Art Auctions - The Definitive Guide: How To Buy Art At Auction

Buying art at an auction can be an exciting and rewarding experience, whether you're an experienced collector or a first-time bidder. Here's a step-by-step guide on how to participate in an art auction:

1. Research Auction Houses: Find reputable auction houses that specialize in the type of art you're interested in. Examples include Sotheby's, Christie's, Phillips, and Bonhams, as well as smaller regional houses.
2. Browse the Catalog: Once you've identified an upcoming auction, request or download the auction catalog. This will provide detailed information about the art pieces on sale, including artist names, artwork descriptions, provenance, and pre-sale estimates.
3. Pre-Auction Viewing: If possible, attend the pre-auction viewing or exhibition. This allows you to inspect the artwork in person, examine its condition, and get a sense of scale that you can't obtain from catalog photography.
4. Register to Bid: Before you can bid, you'll need to register with the auction house. This typically involves providing your contact details and possibly some financial information. You'll receive a bidder number that will be used to identify you during the auction.
5. Decide on Payment and Shipping: Understand the payment terms of the auction house, which will include the hammer price, buyer's premium (which can range from 10% to 25% or more), and applicable taxes. Additionally, be clear about shipping arrangements and costs for the artwork if you are not able to pick it up in person.
6. Set Your Budget: Decide on your maximum bid for each piece you're interested in, taking into account the total cost, including the hammer price, buyer's premium, taxes, and shipping. As tempting as it might be, stick to your budget to avoid impulse bidding. Auctions are designed to stimulate impulse bidding but your checking account might not like that.
7. Choose Your Bidding Method: Determine how you'll place your bids. Options often include in-person bidding, telephone bidding, online bidding, and/or absentee bidding, where you submit your maximum bid in advance and the auction house bids on your behalf up to that limit.
8. Understand the Bidding Process: Familiarize yourself with the pace and style of the auction. Auctioneers usually start the bidding below the low estimate and bids typically increase by set increments.
9. Start Bidding: When the artwork you're interested in comes up, signal your bid clearly to the auctioneer. Be decisive but also watchful of the competition. If you're bidding by phone or online, ensure you have a stable connection and follow the instructions provided by the auction house.
10. Winning the Lot: If you are the highest bidder when the auctioneer's hammer falls, you have won the lot. The auction house will provide an invoice that includes the final hammer price, the buyer's premium, and any other applicable fees.
11. Payment and Collection: Pay for your piece according to the auction house's procedures, typically within a specified timeframe. After payment, arrange for collection or shipping of your artwork. Ensure to get adequate insurance for transportation if necessary.
12. Post-Sale Documentation: Request any necessary documentation, such as a certificate of authenticity, condition report, or provenance documentation, from the auction house for your records.
    

Remember to exercise due diligence in all steps of the process, particularly in verifying the authenticity and condition of the artwork. It's also advisable to familiarize yourself with the auction house's terms and conditions regarding returns, disputes, and guarantees. ALWAYS READ THE FINE PRINT. Auctions are typically final sales, so it's crucial to be confident in your purchases.