Well the past couple of nights we've covered generally how a live auction works, now let's take a look at the actual bidding. The auctioneer will usually start with the auction gallery rules, and cover the buyer premium, and sometimes he (or she) will cover changes in the auction line up; such as items pulled, or last minute items added that are not in the cataloque. Then the real fun starts, as the first item comes up the auctioneer will give a brief description of the item and will start by asking for an opening bid of a specific amount. It generally goes like this:
Auctioneer: We'll open the bidding at $200. Do I hear $200?
(silent pause)
Auctioneer: How about $100? Do I hear $100?
(silent pause)
Auctioneer: No one wants this item at $100, how about $50, do I hear $50?
Bidder 1: $50
Many auctioneers will keep going down until someone opens the bidding, if no one opens the bidding, the auctioneer will "pass" the item and move to the next item on the list. So most people wait to till the item is low enough, but not so low that the auctioneer passes the item. You can, of course, raise your paddle (or card with your bidder number) and clearly state your opening bid amount if you are concerned that the item will be passed, but you must do this before the auctioneer passes the item.
In the example above the bidder didn't actually say $50, he or she raised their paddle (or card with bidder number) up so the auctioneer could see it and recognize the bid. Sometimes more than one person raises their paddles at the same time for the same amount, at that point the auctioneer will select the bidder he noticed first. Once an opening bid is established, bidding continues like this:
Auctioneer: I have $50, do I hear $60?
Bidder 2: $60
Auctioneer: I have $60, do I hear $70?
Bidder 1: $70
The bidding continues until some one is victorious. Now there are a couple of strategies I've seen used to be more successful in winning an item. One is to wait until the bidding slows, and the auctioneer is about to sell the item and then bidding the next increment. Most auctioneers will warn the floor when an item is going to sell (although you can usually tell), by saying: "Going once, Going twice, sold" or "Fair Warning, sold", the trick is to bid on the second "Going", sometimes this works and you get the item, sometimes it starts the bidding war anew. Of course this is only good if the item is still in the range you'd spend for the item, otherwise you've just overspent. Another tactic I've seen, and it surprised me the first time I saw it happen, was someone was tired of the $25 increments the auctioneer was using (the item was at $3500, it was getting boring), so they raised their paddle and shouted $5000. That got everyones attention and the person won the item. I think because everyone was too surprised to continue! I think the best strategy is to get in on the bidding early for the items you're interested in, it definitely makes the evening go alot faster and more alot more enjoyable, even if you don't get everything you came and stayed for.
What ever you do, get out there and start a collection, go to shops, and flea markets, and don't pass up the auctions just because you've never been before, it's fun and easy to get the hang of them. Happy Hunting!
Friday, May 28, 2010
Thursday, May 27, 2010
A night at the Auction.... well almost
Let's say you've found the auction and can preview the items but you cannot stay for the auction. At this point you still have options to get those treasures; left bids and phone bids. Most, if not all auction houses offer left bids, but not all offer phone bids and of those that do, they don't always offer phone bidding at all auctions, so be sure to ask. A left bid is just that; you leave a list of items you want to bid on and your top bid with the auction house. This will allow the auctioneer or one of their assistants to execute your bid for you, almost as if you were there bidding yourself. The bidding proceeds as follows; the auctioneer opens the bidding, takingthe next increment from the left bids or floor, then the next increment from a left bid, then floor, etc., alternating in this way till a top bidder is victorious. Now I have done left bids and only rarely have I been the high bidder (three times to be exact) so it's not foolproof. The other issue I have with left bids is some auctions I've attended, where others have left bids, the auctioneer has done it this way; He reads quickly through all the left bids, finds the highest one and has actually said: "Eliminating all lower left bids, I'll start the bidding at...", although this shortens the bidding time, it doesn't really feel like an auction, more like a sale. I think this method puts people off, and would rather have the auctioneer open at a lower left bid and bid the item up incrementally, it just feels more like an auction, and gives the floor (auction attendees) a chance to get in on the action early in the proceedings. Rarely, some auction houses offer a special type of left bid called a plus one, this means that they will, if you choose, bid one extra increment over your maximum for you, I've never used the service as I alway put my top bid as my maximum, but you'll have to decide for yourself if it's offered as an option.
