Navigating Auctions

Auctions are one of the more scary elements of the art world. They are big, they are public, there is a lot of money changing hands and there is a whole world of auction language and procedures. I want to give you a couple of tips of the trade to help you navigate this world. And once you get in there and start your bidding, you'll find out that there is really nothing to be afraid of. In some ways auctions are the least scary of any of the art world entities - at least they are transparent. 

Bidding: remember to register for a paddle number if you're interested in making a bid.

Phone Bidders: many of the big-time bidders in the art world don't actually make it into the auction room. They may use phone bidding to make a buy or may ask an art consultant, like me, to purchase the piece for them. 

Chandelier Bidding: This is a somewhat controversial procedure in which the auctioneer takes fake bids in order to rev up energy in the room. It's not illegal because he never goes above the point where a piece could actually sell -- all this fake bidding is done before a piece meets a reserve. 

Catalog: get a catalog well before you're ready to attend the auction so you can look over the estimate prices (how much the auction house thinks things will sell for). This also gives you an idea of the reserve price - the reserve MUST be below the low estimate and is usually 70-90% of the low estimate. 

Now remember don't be intimidated. While auctions used to be primarily trade (gallerists, dealers, etc.) many more public figures are attending. But you can see one of these "Trade" auctions by attending a rug, jewelry or wine sale. Have fun!