Each auction house has its own policies and procedures, but here are some guidelines, offered by Maron Hindman, managing director of the west and southwest office for :
1. Check out the catalog online to familiarize yourself with what’s going to be for sale and the estimated sale prices. Estimates are based on past sales of similar items and are only guidelines. (Sales prices often go higher or lower than estimates. The auction house also reserves the right to let an item go unsold if it fails to draw a minimum price required by the seller.)
2. Attend the pre-sale exhibition prior to the auction to be able to inspect items and evaluate their condition. Staff members at the preview can advise bidders on any aspect of the bidding process.
3. Bidders can request a condition report or additional photos of items, but should be aware that all items are sold “as is.”
4. Register in advance to avoid waiting on auction day.
5. Read the instructions for prospective buyers and conditions of sale for the auction, which will let you know such things as how to bid, when payment is required, how to get items shipped, the amount of commission that will be charged, etc.
6. Set your own bidding limits and keep in mind that you will also be charged fees and taxes. In the case of the Eron Johnson Antiques auction, for example, lots will be subject to a 22 percent buyer’s premium on top of the hammer price (24 percent if the buyer is going through ). State sales tax will also be charged.
7. Bidding can be done multiple ways: in person by paddle; live bidding through the auction house website or via liveauctioneers.com; via an absentee bid with the house, and by telephone during the auction.
8. Avoid auction fever. Once you raise your paddle to make a bid and it’s acknowledged by the auctioneer, you’ve committed to purchase the item. If you’re afraid you’ll get caught up in the moment and overbid, leave an absentee bid with the auction house for what you’re willing to pay.
9. At the same time, don’t let an item you really want get away. “We talk fast but don’t worry. Before the gavel falls, we give ‘fair warning,’ ” Hindman says, noting it’s not unusual for the house to sell 75 to 100 lots per hour.
10. Be prepared to pay for and pick up your items within a certain number of days. In the case of the Denver antiques auction, sales must be completed within five business days after the event.
Finally, have fun, relax and grab a paddle.