Your other option is the phone bid, which I personally prefer over left bids as I have more control. As with left bids, again you leave a list of the items you wish to bid on and a contact phone number (or numbers). The auction house will call you to get your bids on an item, how cool is that! It's the next best thing to being there. A few minutes before or a couple of items prior to the item you're interested in will cross the block, the auction house will call you and confirm that you are set to bid. The person at the auction house will relay to you the current bid price, and relay back to the auction house your increment, if you wish to bid. This method requires that you have a good connection, and sharp ears, but it does work well. Even if I drop out of the bidding I usually stay on till the bidding ends to find out what the item sold for just as I would have had I physically attended the auction.
For both these methods you will have to be sure you know when you can go to pick up and pay for the items if you are the high bidder, and how long you have to pick them up. Some auction houses will, after holding an item a week or so, start charging storage fees or move the items to another location to make room for their next auction.
Also even if you plan on using a left or phone bidding method, be sure to attend the preview so you know exactly what you're bidding on. My rule of thumb is if I haven't previewed it; I won't bid on it.
Tomorrow, more on a night at the auction....
Your other option is the phone bid, which I personally prefer over left bids as I have more control. As with left bids, again you leave a list of the items you wish to bid on and a contact phone number (or numbers). The auction house will call you to get your bids on an item, how cool is that! It's the next best thing to being there. A few minutes before or a couple of items prior to the item you're interested in will cross the block, the auction house will call you and confirm that you are set to bid. The person at the auction house will relay to you the current bid price, and relay back to the auction house your increment, if you wish to bid. This method requires that you have a good connection, and sharp ears, but it does work well. Even if I drop out of the bidding I usually stay on till the bidding ends to find out what the item sold for just as I would have had I physically attended the auction.
For both these methods you will have to be sure you know when you can go to pick up and pay for the items if you are the high bidder, and how long you have to pick them up. Some auction houses will, after holding an item a week or so, start charging storage fees or move the items to another location to make room for their next auction.
Also even if you plan on using a left or phone bidding method, be sure to attend the preview so you know exactly what you're bidding on. My rule of thumb is if I haven't previewed it; I won't bid on it.
Tomorrow, more on a night at the auction....
Wednesday, May 26, 2010
A night at the Auction
Tonight I was at an auction preview and was talking with someone who was asking a lot of questions on how an auction was conducted, what some procedures were, etc. Based on the conversation I correctly surmised that this person had not been to an auction before and felt a bit lost, I don't know why they chose me to talk to but they did and I hope I helped. So tonight I want to briefly go over how to approach an auction if you've never been to one.
First find an auction that you might be interested in attending; this is easy as most local papers have an Auctions and Flea Markets section in the Classifieds, or that antiques magazine you picked up at the shop down the street is another good place to look. Once you've found the auction you want to attend, ARRIVE EARLY! Plan to be there about an hour but no less than one-half hour before the scheduled start, an hour is definitely better. Bring with you a magnifying glass or loupe, tape measure, pen or pencil and a small notepad. Some auctions are catalogued which means they will provide a numbered list or book which lists all the lots in the auction, others are not. At these uncatalogued auctions the notepad and pen/pencil come in handy for writing down the items your interested in with any pertinent information, it's easy to miss something you wanted when it's not written down.
I like to inspect the lots before I go get my number, that way if there is nothing I really can't live without I can just leave and I've bothered no one. BE SURE TO INSPECT! Check out the items you're interested in, that is what the preview is for, so take advantage. Check for chips, cracks, missing parts, and wear; measure and take notes, you have the time now and can't return an item you've been successful bidding on at an auction, so inspect and be sure it meets your standards.
Having inspected all the lots, if there is something you wish to bid on and are staying for the auction go to the auction table and register for the auction. This is a simple process where they take your name, address and phone, then give you a bidder number. They may also ask if you are a dealer, if they don't ask and you are a dealer, tell them as there may be additional paperwork to fill out for tax purposes. Now all you have to do is relax until the auction starts, get a soda, take a seat and relax. When an item you are interested in comes up for bidding, get in there by holding your number up to get the auctioneers attention, keep bidding until you reached the limit you've set for that item. SET A LIMIT and STICK TO IT, it's easy to get caught up in bidding and spend more than you wanted, so stick to your limits. Repeat this process until all the items you were interested in have crossed the block. Many times I've bid on several items and gotten none so don't be discouraged if you don't win an item, that's how this goes! Now before you leave you must go back to the table you registered at to pay for the items you've purchased, if any. Once paid for you will be able to pick them up, pack the car and go home to enjoy your new treasures.
