GOING GOING GONE A Guide to Buying Antiques & Collectables at Auction
About Us Celebrating 27 years in business in 2017, UKauctioneers.com is the UK’s first and original auction portal website, featuring fine art, collectables and antiques that are coming up for auction at salerooms all over the UK. UKauctioneers.com gives collectors and dealers the world over access to a vast database of items, allowing them to browse and bid from any place at any time. Bidders can easily search for the lots they are interested in, are regularly notified by email about newly added lots, and are kept updated via a number of social media streams. Our Guide to Buying Antiques and Collectables at Auction is the perfect read with practical and useful advice for beginners to the auction world
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Introduction Shopping for furniture and homewares is fairly straightforward; there’s a ticket price and, barring a shot at haggling, that’s the price. Full stop. On the other hand, there’s the intriguing and potentially bewildering world of buying at auction, where there’s no clear pricing but the possibility of bargains is enticing and very real. “There’s a great buzz about auctions, it’s an addiction and once you’ve bagged your first bargain there’s no going back” says one seasoned auction-goer”. So nothing quite beats the thrill of buying at auction, however, it’s undoubtedly the potential for breathtaking savings that makes it worth stepping out of the retail comfort zone when shopping for quality furniture and collectables. Many first-timers feel intimidated when attending an auction, but there’s no need to be and this guide will help to show you the tricks of the trade and show you how to be a successful bidder at auction. Our advice is first to familiarise yourself with all the procedures before you decide to take the plunge. The first trick to buying successfully at auction is, don’t bid right away.
How to Buy at Auction
Initially, just identify the auction houses near you and start to drop in for viewing times to get a feel for the environment and what’s available. It’s best to go to the auction rooms that service areas where wellheeled clients are selling off their treasures and baby boomers are getting rid of their furniture to downsize Viewing and auction schedules vary, but most firms offer at least a full day and evening, with specialist auction houses generally providing extended viewing. You can also view upcoming auctions online, see if there’s anything of interest in the online catalogue and then go to the viewing to thoroughly check it out.
Bidding at Auction Most auction houses provide a catalogue prior to the auction listing all the items for sale. They are obtained either directly from the auction house or viewed or downloaded from a web site such as www.ukauctioneers.com. They all have the same things in common. They contain valuable information about the items for sale including a description, provenance and estimates - a price range showing what the auctioneer expects each lot will make at the auction. These estimates are intended only as a guide. Sometimes a lot sells well above the printed estimates, depending how keen bidders are to acquire it. Most lots have a reserve price. This is the minimum price at which the owner is prepared to sell his property. Reserves are confidential between the seller and the auctioneer. They are agreed before the sale and are never disclosed to buyers. Objects are occasionally offered “without reserve”, indicating that they are for sale at any price, however low that might be.
Note: All catalogues listed on the internet should include the saleroom’s Conditions of Sale. You should read these carefully as they differ from company to company. In addition to disclosing the fees charged by the auctioneer to both the buyer (buyer’s premium) and the seller (vendor’s commission), the Conditions of Sale also indicate your rights as a user of the saleroom’s services. The rate of buyer’s premium varies from saleroom to saleroom but is usually between 10% and 25%. Value Added Tax at the rate of 20% is charged on the premium, and in some cases, also on the selling price (hammer price) but in such instances this is clearly marked in the catalogue. Remember to take into account these additional charges when you are deciding what your maximum bid on a lot should be.
Bidding at Auction Bidding at Auction There are different ways you can bid at auction:
In person If you wish to attend a sale and bid yourself you will need to register first. Some salerooms get very busy just before a sale, so allow yourself sufficient time to complete the process. Most salerooms will ask for your name, address, contact numbers and some other form of identification such as a driving license in order for you to receive a bidding paddle, usually a numbered card. You can then use this to bid during the sale, and if successful, the auctioneer will ask for your paddle number. In some salerooms you will need to fill in a form only when you have bought something. Arrive early if you want a seat, but remember that lots are usually sold at a pace of approximately 100 - 130 lots an hour, so it may take a while to get to your lot. The sale always operates in lot number order. When your lot comes up, the auctioneer will invite bids and call them out in regular increments as buyers respond. These depend on the value of the piece being offered and can be increases of £5, £10, £20, £50, £100 or more at a time. Listen to other lots being sold and you’ll soon get the hang of the bidding increments. If you wish to join in, bid clearly by raising your paddle. Be forthright. If necessary, wave your paddle or catalogue to attract the auctioneer’s attention. If he still fails to see you, speak your bid by saying the figure, or say “here” or “bidding”. This is unlikely to be necessary as the auctioneer is trained to spot all bids. Once he has taken your first bid, he will return to you as other bids are placed, by which time a nod of the head or raising your paddle will suffice. Remember the auctioneer can take bids from only two people at one time, so be patient. And if the bidding goes higher than you intended to pay, indicate that you have dropped out by a clear shake of the head. Whoever enters the final, highest bid wins the item and this is indicated by the auctioneer who knocks down his hammer on the rostrum and announces the buyer’s paddle number. The selling price is known as the ‘hammer price’.
Bidding at Auction The auctioneer or his clerk then record these details and the bidding moves on to the next lot. Finally, it’s easy to get carried away, so remember your maximum bid and stick to it! And don’t worry that a careless movement of your hand or an ill-timed sneeze will land you with a valuable piece you can’t afford. It won’t!
