Auctions are fun. Auctions can be dangerously expensive if you’re not careful. Check the yellow pages or newspaper classifieds to find out when and where there is an antique auction near you.
We were lucky to pick up this amethyst coloured cut crystal scent jar with gold filigree lid with pearls at one of our auction adventures.
Not all antique auctions are true antique auctions. Some of them are utter garbage, but you’ll soon learn which ones are worth your while going to and which antique auctions should be avoided. Even at the so-called garbage antique auctions there may be treasures to be found.
A couple of years ago I went with my wife to an auction that I swore that I’d never step foot in again because it was, for the most part, junk being sold on behalf of estates. Old tattered “antique” couches from the 1950’s. Crazed and cracked partial porcelain sets. Dinged and damaged silver plate teapots. In other words, the family of the deceased has picked through to choose a few items that hold sentimental or monetary value and they left the rest of the “antiques” to hauled off to be sold at auction.
We were in the vicinity of the auction that day, so she managed to sweet talk me into dropping by, even though I was anxious to head out to go salmon fishing. An auction, or salmon fishing – Should there be a choice?
I wandered around looking at the showcases, listening to the auctioneer’s semi-coherent babble in the background, when I spied an old jewelry case with some somewhat dirty cufflinks. I asked to see them (which they don’t normally permit while the actual auction is being conducted) and I my interest was more than perked.
When it came time for that lot to be bid on, I borrowed the bidder’s paddle from my wife, became the recipient of her raised eyebrow, and a bid of $20 later I was the happy owner of some antique reverse intaglio 15 karat gold set Austrian hallmarked cufflinks with fine paintings of mallard ducks on enamel under the crystal. The name of the case even matched that of the hallmarks, as I was to later find out.
Value? I have been offered $500 by an antique dealer, which I declined. I’ve seen similar quality ones retailing for over $3,000. Somewhere in between, I would guess.
Guess what? I still had time to go salmon fishing that evening.
Auctions and antiques may be fun, but at the end of the day its being able to enjoy fishing for salmon with the kids that gives the most pleasure.
At the outset of this article it was stated that, Auctions can be dangerously expensive.
How can auctions be so dangerous?
You’ve started to collect Georgian sterling silver pieces and you read that an auction was coming up and that they had some antique sterling silver items from the late 1700’s that were made by Ann and Peter Bateman. You’re interested.
The Preview –Try to go a day or two prior to the auction to preview the items of interest. Review the items in detail. This is your money that will be on the line so you want to make certain that you get fair value for your dollars. Get a catalogue. Make note of the items of interest. You see a sterling silver teapot and a turkey basting spoon, both of which the catalogue states to be by Ann and Peter Bateman. Look for damage and repairs. Pick up the items. Run your fingers over them. Feel if there are any dents, bumps, cracks or other damage. Check the hallmarks. Use a jeweler’s loupe to examine it closely. Make notes. Weigh it. Take a digital camera with you to take a variety of pictures and at least one with something beside the item as a size reference.
Make certain that you review the terms and conditions of the auction and that you are comfortable with them.
Research – Go home, to the library, and research the Georgian spoon. Check recent auction catalogues for pricing. Research the hallmarks. Get onto the Internet and browse current auctions for similar Ann and Peter Bateman Georgian sterling silver turkey basting spoons. Try to find historical information on pricing of their works to see if there is a price trend, in particular relative to similar sterling silver pieces. Understand the different valuations that make two apparently similar sterling silver Georgian spoons to have quite different values. Know the retail value of the Georgian sterling silver. Understand the approximate antique dealer value. Then mull it over. Sleep on it. Talk about it with a friend, mentor, spouse or other person who understands a little about your hobby.
Decision Time - Can your afford it? Do you want it? Yes or No? If yes, how much, in total, are you willing to pay for a sterling silver spoon made in 1794 by Ann and Peter Bateman? You decide that this precious piece of history is worth $350 to you. Write down the number, with the lot number from the catalogue. Memorize it. Implant that price into your mind.