Tomorrow I will cover what to do if you cannot stay for the auction, and some bidding strategies commonly used at auctions.
First find an auction that you might be interested in attending; this is easy as most local papers have an Auctions and Flea Markets section in the Classifieds, or that antiques magazine you picked up at the shop down the street is another good place to look. Once you've found the auction you want to attend, ARRIVE EARLY! Plan to be there about an hour but no less than one-half hour before the scheduled start, an hour is definitely better. Bring with you a magnifying glass or loupe, tape measure, pen or pencil and a small notepad. Some auctions are catalogued which means they will provide a numbered list or book which lists all the lots in the auction, others are not. At these uncatalogued auctions the notepad and pen/pencil come in handy for writing down the items your interested in with any pertinent information, it's easy to miss something you wanted when it's not written down.
I like to inspect the lots before I go get my number, that way if there is nothing I really can't live without I can just leave and I've bothered no one. BE SURE TO INSPECT! Check out the items you're interested in, that is what the preview is for, so take advantage. Check for chips, cracks, missing parts, and wear; measure and take notes, you have the time now and can't return an item you've been successful bidding on at an auction, so inspect and be sure it meets your standards.
Having inspected all the lots, if there is something you wish to bid on and are staying for the auction go to the auction table and register for the auction. This is a simple process where they take your name, address and phone, then give you a bidder number. They may also ask if you are a dealer, if they don't ask and you are a dealer, tell them as there may be additional paperwork to fill out for tax purposes. Now all you have to do is relax until the auction starts, get a soda, take a seat and relax. When an item you are interested in comes up for bidding, get in there by holding your number up to get the auctioneers attention, keep bidding until you reached the limit you've set for that item. SET A LIMIT and STICK TO IT, it's easy to get caught up in bidding and spend more than you wanted, so stick to your limits. Repeat this process until all the items you were interested in have crossed the block. Many times I've bid on several items and gotten none so don't be discouraged if you don't win an item, that's how this goes! Now before you leave you must go back to the table you registered at to pay for the items you've purchased, if any. Once paid for you will be able to pick them up, pack the car and go home to enjoy your new treasures.
Tomorrow I will cover what to do if you cannot stay for the auction, and some bidding strategies commonly used at auctions.
Tuesday, May 25, 2010
Is it what it is?
I was having a difficult time thinking about what to say this evening, but a casual browsing of the Internet gave me a topic: items on websites where the description is purposely written to embellish or confuse the attribution of an item in order to enhance it's saleability.
Take for example the item I spotted today on a popular website by a dealer whose pieces and prices tell me they have a more than casual encounter with the items they sell, and based on their "about us" page are knowledgeable about their chosen inventory. The item in question was a piece of glass, a vase to be specific, that was clearly marked with the label of the manufacturer visible in the photographs, but the dealer chose to skim over that fact with a quick mention of the label and repeatedly point out how much the piece looked like another more well known (and expensive) manufacturer in technique and quality; even going so far as to ask collectors of the more well known manufacturers glass to write to him to "clear up the confusion".
The only confusion in this case is why is this knowledgeable dealer confused? The piece is clearly labeled with the foil label of the manufacturer right on the side of the vase. This is clearly a case of the dealer forcing the confusion in order to justify a higher price on the particular item, which may work with a neophyte collector, but only goes to lessen the respect this knowledgeable dealer has with seasoned collectors, and may well backfire on him. The piece in question and pieces by the true manufacturer are desireable and collected in their own right by many, so why the need to confuse. This, by the way, was not the only piece I've found with a "confused" attribution, I've seen others that fit this situation very closely, with the only reason being to increase the saleability.
Collectors, both seasoned and neophyte, rely on dealers for their guidance and knowledge in the collecting field; and a dealers best customer is a knowledgeable collector. By confusing the already overwhelmed neophyte, or alienating the seasoned collector, such tactics will only serve to leave the dealer with no one to which to sell.
Take for example the item I spotted today on a popular website by a dealer whose pieces and prices tell me they have a more than casual encounter with the items they sell, and based on their "about us" page are knowledgeable about their chosen inventory. The item in question was a piece of glass, a vase to be specific, that was clearly marked with the label of the manufacturer visible in the photographs, but the dealer chose to skim over that fact with a quick mention of the label and repeatedly point out how much the piece looked like another more well known (and expensive) manufacturer in technique and quality; even going so far as to ask collectors of the more well known manufacturers glass to write to him to "clear up the confusion".
