Buying at Auctions
Walnut and Cherry Drop Leaf Table sold at an earlier Garst Auction.
So you’ve always wanted to go to an auction but you weren’t sure what to expect. Let me guess—you imagined one of the following scenarios:
You enter a magnificent gallery a la Sotheby’s, filled to its marble/gilt rims with snobs, all just waiting to look down their custom-made noses at you. Just as you prepare to slink out with as much dignity as you can muster, you have an involuntary arm spasm and you are suddenly the sheepish owner of a previously priceless artifact that now has a very real price of approximately $26 million dollars.
You drive 98 miles just south of West Hillbilly to some sort of cropless field filled with rusty farm equipment and a large group of “we don’t ‘low your kind ‘round here” types, the sum of which may own enough teeth to fill a single head. You make the unpardonable offense of actually raising your bid card instead of following the traditional grunt or belch. Suddenly, you hear the resounding ratcheting of 284 shotguns, cocked and aimed at your head.
Or... You may know that both of the above examples are silly and stereotypical, but you are unsure of what happens at an actual auction and thus, feel a bit nervous about attending an auction on your own.
While there probably are a some very rare auctions like the above examples, these are very few and far in between. Most auctions—both on and off site—are usually relaxed, laid-back affairs. The typical auction attendee is dressed casually and may be attending that particular auction for any number of reasons: to buy inventory for an antique shop, to buy collectibles for their own enjoyment, to furnish a home, to pick up bargains and to have fun.
Fun At Auctions
Painting sold at a
Garst Auction.
Fun?? Absolutely. Auctions are fast-paced, exciting events—in my mind, the only positive form of gambling there is. In fact, a live auction combines elements of gambling, bargain shopping, and the wild fun of a carnival, all at once. Think of it this way: imagine you are attending a bizarre sort of clearance sale on virtually every kind of item you can imagine...only the consumers “gamble” for the final price. Now imagine that same sale being lead by a person who is part ringmaster, part Vaudeville comedian, part expert and, in extreme cases, opera singer. Need I explain the carnival aspect further?
Certainly, people go to auctions to pick up bargains or to add to their collections…but they keep coming back because they have fun. In fact, the National Auctioneer’s Association sponsored a survey in which they asked regular auction attendees why they attended auctions. A resounding 97% answered that the main reason they attended auctions was to have fun.
Where do I Find an Auction?
Our Auction Calendar is a great place to start. For additional events, look in your local newspaper. Auction ads are located in the classified section, usually under their own category. Most (but certainly not all!) auctions are held on the weekends. Friday’s paper is a good time to look. Even better is to plan ahead for the next week and look in Sunday’s newspaper. Not only will you find more ads, it is more likely that you will find descriptions of the items being auctioned, along with the date, time, directions to the auction site and the contact information. If you are unsure about the directions, do not hesitate to call the company for assistance.
Off-site or On-site?
Find out whether the auction is being held on-site or off-site and plan accordingly. An on-site auction—one in which is held at the auction house, which is usually indoors with fold-out seating—is simple enough to prepare for…just show up on time! However, with an off-site auction—which is held outdoors, as in the example of an estate auction—some planning may be involved. Will it take place in a parking lot of a business being liquidated? Will there be seating? In the event of rain, will there be a tent? Will you have to park some distance away from the auction?
Plan Ahead
Remember, auctions are rarely short events—4-6 hours are typical, and longer auctions are not unheard of. Keep all of these factors in mind—bring your own folding chair, if necessary and maybe some cushions for your back. Dress casually and for the weather…and always wear comfortable shoes. Concessions are almost always provided, but you might want to bring a drink or a snack if you are unsure. In short, plan for your comfort and plan to stay for the long haul!
Another consideration is whether the auction company provides boxes and newspapers to pack your items. Rarely, an auction company will provide a “safe room” for your items until the end of the of the auction. More often, however, you are responsible for your items…which will be sitting at your feet, just waiting to get broken. While most auction companies do provide boxes and newspapers (and some blessed souls even provide bubble wrap), they sometimes run out. Err on the side of caution and bring your own boxes or large plastic bins.
Auction Day!
Plan to arrive early. All auction companies provide a “preview” time, usually a minimum of an hour before auction time. It is crucial to allow enough time to get lost, find the auction, check in, find or set up your seat, and, most importantly, preview the merchandise (more about that later).
Registering and Payment Information
AP Donahoe Crocks sold at an earlier auction.
When you first arrive, there will be an office, a counter or—at some off-site auctions—a trailer for checking in. Here, you will give the cashier your ID, address and phone number and he/she will present you with your bidder card. This is the number you will be using to place your bids. DO NOT LOSE YOUR CARD. Pretend that card is all the money you own. While I’ve never known it to happen, theoretically, someone could use your misplaced card to bid on any item they fancy, at your expense.
