Antique Auctions: Know How the Auction Process Works
Antique auctions are the stuff of theater and carry with them an air of luxury and wealth. We all have the image in mind of fine antiques and collectibles up on the auction block with fast-talking and smooth antique auctioneer crisply starting the bidding. We picture a room full of wealthy people with paddles bidding and driving the price up, creating drama. You might have antiques to sell at auction and wondering what’s the process. You might be looking to buy but you are new to auction. In this article we are providing you with antique auction guide to get you started and explain how the auction process works.
What is an Antique Auction?
Let’s start with the basics. An auction brings together items (usually antiques, houses, vehicles, luxury items, artwork, and other valuable collectibles that have been appraised for a certain value) that are being put up for sale at the auction with buyers who will bid on the items. Antique auctioneers serve as the middleman between them. The bidding starts at a base price and people bid against each other, driving the price up. At some point the bidding concludes and the person who placed the highest bid wins the items. If you have ever bid for something on eBay, it is a lot like that.
An Antique Auction Starts with a Preview Period
One of the most important steps in the antique auction process starts before bidding begins. It is called the preview period. During the preview period potential bidders have the chance to look the items up for auction over and assess their interest in them. There is usually an auction guide or catalog available ahead of time for people to look at. Once a buyer (or someone who will act as a buyer’s agent) has determined that they will bid for an item, they have to register with the auctioneer and provide identification and other information, such as the financial ability to cover their bids. The preview period can last from a few days before the auction right up to a few hours before it begins.
How an Antique Auction Begins
At the set time the auction will begin when the auctioneer announces the opening of bidding and goes over the terms and conditions. Then the first lot will be placed for bidding. As each item comes up for bidding there will be a starting price. The starting price is set by the seller, usually after the item has been appraised to determine its value. The starting price is designed to be the lowest price that a seller will sell for. It is designed to be low enough that people will be willing to bid and drive the price up.
The Exciting Part- The Bidding
Now we come to the dramatic part- the bidding. This is the part of the auction that is often depicted on stage and screen. At a live antique auction, the auctioneer starts the bidding on an item and buyers, or their agents, who are sitting in the audience, hold up paddles to place a bid at the current price being called out by the auctioneer. It can be a swiftly moving and exciting process when there are numerous bids or a “bidding war” between two buyers. The bidding ends when the auctioneer calls out, “sold”. This usually happens when there are no bids being placed because the price has become two high for any new bids. The auctioneer calls out a final chance and then, “going, going, gone!” Then the item is won by the person who bid the highest.
Online Antique Auctions
Obviously, online auctions are an increasing part of antique auctions these days. Some auctions are even a mix of in person and online. The process of a preview period and bidding are basically the same. However, the buyers have the option of previewing the items up for bid and bidding from the comfort of their own homes. It is likely that the popularity of websites like eBay and the reality of how things are done in pandemic times will lead to increase in online auctions.
A Guide to Antique Auctions and How They Work
Antique auctions can be a great way to find unique and valuable items. But if you’ve never been to an auction before, it can be a little intimidating. This blog post will provide you with a guide to antique auctions and how they work.
What is an antique auction?
An antique auction is a public sale of antiques. The items are sold to the highest bidder. Auctions are typically held by auction houses, but they can also be held by individuals or estates.
How do antique auctions work?
The first step is to find an auction that you’re interested in attending. You can find auctions online, in newspapers, or by word of mouth. Once you’ve found an auction, you’ll need to register to bid. This is usually done online or in person at the auction house.
What should I do before the auction?
Before the auction, it’s important to do your research. This means learning about the items that will be auctioned off and estimating their value. You can do this by looking at auction catalogs, online resources, or by consulting with an expert.
What should I do at the auction?
When you arrive at the auction, you’ll need to find a seat and get a bidding paddle. The auctioneer will then start to sell the items. When an item comes up that you’re interested in, you can raise your paddle to bid. The auctioneer will then start the bidding and will continue until there are no more bids.
What happens after the auction?
If you win an item at auction, you’ll need to pay for it immediately. You can usually pay by cash, check, or credit card. Once you’ve paid for the item, you can take it home.
Tips for attending antique auctions
- Do your research before the auction.
- Set a budget and stick to it.
- Don’t get caught up in the excitement of the auction.
- Be prepared to walk away if you don’t get the item you want.
Additional resources
- Antique Auction Guide
- How to Buy Antiques at Auction
- Tips for Attending Antique Auctions
I hope this blog post has helped you learn more about antique auctions. If you have any questions, please feel free to leave a comment below. In addition to the tips above, here are a few other things to keep in mind when attending antique auctions:
- Dress comfortably and be prepared to spend a few hours at the auction.
- Bring a friend or family member with you for support.
- Have fun!
Antique auctions can be a great way to find unique and valuable items. With a little preparation, you can have a successful and enjoyable experience.
I would also like to add that it is important to be aware of the risks involved in buying antiques at auction. Some items may be counterfeit or damaged. It is important to inspect the items carefully before bidding and to do your research to make sure that you are getting a fair price.