How to Shop an Auction
Plus: the best stuff at auction right now
“If places to shop for vintage were ranked like Taco Bell hot sauces, auctions would be diablo. Live auctions, especially, are not for those with a weak palate.”
This is how I introduce auctions in my book Big Thrift Energy, and it still rings true. Auctions are intimidating, there’s no way around it.
But it’s time to face those fears because friends: auctions are full of good shit.
“Auctions are a great opportunity to find something that’s one-of-a-kind or different,” says Taylor Eichenwald, a licensed auctioneer and the president of New Orleans Auction Galleries. “Often, the resale value at auction of familiar contemporary or modern brands is a fraction of what the same pieces sell for in a retail setting. You may even discover something you didn’t even know existed – following auctions exposes you to anything and everything.”
While they might seem stuffy or exclusive, auction houses are noting an uptick in younger buyers — no doubt many of whom have come to the auction world by way of thrift stores and flea markets.
“I have always loved estate sales — I actually wrote my college application essay about estate sales,” says Eliane Guyader, sale coordinator for Bonhams Modern Decorative Art & Design in New York. “Personally, that’s what drew me to the auction world — so much of it is vintage and older. I love seeing how someone’s life was built based on the way their things accumulated.”
In her role at Bonhams, Guyader has even seen some thrifted items wind up going for thousands on the auction block.
“I love when people bring in something they found at an antique shop,” she says. “We once had a really beautiful Dino Martens vase that the buyer found at some kind of consignment shop. They brought it home, saw a mark underneath and realized it was really exceptional. Then they sent it to us and had it authenticated. It sold for a great price. It was exciting, especially to see the path it took to get there.”
I asked Eichenwald and Guyader for their tips on shopping auctions, either in-person or online.
How do you bid in an auction?
“There are multiple ways to bid: in person, by phone, online or as an absentee bidder,” says Eichenwald. Those who are interested in bidding online can do so through an individual auction house’s website or a site like LiveAuctioneers or Invaluable — but note that you almost always have to register to bid beforehand (so do this early, if you’re in a time crunch!)
Are there fees associated with auctions?
While there typically aren’t any fees to participate in an auction, there are if you actually win something. “Any items purchased at auction are subject to a buyer’s premium of 25% of the ‘hammer price’ (price sold) up to $200,000 and 12% of the amount by which the hammer price exceeds $200,000,” says Eichenwald. “Bids placed through LiveAuctioneers or Invaluable are subject to a premium of 30% of the hammer price up to $200,000 and 12% of the amount by which the hammer price exceeds $200,000.”
In other words: if you bought something for $3,000, expect to pay at least $3,750 — plus shipping, if you don’t live in the area and can’t pick it up.
Note that many auction houses don’t provide shipping, so Guyader recommends seeking quotes ahead of the auction day, just to get an idea of how much shipping might be.
You can also ask an auction house for a condition report, which Eichenwald says “will provide a comprehensive assessment of an item, including any damage, repairs or defects.”
“You can also ask for additional photos to get a better sense of what the item looks like or to clarify the details of the written report,” he adds.
How quickly do you need to bid if there’s something you have your eye on?
Auctions typically go live item by item. If it’s in-person, auctioneers will present the items one at a time on stage, buyers will bid, and then once the bidding stops, the highest bidder wins, and they move on to the next item. If it’s online, it’s a similar situation — the auction will go live and a little clock will count down the time on an item. Often, if there’s 10 seconds left and someone places the highest bid, the clock will start over with 10 seconds left, to allow others to bid.
“Auctions move very quickly, so be ready at least a few lots ahead of the item you would like to bid on,” says Eichenwald.
Is it a good idea to establish a budget before going into an auction?
In a word: Yes. Eichenwald recommends paying close attention to the auctioneer (they speak notoriously quickly, so this isn’t easy!)
“Every auctioneer has their own style and cadence, but ours will say, ‘Going Once… Going Twice…’ and give ‘Fair Warning’ before hitting the gavel,” he says, noting that some auction houses adhere to pre-set increments.
“It’s a good idea to familiarize yourself with these ahead of the auction, but the auctioneer will always ask for the next bid,” says Eichenwald. “As the bidding gets higher, the increments will as well. For example, from $500 to $1,000, the auctioneer will ask for $50 more than the current bid to advance, but over $1,000, the increment changes to $100, and so on. Once an item ‘hammers,’ the sale is final — even if the auctioneer makes a mistake!”
How do auction estimates work?
Per Eichenwald, auction estimates are “based on a range of values that auction house specialists determine based on market trends and on comparable sales results at auction.”
“An estimate is generally what an auction house expects an item to sell for, but there is no way to predict exactly how an item will perform until the hammer falls on auction day,” he says, noting: “Sometimes several bidders may compete for the same item, and that can bring it well above the estimate range. Part of the fun of participating in an auction, however, is that there is always a possibility that you could win an item for the opening bid!”
“Auctions have traditionally been seen as venues for the ultra-wealthy or traditional collectors, while in reality, they are accessible to buyers of all budgets, ages and tastes.”
- Taylor Eichenwald, president of New Orleans Auction Galleries
What’s the best way to get started if you’re new to auctions and curious about them?
Just go once — even if you don’t bid on anything.
“I think it’s great to see the works in person and you can do that ahead of time at Bonham’s, as all of our live auctions are open for preview,” says Guyader. “That’s true for many other offices as well, and sometimes you need to make appointments.”
“For those who feel intimidated by the process, auctions are free to attend and open to the public, so I recommend stopping by an auction and observing, asking questions and familiarizing yourself before getting your feet wet and registering for a paddle,” echoes Eichenwald. “In my experience, first-time bidders are surprised by how easy, fun and exciting auctions are and always come back!”
Guyader notes that some live auctions can be viewed online, as well, so if you’re interested in dipping your toes into the water, you can watch from afar. “We can see in our post-sale reports that there are more young buyers these days,” she says. “We dont see them in the auction room as much but in our digital platforms. Younger people buy more online than they do in person.”
She continues: “One great way to get started is to try leaving a bid online. See what happens and maybe the next time, you bid in person. People underestimate how much fun it is to see the competition of an auction. That is sort of the joy of it.”
THE QUICK-AND-DIRTY OF HOW AN AUCTION WORKS
The auctioneer or platform presents the item or service to be sold.
The auctioneer may start with a minimum bid or a reserve price, which is the minimum amount the seller is willing to accept.
Buyers place bids, either by raising their hands, calling out bids, or submitting them online.
Bids usually increase in set increments, meaning each new bid must be higher than the previous one by a certain amount.
The auctioneer manages the bidding process, announces bids, and indicates when the bidding is closed.
The highest bid received at the end of the auction wins the item.
ODDS & ENDS
Recent press: I spoke to Consumer’s Checkbook about my thrifting kit, how to check for maker’s marks, and the downside of shopping secondhand.
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There's a relatively new auction house in JAX where the prices don't get too too crazy:
https://www.facebook.com/theauctionspot/
They do almost weekly auctions on Sundays. (They list on estatesales.net too).
Definitely worth a looksee.
Auction is something that we all should experience once in our lifetime; I came close to attending one, but instead, I did a video of their preview before the auction day. Money is always an issue with me. No chance now and just as well. Take care, and thank you for sharing.