While you are registering, ask the cashier if there is a buyer’s premium. Most auctioneers do charge at least a 10% buyer’s premium to cover ever-increasing overhead. This means that ten percent of your total will be tacked on to your final bill: for example, if your total is $500 dollars, remember that you will actually be paying $550. And unless you have a tax number for resale, don’t forget to figure in taxes, as well.
This is also a good time to ask what forms of currency are accepted. I’ve never known an auction company not to accept checks, but just to be safe you might ask if there are any restrictions. Many, but not all, companies accept Visa/Master Card. Still, never assume that they accept credit cards and ask if there is an extra charge. Most auction companies in our area tack on an additional 3%, which can add up after the buyer’s premium and taxes. And, of course, some old-fashioned auctioneers still accept cash.
Previewing the Merchandise
Always arrive early enough to preview the merchandise—and allow enough time to investigate thoroughly. Auction items are sold “as-is, where is.” In other words, caveat emptor or “buyer beware”. Once the item has been declared sold, it is no longer the responsibility of the auction house…it is yours. If, at that point, you notice a crack in your Limoges china, you’re stuck with it. It’s not that the auctioneer is trying to cheat you—most auctioneers are honest people who will be the first to disclose any known flaws in their merchandise. Instead, it is a matter of selling perhaps 500 lots of merchandise in as many hours—or simply overlooking a flaw or being mistaken about its origin.
Therefore, unless the item has been grossly misrepresented (say, you find a “Made in Hong Kong” paper label in your “18th century” washstand), do not expect refunds or credits. Instead, allow yourself enough time to carefully examine every item of interest so you can ask questions before the auction.
If you should find a flaw or an error, please let the auctioneer or the auction manager know immediately so that they are able to disclose this information at the time of sale. And don’t forget those box lots! Very often, grubby little treasures can be found at the bottom of a dusty box lot.
Auction Time
Both auctioneers and auction attendees demand punctuality. Expect to be in your seat and ready at auction time. At this time, the auctioneer will introduce him/herself, the auction staff, make general announcements and state the terms and conditions—the rules that apply to the auction.
At that point, an assistant (often the auction manager) will bring up the first item to bid and the auction will begin. If this is a catalog sale, the items will be brought forth in the same order listed in the catalog distributed amongst the attendees. If not, merchandise—furniture, smalls, singles or in box lots—will be sold off, piece by piece.
As the auctioneer begins his call, bid assistants AKA as “ring men” will help the auctioneer spot any bids, usually by yelling, “Yeah!” In the meantime, the auctioneer encourages and keeps track of the bids by pointing or glancing at the competing bidders and by using a sing-song cadence: a chant that consists of filler words and two numbers, the price of the current bid and the price required to compete with that bid. The cadence is designed to keep merchandise moving quickly, so don’t hesitate! Until you get used to it, the speed of an auctioneer’s call can be intimidating and you might end up losing out on some great bargains if you don’t use your card.
Carnival glass and painting sold at a Garst Auction.
And while we’re on the subject, get into a habit of using your bidding card. While it may seem that you’ve caught the auctioneer’s eye, chances are that—out of 200 or so registered bidders—he/she didn’t see you at all. Don’t take any chances—get that card in the air!
When bidding on your first item, don’t be surprised if you get nervous. The combination of the new sights, sounds, the speed of the auctioneer and the excitement of competing for the right to buy an item will get your adrenaline pumping. For the same reason, don’t be surprised if you feel sorely disappointed after losing a bid. On the other hand, when you have the winning bid, you gain a real “auction high” that can become addictive!
In the meantime, be patient. Very often, the prices go their highest during the first hour or so, when crowds are at their thickest and wallets at their fullest. Be patient and you’ll find that prices tend to drop as crowds thin out. Conversely, make sure that you keep track of your purchases to avoid sticker shock at the check out. Many bidder cards have blank lines on the back specifically for this purpose.
After the Auction
Personally, I think that auctions are like operas: either you love them or you hate them (although I do believe that more people love auctions than operas ;). Most people love auctions, but don’t be discouraged if your first experience is disappointing. Not all auction houses are suited to all people—some will be too high end, some too low end. And even within the individual auction houses, there is a great deal of variability. Factors that influence selling prices are: the quality of the merchandise, how collectible the items are, the motivation of the bidders (e.g. a collector will bid higher than someone bidding for re-sale), competing auctions/events in the area and even the weather. Often, even the auctioneers themselves can’t predict selling prices.
So if your first experience was disappointing, don’t give up. Try coming to the same auction at a different time and try other auction companies in your area. While I don’t believe that there is a perfect auction, I do believe that there are perfect combinations. Get to know your local auctioneers, tell them what you like, get on their mailing lists and keep coming back.
Remember, 97% of the people come to auctions to have fun. Chances are, you’re not a part of the 3%, so come on back to the next Garst Auction and join the fun!
