Buying at Auction
How to navigate the major auction houses and avoid common mistakes.
Auction houses are formidable commercial institutions with interests that do not always align with buyers. Understanding buyer's premium structures, condition report conventions, and the mechanics of guarantees is essential before bidding. Establish your maximum — inclusive of all fees — before the sale begins, and resist the social pressure of the room. The best purchases at auction are often those on overlooked lots in unglamorous sessions.