It has been almost 20 years, but I remember it like it was last week. I was new to the antique and vintage resale business and fascinated by the stories my new dealer friends would share about their most recent auction experiences. Unbeknownst to me, there was an entire section of the population who spent several hours each week sitting on hard folding chairs, eating homemade chili and buying other people’s used stuff! Who knew??
No longer limited to dealers, the auction experience has gone mainstream with an ever-growing number of private buyers vying for the vintage castoffs of the down-sizing baby-boomers.
One of my emails this week read, ” I attended my first auction last year and found it was pretty junky. Could you point me in a good direction?” This and similar questions are becoming quite common from those of you who are new to the process. Not certain what to expect at your first auction? Let me see if I can help.
First and most importantly, know before you go. Our reader was disappointed by her auction experience because she went wanting fine antiques and found herself at a general household sale. The major auctions in Central Indiana have websites where you can view both a list of items to be sold and pictures of the major pieces. It is not uncommon for these sites to list their auctions for the entire month, so you can plan ahead.
The auction house has a language of it’s own that can be a touch confusing to the novice. So remember these terms:
Preview — This is an opportunity to view and personally examine the items up for auction before the bidding starts. Normally this time will be one hour prior to the auction. There are cases in which preview is held the day before, especially in the case of multi-day auctions.
Buyer’s premium — A buyer’s premium is a percentage of the winning bid that will be added to your total at check out. It is now charged by most auction houses and is used to cover administrative expenses. The standard percentage in this area is 10 percent. Make certain to allow for this charge when you are bidding so there are no surprises at check-out when you believe you have spent $500 and you are charged $550. Fine art auctions sometimes charge as high as 15-20 percent so, if in doubt, ask before you bid.
As is — Items are sold in the condition in which the auction received them. Remember this is often used merchandise and it is the buyer’s responsibility to make certain it is in good condition. Most auctions will attempt to point out if something is damaged, but ultimately it is your responsibility.
Absolute — This means that all items on the action will be sold to the highest bidder, no matter what the top bid.
Reserve — There are some auctions (cars, art, etc.) that will have items with a reserve. This means the item must hit a certain pre-set number or it will not sell
There is an adrenalin rush that sets in when you start bidding that can void the common sense gene. I have on more than one occasion watched a buyer try to cram a sofa into a hatchback. Remember, you are responsible for the timely removal of anything you urchase. Most do not deliver and if they do there will be an extra charge.
Hope this helps get you started. I look forward to seeing you at the auction! Until next time …Linda
Irvington resident Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the valuation and liquidation of antiques and may be reached at 317-258-7835 or lkennett@indy.rr.com