Bidding like a professional: an auction checklist
Set your limit, read the small print, ask the right questions. A calm checklist for first time and occasional bidders at jewellery, watch and art sales.
Professional bidders are rarely the most excited people in the room. Their calm comes from preparation done days before the sale. This checklist follows the same order they do, from setting a budget to collecting the lot. On the day, you then have only one decision left to make: when to stop.
Before the sale: decide your real maximum
The hammer price is only part of what you pay. Before the sale starts, set a maximum that includes the buyer’s premium, taxes, shipping, insurance and any import duties. Then work backwards to find the highest hammer price you can accept.
Do this sum on paper, not in your head during the bidding. The buyer’s premium is charged as a percentage of the hammer price and is usually tiered, and the extra costs together can add a significant share to the final bill. A lot that seems affordable at the hammer can look very different on the invoice.
Write your hammer limit next to the lot number in your catalogue. If you are bidding on several lots, decide in advance whether winning one changes your limit on the others, and whether you would be content to win none at all.
It also helps to look at past results for similar objects. Most houses publish the prices achieved at earlier sales, and a few comparable examples will show you whether an estimate looks cautious or ambitious. Use them as a guide to your limit, not as a reason to raise it.
Read the conditions of sale
Every auction house publishes , and they form the contract between you and the house. Read them before you register, not after you have won. Pay attention to these points in particular.
- Payment deadlines and the accepted methods of payment
- The buyer’s premium rates and how taxes are applied
- Storage charges and the date from which they begin
- The house’s guarantees on authenticity and how long they last
- Rules on export, import and any licences required
The guarantees deserve special attention. They explain what you can do if a lot turns out not to be what the catalogue said, and under which conditions you can return it. Knowing this in advance makes it easier to bid with confidence. If the catalogue uses terms you do not understand, the explanation is usually printed alongside the conditions, and a quick call to the specialist department can clear up anything that remains unclear.
Ask for a condition report
Catalogue photographs are flattering by nature. A , which you can request from the specialist department, describes wear, repairs and replacements in plain words. It is free to ask, and specialists are used to answering detailed questions.
For watches, ask whether the movement has been checked and whether the dial, hands, crown and other parts are original. For gemstones, ask whether laboratory reports are available, since they document identity and any treatments. For paintings and works on paper, ask about restoration and the state of the surface.
If you can, attend the viewing as well. Seeing an object in person, under good light and in your own hands, often answers questions that no report can.
Register in good time
Registration is quick for most sales, but not always. Auction houses may require identification and financial references, especially for high value lots, and those checks can take time. Leave it until the morning of the sale and you may find yourself watching rather than bidding.
Decide at the same time how you will bid. You can take a paddle in the room, arrange a telephone line with a member of staff, bid online or leave an in advance. If you plan to bid online, log in and test the platform a day or two before the sale.
On the day: increments and absentee bids
The auctioneer sets the bidding increments, the steps by which the price rises. They are often around 5 to 10 per cent of the current bid. Knowing this helps you predict where the bidding is likely to land and whether your limit sits just above or just below a step.
If you leave an absentee bid, the house does not simply bid your maximum. Absentee bids are executed at the lowest possible price against competing bids, up to your maximum. If nobody else is interested, you may win the lot well below your limit.
On the day, you then have only one decision left to make: when to stop.
In the room, bid clearly and keep your paddle visible to the auctioneer. When the price passes your written limit, put the paddle down and let the lot go. There will always be other sales and other lots.
If you are bidding by telephone or online, keep your catalogue and written limit in front of you, and choose a quiet place with a reliable connection. A dropped line at the decisive moment is a frustrating way to lose a lot you had prepared for carefully.
After the hammer: pay, collect, insure
Winning is the start of the paperwork. Pay within the deadline in the conditions of sale, then arrange collection or shipping promptly. Most houses charge storage after a set period, and those charges can add up quickly.
When the lot reaches you, compare it with the catalogue description and the condition report before you file the paperwork away. If anything seems different, contact the house straight away, because the conditions of sale may set time limits for raising a problem.
Arrange insurance from the moment the lot becomes your responsibility, a point the conditions of sale will define. Keep the invoice, the catalogue entry and any condition report together. They are the first pages of the object’s provenance under your ownership, and one day they will matter to someone else.
Glossary
- Conditions of sale
- The terms published by an auction house that form the contract between buyer and house.
- Increment
- The step by which the auctioneer raises the bidding, often around 5 to 10 per cent of the current bid.
- Condition report
- A specialist’s written description of an object’s wear, repairs and replacements, available on request.
- Absentee bid
- A bid left in advance and executed at the lowest possible price against competing bids, up to your maximum.
Questions readers ask
What happens if I win a lot and cannot pay?
Failing to pay breaches the conditions of sale that you accept when you register, and the house’s remedies are set out in those same conditions. Read that section before the sale so you know your obligations. The safest approach is to set a realistic maximum in advance, including all costs, and never to bid beyond it, however exciting the moment feels.
Is it better to bid in the room or online?
Neither is better in itself. The room lets you sense the mood and see who is bidding, while online and telephone bidding let you take part from anywhere and can feel calmer. Choose the method that helps you stick to your limit. Whichever you prefer, register early and test any online access well before the sale begins.
