Spring 2010
Magazine

Senior Spectrum Newspaper Current Edition

 

Questions to Ask Your Auctioneer


Antique Clock

You've just inherited your great aunt's collector plates. Or sorted all your grandmother's silver. Or maybe you have some fine art you'd like to sell. Your next step may be to send the antiques and art to auction.

But if you've never worked with an auction company before, where do you start? The most important decision is finding the right level of auction. If you've inherited a Monet, a local auction probably isn't your best venue in which to sell it. On the other hand, Christie's probably won't be interested in selling a Victorian living room suite. Some auctions focus on a niche - Rago Arts and Auction in Lambertville, N. J. specializes in 20th century fine art and design. Bonhams and Butterfields in San Francisco and John Moran Auctions in Pasadena handle lots of California art. Phillips de Pury in New York might be a good place to sell a Dorothea Lange photograph.

You might want to ask your friends and relatives if they've had any experiences that might guide you and you can check out the Websites of various local, regional and national auction houses. In any case, it pays to do your homework.

After you've found what you think are one or more possible auction houses, here are some questions you should ask:

  • What do they estimate your property will bring at auction?

  • Will there be a reserve price below which your property won't be sold? What is their recommendation? What number do you have in mind?

  • What's the commission? That's the fee you'll be charged as a percentage of the selling, or hammer price. In some cases, it's a flat percentage - say 30 percent. Larger auction houses use a sliding scale commission - higher hammer price, lower commission.


Antique cabinet

  • What other fees will you be charged? When you're working with the big auction houses, there's usually an illustration fee for printing a photograph of your item in the catalogue. There's also a charge to insure your property while it's in their care. Find out what that is. Maybe you're willing to self-insure (not recommended) or insure it through your own insurance company.

  • How will your property be transported to the auction house? Who pays for transportation? That's usually the consignor. Who arranges for transportation?
  • What will it cost if your item doesn't sell? Find out what the unsold lot fee is.

  • When will your item be sold? Will it be part of a sale of similar art or antiques or in a more general auction, like Bonhams' SoMa sales that contain a variety of moderately valued property.

  • Where does the auction house advertise? Do they do regular mailings or e-mails to potential customers?

  • WHEN WILL YOU BE PAID. Very important question. You should expect to be paid within 35 days. Get it in writing!

Once your questions have been answered and you've narrowed down the choices, get a contract and read it carefully. Ask more questions if you need to. And if you can, plan to attend the auction.

Joyce Newman, a certified member of the International Society of Appraisers, owns the Northern Nevada art and antique appraisal firm Newman Appraisal Services. You can contact her at appraisals@gbis.com or (775) 771-0464 or visit the company's Website at www.newmanappraisalservices.com