Auctioneer Tips for Smart Bidding

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When we chatted with the sales experts earlier this month about the effect a good (or bad) auctioneer can have on sale prices, all three mentioned that these fresh-faced monied collectors lack some of the know-how that would make them expert bidders. Here is some of their best advice for these neophytes:

First: Look and Listen

Brierley recommends that new collectors attend their first few auctions with no plans to buy—simply observe what the sales are all about, find out which artworks are hot and become acquainted with the buying process.

“Just hearing the process with your catalog in front of you, you’re beginning to get a feel for what the art market is about,” Brierley said. “And coming to auctions is fun. Many people don’t know that [an auction] is a public forum, where anyone can walk in, sit down and watch.”

Second: Come Prepared

Before attending an auction, take the time to browse the auction house’s catalog—most houses offer digital versions for upcoming sales on their Web sites, or you can call the auction house for a printed copy. In addition, you should attend a pre-auction preview or exhibition to view the items in person before the actual sale.

“And don’t be afraid to call,” chides Brierley. “I guarantee there’s always someone there who can tell you something that is not printed in the catalog or give you an opinion on the interest in a piece.”

Third: Use Your Words

Though an auctioneer and auction house staff might appear preoccupied on auction night, never fear, they’re still there for you, offers Hildesley. “You’re not on your own,” he said.

Many new collectors don’t realize they can ask the auctioneer or house staff questions before a sale—but in fact, they welcome them, on everything from information about a certain artwork to the best way to decipher the bidding process.

Finally: Trust Your Instincts

Playing it safe is a good way to go when you’re starting out, recommends de Pury, but once you’re ready to buy, it’s important to develop your own bidding style.

“It’s look first, observe before you leap into action,” he said. “But when you do, follow your own instincts. There are many different ways to bid efficiently.”