Raise your paddle with confidence
THE idea that furniture and decorative arts auctions are elitist is going, going, gone. Savvy home outfitters know they can find treasures -- sometimes at below market value -- and the plain curious get a rare glimpse at collector-quality pieces that tend to go from one private house to another.
“In the movies, a scene at an auction shows lots of talking and gasps, and someone jumps up,” says Edward Beardsley, an auctioneer and manager of Bonhams & Butterfields’ Los Angeles gallery. “In real life, it’s not quite like that. If you’re coming for dramatic entertainment, you might only like it for an hour.”
The basics
Auction houses conduct research, create catalogs and host sales for clients in exchange for a fee, usually 10% or more of the final hammer price. Items are sold as is in lots -- one lot includes one or more items.
There’s no cost to attend. Auction houses encourage you to see collection previews, even if you have no intention of buying. If you plan to bid, you must register (free) and provide credit card information in case you’re the winning bid. Once registered, you receive a numbered paddle.
Do your homework
If you are interested in acquiring an item, attend the pre-auction viewing to learn about and examine the piece. Once it goes on the block, only a photograph is shown on a big screen. At the preview, seek out an auction house specialist for information about the item’s creator, its history (provenance), condition, rarity, market potential and bidding increments. “Don’t bid without having previewed the item in person unless you’re a risk taker or you’re a phone bidder who has asked for a condition report in advance,” Beardsley says.
Don’t get paddle happy
When the auction gets rolling, Beardsley warns, “You might get caught up in the energy in the room and surprise yourself, so watch your paddle.” Be patient. When there are many bidders at the beginning, the auctioneer will concentrate on two or three of them who quickly move the price up. When the pace slows, the auctioneer will look around the room.
“If you really want it, keep your paddle up even though he’s not pointing to you,” says Beardsley. “If the auctioneer still doesn’t see you, shake your paddle or shout out a much higher bid. Everyone stops when that happens.”
Check your ego at the door
The distinction between winners and losers? Winners stick to their budget. They know ahead of time what they will pay for the lot. “People will push themselves financially to avoid looking like a loser,” he says. Remember: A winning bid is binding.
For more information
* A.N. Abell Auction Co., 2613 Yates Ave., Commerce; (323) 724-8102; www.abell.com
* Bonhams & Butterfields, 7601 W. Sunset Blvd., Los Angeles; (323) 850-7500; www.butterfields.com
* Christie’s, 360 N. Camden Drive, Beverly Hills; (310) 385-2600; www.christies.com* Los Angeles Modern Auctions, held twice a year at Pacific Design Center, 8687 Melrose Ave., West Hollywood; (323) 904-1950; www.lamodern.com