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The author, Tim Luke, can be seen on HGTV’s Cash in the Attic, is co-owner of TreasureQuest Appraisal Group, Inc. (TQAG.com) in Stuart, Florida, and is an accredited member of the International Society of Appraisers.
By Tim Luke
There are defining moments in life that change your destiny. Mine occurred during my tenure at Christie’s Auction House in New York City, when I attended my first formal auction, a sale of Modern and Impressionist paintings. I remember standing in the back of the room taking in the crowd when all of a sudden, an audible murmur erupted as the “Portrait of Dr. Gachet” by Vincent Van Gogh was placed on the auction block. The intensity escalated as the bidding in the room and over the telephone surged to a staggering $82.5 million in less than five minutes! As the auctioneer exclaimed, “Fair warning and last call,” the gavel came down, establishing a then world record for a painting at auction—and punctuating my desire to grab a gavel, get behind the podium and become an auctioneer.A Little History
Whether you want to run an auction or just attend one, there are a few things you should know first. Auctions date back to 500 B.C. in ancient Babylonia, and little has changed over the course of time in the way an auction is conducted. In fact, the basic format for all auctions is the same, regardless of the auction house. It works like this: Goods (food, furniture, artwork, books and even people have made appearances on the auction block throughout history!) or property is offered in lots at a public forum through open and competitive bidding.
Auctions are really that simple, even though they have been portrayed on television and in the movies as intimidating places if you do not know what you are doing. But this does not have to be the case. It is true that most people find it difficult to understand the very fast-paced talking or sing-song sound some auctioneers use. But, while the style of auctioneering can be off-putting if you cannot understand what the auctioneer is saying, all it takes is attending a few auctions and training your ear to understand what is being said, and in no time you will be an old pro.
Beyond furnishings and jewelry, you can often find interesting and unique items at a country auction.
Photo: Bradley Olman
Where To Begin
Auction houses—from the best in the world to your local one around the corner— have one goal in mind: to entice the bidders to get the best possible price for the lots being offered. To that end, an auction can be a great place to find items to add to your collection, to change out your collections or just to pick up a few unique decorative items. For the novice auction attendee, it will help to pay attention to the following ground rules:
• Do not be afraid to ask questions. Auction houses want to sell the items up for bid at the best prices, and it is in their best interest to make sure you understand the process. Ask if the pieces you are interested in are being sold with/without a reserve, and inquire about the buyer’s premium charged by the auction house. (This is the percentage added to the hammer price.)
• If you have never attended an auction before, go to a few first where you strictly observe the process and DO NOT buy anything. This will save you from making costly mistakes. Newcomers at auctions have a tendency to get caught up in the excitement of bidding, and some have experienced buyer’s remorse when presented with the final bill of sale.
• When you have your bidder number in hand, make sure you thoroughly inspect the items being offered; if something sparks your fancy, give it a good once-over. The reason for this is that items offered at auction are sold “as is,” which means it is the responsibility of the purchaser to inspect the lot and to understand that what he or she is buying is being sold in the condition offered, and there are no returns. Remember, once the gavel comes down, ownership for that lot transfers to the winning bidder, so make sure you know what you are doing. •
