As a former antique dealer, I have made just about every mistake a beginner can make at an antique auction. Over the many years of attending weekly auctions, the transition was made from an amateur to a pro and a thing or two was learned along the way.
Going to your first antique auction is going to be very exciting. It may be in a barn, under a tent, or in an auction house. You will be trying to find a great deal on some wonderful antiques. Here are some simple steps that you can take to make sure that you don't have any regrets on your way home.
Preview
All auctions offer a preview time to look over the items for sale. This can be anytime from several days before the auction to the hour before. Whatever is offered, take advantage of it. "NEVER" buy anything without previewing it. This is your chance to look at an item, pick it up, pull out the drawers and check for condition, check for marks, don't be afraid to get on the floor and look underneath items. You don't want any surprises when you get the item home.
Research
Before you buy anything know "what" you are buying. Invest in some books on the particular type of antique you are interested in. Go to as many high-quality antique stores as you can or to art museums, galleries, or decorative arts museums. Get to know your particular favorite. You need to be able to spot the "real thing". You don't want to buy a Ming vase that was created by Joe Ming! Knowledge is power. Remember that it is always buyer beware and as-is.
Know the value
You are responsible for knowing what an item is worth. A secret all dealers know is that they can't compete with a collector. Dealers need to make a healthy profit so they are never going to be willing to spend what a collector will. Use this to your advantage. Know who the dealers are. If they are bidding on a particular item it is probably real and you can relax and know that you can afford to pay more than they can. You can be happy to know that you are still going to pay a lot less than you would if you wanted to buy the same item in a dealer’s shop.
Love your antique
Never buy anything unless you love it. Antiques don't make a great investment. That is not to say that some things may not appreciate and some very quickly, antiques are cyclical. What is in fashion this week may be impossible be sell next week. If you love the item it won't matter.
Know how to bid effectively
You have done your homework, previewed the offerings, and set a price in your head that you are willing to pay. Now what? You are going to register and get your bidding paddle. Use the time you have until your item(s) are offered to observe bidding etiquette. Don't be over-anxious. Don't open the bidding, let your competition get things started. You don't need to bid until it appears the end of the bidding is imminent. Keep in mind you will also be paying a buyer’s premium, at least 10 percent, and also tax.
One last thing, try not to get caught up in the moment; adrenalin will get your heart pumping and your paddle raising. If the bidding goes above what you want to pay unless you can't live without it, let it go!
All that is left is for you to do is to go out there and have a great time. Hopefully, you will buy some wonderful antiques at a great price. Attending your first auction will be an exciting time for you whether or not you decide to purchase an item or not. Just remember to relax and to keep control of your bidding paddle.
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