Lusting over an auction lot? We ask the experts how best to achieve success when that alluring item goes under the hammer
Auction houses carry a wide range of items including antiquities, old master paintings, contemporary and modern art, jewellery, watches and wine, with each lot assessed by an in-house specialist. Anything from works by acclaimed artists, to one-off jewels, to items with unsurpassed provenance can come up at auction, as it is a particularly popular way to sell rare items and pieces whose prices are not easily benchmarked or are subject to dynamic changes. The auction process, while appealing and increasingly accessible, can be intimidating, with the possibility of rampant bidding and the smash of the gavel before you’ve even grabbed hold of your paddle. So how do you ensure you know what you’re buying—and that you’re the one to take it home?
ALWAYS BE PREPARED
Auction catalogues detailing forthcoming lots are published well in advance of sales and are available to view online. But it’s also worth doing extra research. Besides personal taste, the value of a piece depends on a number of factors, including rarity, beauty, condition, historical importance, freshness to market, provenance and fashion.
“Do your homework,” advises Nicolas Chow, chairman for Asia at Sotheby’s. “Request a condition report to gain a better understanding of the work, read the literature on the artist or period and, if possible, go and study similar pieces in museums.”
Francis Belin, president for Asia Pacific at Christie’s, agrees, advocating that bidders for art works consider the artist and their auction track record and interest from museums, which are telling indicators of their success and price. The condition of a piece is paramount, too, and can affect price in some categories more than others. Check whether the item is fresh to market or has been seen before at auction, and what its provenance is. Often it’s not just about the work of art, but also its history. “Good provenance increases an object’s authenticity, collectibility and market value,” says Belin.
It’s worth attending the preview of an auction, where you can see a piece in person. “For antiquities, works of art, jewellery and watches, the tactile dimension of an object is often an essential part of the enjoyment and it is important to handle it to gain a good understanding of it,” says Chow.
The preview also provides buyers with an opportunity to consult specialists and learn more about a lot.
“You should always try and view in person,” says Jean Ghika, global director of jewellery at Bonhams. When it comes to her area of expertise, she says, “Always ask for the assistance of a specialist who will be able to give you feedback on the quality of the stone, information on any laboratory certificates as well as an opinion of the condition.”
If you are unable to attend a preview, there are alternatives. Christie’s, for example, offers a range of digital solutions that allow potential buyers to interact with an art piece, including 360-degree views, virtual walk-throughs with specialists and online discussion using WeChat.
Additionally, for first-time buyers in particular, it is worth attending an auction or watching one live online to understand the process and pace.
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