The only confusion in this case is why is this knowledgeable dealer confused? The piece is clearly labeled with the foil label of the manufacturer right on the side of the vase. This is clearly a case of the dealer forcing the confusion in order to justify a higher price on the particular item, which may work with a neophyte collector, but only goes to lessen the respect this knowledgeable dealer has with seasoned collectors, and may well backfire on him. The piece in question and pieces by the true manufacturer are desireable and collected in their own right by many, so why the need to confuse. This, by the way, was not the only piece I've found with a "confused" attribution, I've seen others that fit this situation very closely, with the only reason being to increase the saleability.
Collectors, both seasoned and neophyte, rely on dealers for their guidance and knowledge in the collecting field; and a dealers best customer is a knowledgeable collector. By confusing the already overwhelmed neophyte, or alienating the seasoned collector, such tactics will only serve to leave the dealer with no one to which to sell.
Monday, May 24, 2010
Limited time
The 9 to 5 kept me busy today, and had chores to do after work (I put stuff off to go treasure hunting over the weekend) so my time is limited tonight, and I had to see Roadshow!
I will say good night for now, and start again tomorrow.
I will say good night for now, and start again tomorrow.
Sunday, May 23, 2010
More, later, today....
Yesterday was spent running around getting various odd stuff accomplished, interrupted with a short, necessary stint at the 9 to 5, followed by a relaxed evening of doing almost nothing: my usual Saturday!
Did get the email blog stuff setup, so that should make getting more entries in easier when on the road, have also setup mobile for same reason.
Today I'm trying to get out the door to do more treasure hunting for the store. I know great stuff is out there, I just have to find it!
More, later, today.
Did get the email blog stuff setup, so that should make getting more entries in easier when on the road, have also setup mobile for same reason.
Today I'm trying to get out the door to do more treasure hunting for the store. I know great stuff is out there, I just have to find it!
More, later, today.
Saturday, May 22, 2010
This is only a test
Had this been a real entry...
Only kidding this is a test though of an entry sent via email so I can
blog on the go.
Only kidding this is a test though of an entry sent via email so I can
blog on the go.
Friday, May 21, 2010
Tepper Galleries Closing
I noticed that Tepper Galleries was dark and that the website hadn't changed. I called them about 2 weeks ago and my phone call was returned by one of the principles at Tepper, don't recall whom. I was told that they are looking for a new venue due to tenant/landlord issues and that I should keep my eye on the website as that is where news will be posted. That's all I know.
Issues, issues, issues
Well, I started to write an entry in the blog earlier today, but as usual when I need to do one thing something more critical happens. The 9 to 5 had a critical issue that needed my attention. I should never check email until I'm completely done with one task, but this time it's good that I did, got that taken care of in a fast 3.5 hours of work.
I have a more antiques related entry a little later today. I promise.
I have a more antiques related entry a little later today. I promise.
Thursday, May 20, 2010
A Call in the Night.......
Well, a few things happened while I was away, the following is one of those things, and it's been bugging me, so I'm going to pass it along here.
I was going to an auction house in New York, which for me is a couple hour drive to get there, for an auction preview. They had a couple of pieces I was interest in, and I always want to inspect what I might want to buy, so it was off to the preview. Not a bad drive, very scenic in spots, but I digress. I got there, checked out the stuff and decided I would set up a phone bid on the pieces I was interested in since that was an option (the auction was on a week night that I couldn't get there). The woman who assisted me handed me a couple of forms to fill out, the usual stuff with what item, dealer number, etc., then passed me along to the next lady who would do the actual bidding setup, this lady took my phone numbers, wrote them in LARGE numbers on the auction item sheet I had filled out and confirmed them by reading them back to me. I asked if there was anything else I needed to do and was told I was all set.
Fast forward to auction night, I am waiting at home for the auction house to call, now this was a fairly large auction starting at 6 PM and my items were near the end of the auction, so I knew it was going to be a late night. I guesstimated that the piece would come up between 11 and Midnight, with 60-70 pieces per hour, well midnight came .... and went and still no call from the auction house. I decided to call them to find out how much longer till my pieces came up, and was told the auction was over. I was in shock (read annoyed), I asked why I wasn't contacted on my phone bid that I had left. The persom on the other end said thesaw no phone bid on the that piece, they did a little more hunting and found my sheet with the number, more checking and they asked me if I put my stickers on the pieces I wanted to bid on. I asked, "What stickers?".
