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Whether you are looking for a bargain or are willing to pay top
dollar for a major collector’s item, navigating the sometimes confusing
world of auction houses can be a daunting task. The following tips are
a few things you need to know before bidding at auction:
1. Understand that the auctioneer is looking to sell a particular object as efficiently as possible.
This means that you should be prepared to act equally efficiently.
Many modern auction houses typically execute absentee bids, phone bids,
and Internet bids, along with bids from members of the audience, when
selling fine art and antiques. Bidders for a fine piece of Grueby or
Rookwood pottery, for example, can use any of these methods when
competing for a particular item. Decisive bidding by auction
participants is the best way to ensure success in purchasing an item.
2. Know the buyer’s premium that will be applied to the final cost of an item.
The buyer’s premium, which can range from 10% to over 20% depending
on the auction house, is calculated based on the final hammer price of
an item. It is always a good idea to keep this in mind when determining
your bidding limit.
3. Learn as much as possible about the object you are interested in before the auction.
Many auction houses are willing, for example, to provide brief
condition reports on paintings and works on paper offered at their
auctions. Should you wish to have further information on a particular
work of art, you can always call for a more detailed description. It is
a good idea to make these requests at least a week before a sale to
insure a response to your request.
4. Check before the auction into possible shipping arrangements, particularly for larger items.
Some auction houses offer favorable terms for the delivery of large
objects, such as furniture, in situations where a buyer is unable to do
so. Knowing the cost of shipping before an auction starts is also an
effective way to decide how high to bid on an item.
5. Understand payment terms before an auction begins.
While many antique auctions do not accept credit card payments, some
do provide this convenience. It is useful to check with a firm’s
business office before a sale if you have any questions regarding the
use of credit cards, limits that may apply, and which cards may be used.
Following these five simple tips will help make any auction experience a pleasant one.
Frank Kaminski is the owner and president of Kaminski Auctions in
Beverly, Massachusetts, a prominent Massachusetts auction house that
has specialized in fine art, furniture and antique sales for the past
twenty years. For more information, visit http://www.kaminskiauctions.com
Article Source: www.iSnare.com
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