Going once, going twice: Seven auction tips

Tips for success at the auction

1. Thoroughly view the lots you are interested in. If you feel uncertain about a lot you are considering bidding on, ask to speak to a specialist about it.

2. Have a budget in mind. Set your limit on what you are prepared to pay.

3. Don't forget additional costs. The buy­er's premium, on top of the hammer price, varies from lot to lot. For example, a 20% buyer's premium on top of a success­ful bid is typical, and for bids over $50,000, expect to pay about a 15% premium. There's also tax on these costs.

4. Register as a potential bidder with your name, address and phone number. (You're often given a numbered card to be held up when your bid succeeds.)

5. If you are unknown to an auction house, work out how you'll pay. If not cash, ask in advance if a cheque or credit card is acceptable. For large sums, auctions may insist on a banker's reference.

6. Bid with confidence! The idea that twitching, scratching your nose, or winking will be assumed to be bidding is a total misconception. In fact, if you are unknown to the auctioneer it may be dif­ficult to get his attention. Don't be faint-hearted—wave your catalogue or bidding card and call out if necessary. In the good old days we used to say “sir!”—but anything polite will do. (Remember that many auctioneers have a wicked sense of humour. A lady next to me at Christie's was nervous about bidding on behalf of her husband and told me she hoped he would get there in time to bid himself. He appeared with 10 lots to go, and she waved frantically, shouting “Jim!” Realizing the situation, the auctioneer jokingly said, “Shall I take that as a bid?”)

7. One misconception is Off the Wall bids—when the auctioneer appears to be taking invisible bids. The auctioneer represents the seller and has previously agreed a reserve price. The reserve is the lowest price the lot will be sold for. The auctioneer must keep the bidding going (which he does by bidding on behalf of the vendor ‘off the wall' or ‘off the chandelier' in some establishments!) until he reaches the reserve (which is confidential). At that point he will sell to a sole bidder, or if there were no bidders, he will mark the lot unsold.

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