She said the stickers I "was given" with a number on them to flag the pieces I was interested in, the stickers tell the runners and auctioneer that there are phone/left bids on a piece. I was never given any stickers to flag the pieces, so my bids were skipped completely. I was made to feel that it was my fault that my bids were not acted on as it was my fault that I hadn't put the stickers on the pieces, stickers I had no clue were even necessary. I have left phone bids at many auctions and not once have I had to flag a piece with a sticker, if it was necessary the auction house itsself does that step for their own internal uses.
I think if there is a procedure that needs to be followed in order to get something set up, that information should be posted on the paperwork so that everyone knows what the steps are, especially if one has never been to the auction house before, like me. Also auction staff, and the second lady who assisted me was an owner of the house, should know what those steps are and confirm with the client that all steps were taken, not the other way around. It is too easy for a step to be missed if its not in plain sight, as it was in this case.
I was going to an auction house in New York, which for me is a couple hour drive to get there, for an auction preview. They had a couple of pieces I was interest in, and I always want to inspect what I might want to buy, so it was off to the preview. Not a bad drive, very scenic in spots, but I digress. I got there, checked out the stuff and decided I would set up a phone bid on the pieces I was interested in since that was an option (the auction was on a week night that I couldn't get there). The woman who assisted me handed me a couple of forms to fill out, the usual stuff with what item, dealer number, etc., then passed me along to the next lady who would do the actual bidding setup, this lady took my phone numbers, wrote them in LARGE numbers on the auction item sheet I had filled out and confirmed them by reading them back to me. I asked if there was anything else I needed to do and was told I was all set.
Fast forward to auction night, I am waiting at home for the auction house to call, now this was a fairly large auction starting at 6 PM and my items were near the end of the auction, so I knew it was going to be a late night. I guesstimated that the piece would come up between 11 and Midnight, with 60-70 pieces per hour, well midnight came .... and went and still no call from the auction house. I decided to call them to find out how much longer till my pieces came up, and was told the auction was over. I was in shock (read annoyed), I asked why I wasn't contacted on my phone bid that I had left. The persom on the other end said thesaw no phone bid on the that piece, they did a little more hunting and found my sheet with the number, more checking and they asked me if I put my stickers on the pieces I wanted to bid on. I asked, "What stickers?".
She said the stickers I "was given" with a number on them to flag the pieces I was interested in, the stickers tell the runners and auctioneer that there are phone/left bids on a piece. I was never given any stickers to flag the pieces, so my bids were skipped completely. I was made to feel that it was my fault that my bids were not acted on as it was my fault that I hadn't put the stickers on the pieces, stickers I had no clue were even necessary. I have left phone bids at many auctions and not once have I had to flag a piece with a sticker, if it was necessary the auction house itsself does that step for their own internal uses.
I think if there is a procedure that needs to be followed in order to get something set up, that information should be posted on the paperwork so that everyone knows what the steps are, especially if one has never been to the auction house before, like me. Also auction staff, and the second lady who assisted me was an owner of the house, should know what those steps are and confirm with the client that all steps were taken, not the other way around. It is too easy for a step to be missed if its not in plain sight, as it was in this case.
Wednesday, May 19, 2010
Long Time; No Blog (but that's gonna change!)
I've been away a lot longer than I thought I was, or would have liked to be. The 9 to 5 job along with keeping the online Antiques shop stocked with the best quality items I can took more time recently than I had time to spare.
I am back now, and will try to keep this more up to date with whatever comes to mind on that day, and as time allows go into more depth on individual subjects, as I said before this blog intends to entertain and inform collectors, dealers and the casual browser.
I hope to add new features to this blog to allow me to make more timely entries and keep it fresh and interesting so bear with me through this adventure.
I am back now, and will try to keep this more up to date with whatever comes to mind on that day, and as time allows go into more depth on individual subjects, as I said before this blog intends to entertain and inform collectors, dealers and the casual browser.
I hope to add new features to this blog to allow me to make more timely entries and keep it fresh and interesting so bear with me through this adventure.
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