Key points for attending the auction in person: 1 You’ll need to register and provide bank card details and proof of identity to receive a numbered paddle to bid with 2 The auctioneer will open the bidding. When the auctioneer calls out a price and you wish to bid, look directly at the auctioneer and raise your paddle 3 If your bid is accepted, the auctioneer will look at or point to you, and will bounce increasingly higher bids between you and other bidders until one wins 4 Bids increase in amounts of £5, £10, £20, £50 or £100 depending on the sum. Nod or briefly wave your paddle to accept each bid. (don’t leave your paddle up between bids just because you haven’t reached your limit yet) 5 When you want to stop bidding shake your head, lower your paddle and look away 6 If you win an item, remember you will have to pay a “buyer’s premium” on top of the hammer price. This ranges from 15-25% of the hammer price. Other taxes and VAT may also apply
Bidding at Auction 7 Once you’ve paid, take the item away with you on the day or collect it as soon as possible, otherwise storage charges may apply 8 Check out the Auction houses delivery options before the sale; as they will rarely deliver items but are usually happy to recommend couriers who will
Leave a Commission or Absentee Bid If you cannot attend the sale in person, or you’d rather not bid yourself, you can leave a “commission” or “absentee bid”. This will also ensure that you don’t go over your maximum bid! You can do this either at the saleroom, or on-line at www. ukauctioneers.com. Simply complete a bidding form with your details and the lot(s) you want to bid on, putting the maximum amount you are prepared to pay (hammer price). Don’t forget the buyer’s commission is then added on top of the hammer price, so bear this in mind when working out your maximum total price. The auctioneer will then bid on your behalf and will try to secure the lot(s) for you at the lowest price possible as other bidding permits.
Online bidding for just £3.95!
Live Bidding Live On-line Bidding Many auctioneers now offer absent buyers the opportunity to participate in a sale by using live bidding services such as UKauctioneers.com. This enables buyers to bid from their own computers wherever they are in the world. This alleviates the need to leave a commission bid and allows you to still feel you’re taking part in the auction as you can hear and sometimes see the auctioneer throughout the sale. At UKauctioneers.com there is also an “Autobid” function. This is the clever function that allows you to enter in advance a maximum amount that you wish to bid up to which is known only to you. The system will then automatically place bids on your behalf only as much as necessary up to the amount you have specified. You can use autobid both during the sales and before the sale starts. (This is the perfect solution if you cannot attend the live sale or if you have two sales that you want to bid in at the same time) A live bidding service allows you to bid at auctions all over the UK without the travelling expenses and is still an exciting way to bid for lots; just remember to check the delivery policies of the various auctions that you may be tempted to bid at. There are additional charges for live bidding; once again see terms and conditions of the auction house you are bidding at and also charges of the live bidding provider when you register to use the service. Key points for bidding live 1
Register to bid live in plenty of time for the sale. You will be expected to leave credit/debit card details as proof of ID before bidding.
2 Phone or email the auction house if you require more information about a particular lot, this is especially important if you are going to buy online without viewing the item. The auction houses who use live bidding services should be geared up for dealing with this type of enquiry before the sale. 3 When bidding live you can set alarms to sound and alert you just before your lot comes up for sale; handy if you have left you computer to make a quick cuppa. 4 Do not delay, as the hammer may go down before your bid is received. Don’t miss out by placing your bid too late.
After the Sale 5 Follow the information on the screen. 6 You will normally receive an invoice by email if you are successful and you must then pay and collect asap after the sale so that you don’t incur any storage charges.
Autobid Tip:
When using Autobid check the bidding increments of the auction house (displayed on the sale details page on UKauctioneers) as the bid you place should sit within the increment i.e. if the auctioneer goes up in £20s once he gets to £500, don’t leave an autobid of £510.
Telephone Bidding With the growing popularity of live bidding, telephone bidding is being used less frequently. However, auctioneers still provide the service but because telephone lines are limited, telephone bidding may be reserved for the more expensive lots in an auction.
Paying for Your Lots Payment options should also be checked in the Conditions of Business. Most salerooms accept payment by credit card and some impose a charge for providing the facility. Information is also given on how much time buyers are allowed to pay for and collect their purchases and what storage charges are incurred if purchases are not collected promptly.
Shipping your Items Some auction houses will recommend packers and shippers and others will leave you to your own devices. Luckily there is no shortage of specialist shipping companies on the internet, including:-
Mailboxes Etc.
After the Sale
http://www.mbe.co.uk Have have long-established relationships with many auction houses and collect regularly from their premises. MBE also expertly pack your goods, whether you need express courier or worldwide shipping. Their partners include UPS, Parcelforce Worldwide, TNT, DHL and FedEx. And for extra reassurance they offer enhanced cover.
Parcel2Go www.parcel2go.com This is a cost effective way of packaging and shipping smaller items to the USA. You find out precisely how much it will cost you, using their online price calculator. To use this service the auction house will have to be willing to pack the item for you, weigh it, and label it with your Parcel2go label that you can email to them, so check first that the saleroom are prepared to do this for you. (They may charge a fee). It is always safer to check the delivery policies of the various auctions that you want to bid at.
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