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Thinking About | Buying At Auction | Or Going To An | Antiques Fair
Date: Wednesday February 22, 2012
The first and over-riding rule of buying at any auction is 'Buyer Beware'. The auction house will have covered itself in multiple layers of disclaimers. If possible obtain a catalogue prior to viewing, all of the larger auction houses, and most of the smaller ones will produce catalogues.
I'm rapidly getting to the opinion that if there's no catalogue available, don't bother. You will be advised of a time or times for viewing the lots. Make good use of it. Attend the viewing with plenty of time to examine the items which you have already seen described in the catalogue.
Check hall marks, examine furniture, look closely at porcelain, china, glass etc. Use your finger tips to 'see' rims, edges, teapot spouts, in fact almost anything. Sometimes you will see a dealer or very experienced collector use their teeth and bite a piece of porcelain, or china. They're not tasting it. The teeth will 'find' an area which has been restored. Difficult to explain, but it just 'feels' different. Don't be afraid to take and use a magnifying glass or jewellers eyepeice. Read the catalogue description with some care. Be aware of how descriptions have been phrased.
'Attributed to' does not mean 'produced or made by..... similarly in the style of means precisely that, no more. The term 'carrying a Minton backstamp' is a perfectly valid entry, but does not claim that the piece, delightful as it is, was made by Minton. Ask any solicitor. For those new to the auction game the phrases 'distressed' and 'in need of repair/restoration' can mean anything from minor cosmetic damage to a complete wreck with no value at all. It is common practice to use the initials A/F within a catalogue description. This means that the piece is being offered 'As Found' and informs us that there is some damage somewhere on the item. The price should reflect such damage.
During the viewing there will be a number of auction house staff patrolling the venue. They are there for a number of reasons. To stop theft, obviously, but also to keep an eye on us prospective buyers to ensure that we don't move bits or change lot numbers etc. Cultivate their friendship, they are decent people" mostly. The best sound I hear in any auction room is one of the staff saying to me "Hey Rodge, have you seen.... ".
They are also invaluable in getting an idea of how much interest has been shown in a certain lot. Just ask them, they will normally tell you quite openly. If I know that I am the only one to have examined a certain piece of Doulton or Coalport or whatever, then I could easily be on to a bargain. If the whole world has looked at a piece, and it's been up and down like a yo-yo, don't bet on the bidding being low.
This is a good time to find out just how the auction house runs it auctions. More and more houses now use a 'paddle' system for bidding. Prospective purchasers should register themselves with the auction house prior to the sale and obtain a 'paddle' or bidding number.
Once you have viewed and checked, try to give yourself some thinking time.! invariably retire to a cafe or local hostelry where I can pore over the catalogue again, decide on my bidding limits, and check that there is nothing more I need to look at If needed I can always go back to the viewing and review an item. When deciding on your bid limit, remember the dreaded Buyers Premium, and then the even more hated VAT
A hammer price of £100 with a 10% buyers premium becomes £110, then we need to add VAT on the premium giving us a buy price of £111.75. The catalogue wiII usually state if there is VAT to be added on the hammer price, dread the thought. The auctioneer will normally remind you as the lots come under the hammer. Most dealers, when bidding, are calculating 'total' cost as the bidding proceeds. Quite straightforward with a little practice. (end of part 1)
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