Photo courtesy Bonhams & Butterfields

A specialist at Bonhams & Butterfields evaluates a work

Edward Hopper, "Night Shadows" (1921). Estimate: $15,000 to $20,000 at an upcoming sale at Swann Auction Galleries

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Most auction houses will give you the option of reoffering the lot in an upcoming auction or having the item returned to you. Reoffering a work usually involves adjusting the estimate and reserves, and paying a small fee. Weyman said Swann Galleries returns about 65 to 75 percent of items that fail to sell; the other 25 to 35 percent is offered in subsequent auctions.

What Else Should I Know?

Be Prepared—As always, the best thing you can do before diving into anything art-market related is to arm yourself with research. Your homework might involve digging up past auction records and other information about your artist. You'll also want to scour auction houses' Web sites for consignment information and FAQs.

In addition, Levitt added, don't hesitate to have an artwork appraised by more than one auction house, and even a gallery or two, before agreeing to a consignment. "Ask questions, listen to what people say, and your comfort level will rise," he said. "The more research you do, the more you will feel you're making the right decision."

Don't Be Afraid to Negotiate—It is possible to get a discount on the commission or fees, Levitt said, but "you have to ask, and you have to negotiate. If you had a $100,000 work and I wanted a 10 percent commission, and you asked: Would I do it for 6 percent? Yes, I would, but you have to ask."

But Don't Haggle on Estimates—Weyman said insisting on a higher estimate and reserve than a specialist recommends is the "most annoying" mistake a seller can make, because sellers sometimes won't budge on a number that's out of sync with the market. Levitt agreed: "We try to strongly stick to our guns as far as estimates go. You always have to be careful and come up with a good, conservative estimate so people will want to come to the sale and bid, and the process takes care of itself. Ultimately, it's the people in the audience that decide what a piece is worth. The auction house is just a vehicle for making that happen."

Shoot from the Side—A bit of practical advice: if you're sending an image for appraisal via e-mail, Levitt said, it helps to photograph an artwork from one side to reduce glare.

Follow Up—Last but not least, it's okay to ask questions at any time during the process, said Weyman. "I never have a problem receiving e-mails or phone calls from someone saying, 'What is the interest so far, and is the reserve still in the right place?'"