A Second Look – You’re back at the auction house on the big day to bid on the sterling silver Bateman items. The turkey-basting spoon is within your budget and you’re excited. Arrive early enough so that you may take a look at the Georgian spoon once again. This is to ensure that you don’t have second thoughts and also to make certain that no damage has occurred to the item as the result of careless handling.
Deposit – Many auctions will require that you provide a deposit or a scan of your credit card and they may require picture identification. This is to reduce the risk of a buyer making a winning bid and then taking off without payment.
At each auction you are assigned a unique number on a paddle for identification.
Pay Attention – Pay attention to the auctioneer. Listen carefully to how he or she speaks. Understand the rhythm and focus on the numbers. If you hold up your paddle, or sometimes even show your number to the auctioneer, you’ve made a legally binding bid. If you made a mistake, you were carelessly waving away a pesky fly, quickly shake your head and give an apologetic look to the auctioneer. Most of the time they’ll understand, even if somewhat annoyed.
Watch others. See how they bid. Learn from their actions as to what you should, and should not do.
Bidding Increments – The auction house will have stated fixed increments for the bidding. Many auctions use $10 increments, that is, the price increase for each subsequent bid, up to $50 or $100, $25 bid increments up to $200 and $50 or $100 bid increments up to $1,000 or $1,500. Some auctions will permit you to wave, or slice, your paddle or hand horizontally to show that you want to bid a one-half increment increase.
The Bidding – Your auction lot number is up. You can feel the mild rush of adrenaline as the excitement builds. You WANT that Georgian spoon. You WANT a historical piece of sterling silver by Ann and Peter Bateman.
Be patient. If there are no initial bids the auctioneer may start the bidding a little lower. Wait. Then jump. Quickly place your paddle up, number towards the auctioneer, and draw it down once more. Make certain that the auctioneer, or one of the assistants, saw your bid. They will often point at you until another bid has been made.
Another person bids. You want that spoon so once again your paddle flashes up into the air. You have a somewhat smug look on your face. You’re winning the race. But, alas, another bid from across the room. Your paddle flashes once more. Emotions are rising. Adrenaline starts to flow freely. Again and again you bid. A lifetime seems to be flashing past even though all of this transpires within a minute.
Finally you hear him, the auctioneer, “Going once. Going twice. Sold, to buyer number 376 for $400.”
The auctioneer points at you. You look at your paddle number: It’s number 376. You look like a deer caught in a car’s headlights at night. Your mouth opens slightly, wanting to protest, but you know that you did it. You got caught up in the action, and didn’t listen, impassively, to the bidding.
You won and it’s time to pay up.
Buyer’s Premium – You go to the front desk with your paddle and let them know that you’d like to settle your account and retrieve your sterling silver Bateman spoon. You will likely be required to pay a premium over the winning bid price for your antique treasure. This buyers premium can be anywhere from 10% to 35%, though usually it is between 15% and 20%. Did you remember to read the terms and conditions of the auction house prior to bidding? Did you calculate this into your price? Suddenly your $400 dollar sterling silver Ann and Peter Bateman basting spoon is now $500.
Taxes – Depending on where you live, you may be required to pay federal and/or state (or provincial) or value added tax on the buyer’s premium. In most jurisdictions there are no taxes payable on the actual bid price, only on the buyer’s premium. Make certain to find out if and how this applies where the auction is held. Final cost: $515.
Ticket – When you pay, they may hand you a ticket with your sterling spoon’s lot number on it, stamped, “Paid.” Hand this to one of the assistants for them to retrieve your antique silver. At some auctions you may have to wait until the end of the auction prior to retrieving your treasure.
Fine sterling silver Georgian period basting spoons by Ann and Peter Bateman.
You were warned.
Auctions can be dangerously expensive.
Keep your emotions under control. Understand the auction house’s terms and conditions, including buyer’s premium and taxes. Be disciplined and buy only what you can afford to buy. Research and know the value of your potential purchase.
Good Luck!
