction house your maximum bid, also allows for convenience.
Be Aware Of Hidden Costs Auction houses levy a charge called the Buyer’s Premium and it’s usually between 20 to 25 per cent of the hammer price. You also need to bear in mind that there could be import duties, VAT / GST, storage and shipping fees. You can follow Malissa's buying trips on her new blog malissadesmazieres.com