From smart Manhattan salerooms with smooth-talking swells to drafty barns with fast-talking hayseeds, auctions take place everywhere, moving everything from tiaras to farm equipment. You can vicariously observe or you can jump in. They’re free, fun, informative and sometimes rewarding—a more or less open market matching willing buyers to willing sellers. Enjoy the drama of dueling egos and the delicious pre-bid frisson. Auctions aren’t difficult, and, no, you really can’t buy something by scratching your ear.

Do Your Homework

Smart collectors bid only on objects they’ve researched. Learn about the piece.
Read reference books, price guides and trade magazines. Search the Internet. Talk to dealers willing to share their often-profound knowledge. If you’re planning to bid, it pays to know Hepplewhite from Snow White.

Navigating the Auction Catalogs

Most auctioneers print catalogs, plain or fancy, that list lots in selling order and provide abundant information. Many post those on the Internet with photos and some even allow online bidding. Here is what you’ll find:

The pre-sale estimate. The dollar range in which the piece is likely to sell is based on recent sales of similar pieces.
Provenance. Property is enhanced by a “sexy” history of ownership, which can include exhibitions, citations in literature, etc.
Condition. Save for a glancing mention, most catalogs no longer cite replacement parts, repairs, refinishing or retouching—a big loss for bidders. You’ll have to ask for this information.
Glossary. Understand the language conventions: for example, the all-important difference between “George III” and “the style of George III.”
Reserve. This confidential amount below which the consignor won’t sell (sometimes called the upset price) is frequently 80 percent of, and never higher than, the low estimate. Reserved lots carry a graphic mark. (If most of the sale has reserves, unreserved lots will be marked.)
Conditions of sale. These include procedures, instructions, disclaimers and warranties, which are always stated and usually limited.

Presale Exhibitions

Usually days—but sometimes only hours—before the sale, lots are on free public exhibition. These previews are, at a minimum, a learning experience; if you’re planning to bid, they’re imperative. Nowhere is “caveat emptor” more applicable than at a public auction, where property is sold “as is” and buyers are on their own. Examine the object thoroughly. Bring a flashlight. Ask questions. Staffers usually are responsive; they’ll help you upend furniture, unlock display cases, take pictures off the wall and sometimes use a black light to reveal repainting or retouching. If you can’t attend the viewing to ascertain condition, use fax and phone, and hope for the best.

Bidding

Decide on your bid in advance and stick with it. No kidding. The frantic temptation to bid “just one more”—what the house happily calls “auction fever” and works hard to stimulate—can lead to sorry results. Control that adrenaline. Here’s a primer:

Buyer’s premium. Most auction houses add a “buyer’s premium” to the hammer price (the final bid when the auctioneer pronounces “sold!”). The highest at this writing is 20 percent at Sotheby’s on the first $100,000. Local sales tax will be computed on top of that. These add-ons are a sizable chunk of cash, so compute them into your bid limit.

In the gallery. You’ll register for a numbered bidding paddle or card. The auctioneer opens the bidding well below the low estimate and usually follows a stated sequence of increments. Typically the auctioneer calls for the next amount, and you raise your hand when you want to bid. Important collectors or dealers occasionally prearrange private bidding signals, but you can’t accidentally make a bid that way. Still, don’t wave to a friend.

Bidding against the reserve. Without reserves, the highest bid takes the lot. With reserves, the auctioneer will place bids on behalf of the consignor in the event of few or no bids. Such “house bidding” ends once the reserve is reached. Early bidding (below the reserve) can be the house alone bidding, hoping to lure a bidder out of the crowd. Or it may be one bidder vying against house bids up to the reserve. A skillful auctioneer obscures these house bids, which, though legal just about everywhere, sometimes are pejoratively called “chandelier” bids.

Bidding strategies. You can hold up your hand from the first bid and never lower it to intimidate challengers. You can hang back until the hammer is suspended mid-air and you hear “Last chance...” before jumping in. Or you can just bid when you want to, not trying to be too clever.

Bidding alternatives. Ideally, you should be present to catch the by-play in the room, but you can make prior arrangements to bid by phone. Alternatively, you can leave a written absentee bid (also called an order bid), which the auctioneer will bid sequentially for you until the lot sells or your limit is reached. Your final bid isn’t your total cost until you add the premium and taxes.

After-sale bid. If a lot does not sell, you can make a reasonable offer after the sale.
A surprising number of such bids are accepted. (Auction houses don’t publicize this.)

Payment, Shipping & “Yikes-What-Have-I-Done?”

Wire transfers are always accepted. Personal checks usually are, but may delay pick-up pending clearance. Some houses take credit cards up to a certain amount—useful if you want to leave with your purchase. The house can suggest truckers or shippers with whom you contract directly. Warning: Property unredeemed for too long may incur a per-diem storage fee.

If you’ve researched and examined the property and stuck to your bid limit, don’t succumb to buyer remorse—“they all dropped out! I must have overbid!” Remember, someone had to be the high bidder. Take it home and enjoy it. Whether you’re chasing a kewpie doll or a Federal sofa, auctions can be a great way to build a collection, find a gift or furnish your home. n

U.S. Salerooms/Auction Rooms

Following is a partial list of auction houses in the United States. For more, visit www.artxchange.com or www.auctionguide.com.

Bonhams & Butterfields, San Francisco, CA (415) 861-7500. Los Angeles, CA (323) 850-7500.
Christie’s, New York, NY (212) 636-2000. Beverly Hills, CA (310) 385-2600.
DuMouchelle’s Art Galleries and Auction House, Detroit, MI (313) 963-6255.
Doyle New York, New York, NY (212) 427-2730.
Great Gatsby’s Antiques and Auctions, Atlanta, GA (770) 457-1903.
Ivey-Selkirk, St. Louis, MO (314) 726-5515.
Neal Auction Company, New Orleans, LA (504) 899-5329.
Northeast Auctions, Portsmouth, NH (603) 433-8400. 
Red Baron’s Antiques, Atlanta, GA (404) 252-3770. 
Skinner, Boston, (617) 350-5400. Boston, MA (978) 779-6241.
Sotheby’s, New York, NY (212) 606-7000.

Roberta Maneker, a New York auction house veteran, has worked at Christie’s and Phillips, de Pury & Luxembourg.