Mastering the Art of Bidding - Augustman
Augustman Logo
Style
Culture
Gear
Food & Drink
Travel
Wellness
AM Select
E-Magazine
Most Trending
Mastering the Art of Bidding
Most Recent
Mastering the Art of Bidding
Most Trending
Gucci Melds Their House Code with Balenciaga’s For Their Centennial
Most Recent
Team Effort: Cool Brand Collaborations In Fashion And Retail
  • Fashion
  • Watches
  • Grooming
Most Trending
Live The High Life At These Most Extravagant Penthouses
Most Recent
Life in Edo | Russel Wong in Kyoto Exhibition Explores Japanese Culture And Craftsmanship
  • Design
  • Events
  • Art
  • Music
  • Film & TV
Most Trending
BMW 4 Series Convertible Ushers In A New Era For Open Top Motoring
Most Recent
Will.i.am Has Launched A Face Mask With Bluetooth Headphones And LED Lights
  • Tech
  • Motoring
Most Trending
Pretty Sweet: Dolce & Gabbana And Fiasconaro Are Celebrating Italian Confectionery
Most Recent
Lost Distillery: Rare Brora Whiskies Are Going Under The Hammer
  • Dining
  • Drinks
Most Trending
Check Out These Lavish European Castles Available For Rent
Most Recent
Are “Health Passports” The Key To Restarting Global Travel?
  • Travel Guides
  • Hotels & Resorts
Most Trending
These Famous Athletes Also Run Successful Lifestyle Brands
Most Recent
Can’t Sleep? Try These Effective White Noise Devices
  • Fitness
  • Health
Most Trending
Technopreneur Ryan Chew On Using Blockchain To Solve Global Issues
Most Recent
A Tribute To Britain’s Prince Philip. The A To Z Of The Duke Of Edinburgh
  • Men of the Year
  • MVMT
  • August Mentors
  • A-Listers
  • Hit List
  • sg
    • MY
    • SG
  • Search
Mastering the Art of Bidding
Sort & Filter
Close Filter
Sort By
Date
Relevance
Filter By Category
All Categories
All
Style
Culture
Gear
Food & Drink
Travel
Wellness
AM Select
Apply
Filter By Location
singapore
All Countries
Culture
Life in Edo | Russel Wong in Kyoto Exhibition Explores Japanese Culture And Craftsmanship
Culture
Live The High Life At These Most Extravagant Penthouses
Culture
Dave Grohl Of The Foo Fighters Is Releasing A Memoir
Augustman Logo
sg
Mastering the Art of Bidding
Back
All  Style
  • Fashion
  • Watches
  • Grooming
Back
All  Culture
  • Design
  • Events
  • Art
  • Music
  • Film & TV
Back
All  Gear
  • Tech
  • Motoring
Back
All  Food & Drink
  • Dining
  • Drinks
Back
All  Travel
  • Travel Guides
  • Hotels & Resorts
Back
All  Wellness
  • Fitness
  • Health
Back
All  AM Select
  • Men of the Year
  • MVMT
  • August Mentors
  • A-Listers
  • Hit List
E-Magazine
  • Malaysia
  • Singapore
  • Facebook
  • Twitter
  • Instagram
Sort & Filter
Close Filter
Sort By
Date
Relevance
Filter By Category
All Categories
All
Style
Culture
Gear
Food & Drink
Travel
Wellness
AM Select
Apply
Filter By Location
singapore
All Countries
Culture

Mastering the Art of Bidding

Hannah Choo
23 Nov 2016
Article Hero Image
Trending Now
Will.i.am Has Launched A Face Mask With Bluetooth Headphones And LED Lights
GearRead More
Team Effort: Cool Brand Collaborations In Fashion And Retail
StyleRead More
BMW 4 Series Convertible Ushers In A New Era For Open Top Motoring
GearRead More
Gucci Melds Their House Code with Balenciaga’s For Their Centennial
StyleRead More
Here's your ticket to incisive commentary and insights from the celebrity sphere. Sign up for our newsletter.

Fancy something up for auction but have absolutely no clue on what to do? Charlotte Nunn, a specialist and head of sale at Bonhams, has some ideas. 

Visit auction websites to ascertain what auction you are interested in. Visit the previews in person (the free ones) whenever possible so you have a chance to examine the work in detail, meet the specialists and learn.

Register to bid in advance of the auction, ideally 24 hours before. It is customary for most auction houses to request a proof of address, photo ID, your full name, address and contact details. Certain high value auctions may ask for a financial reference from your bank or a deposit as a pre-condition of you bidding. Do not be offended by this, the auction has a responsibility to the seller to ensure good practice and is nothing personal!

At the auction, you will understand what’s most in demand. It will also provide you with some flexibility – if you are not successful with one lot, you can have a go at another. Plan to arrive at least 10 minutes before the auction so that you can show your ID and collect your paddle. And if you do not want to sit through the whole auction, you can call and ask what time your lot is expected so that you can arrive a few lots before. When you do bid, ensure that you make your intentions known to the auctioneer by clearly raising your paddle and showing them your paddle number. Also, make sure you are familiar with the auction increments so that you don’t get caught out with the wrong bid.

If you cannot make the auction in person, my next best choice would be to bid via the telephone. A specialist will call you from the sale room and will bid on your behalf. The advantage of this method of bidding is that you can do it from the enjoyment of your own home and keep your identity under wraps. Always provide an alternative number that the specialist can try in the event of connection issues and keep your phone near you. 

Absentee bids can also come in handy should you be away and uncontactable during the auction. Submit your maximum bid in writing before the sale and a specialist will bid on your behalf. In the event you can’t be reached at the time of the auction, we will use the absentee bid as backup.

Bidding online can sometime be a little problematic. Internet connections can be interrupted and this can cause you to miss your lot. Keep an eye on the price increment guidelines so that you know what the next bid is before you click confirm. 

Auctions can be unpredictable, you never quite know what something will hammer for until the moment happens. So beware of getting caught up in the moment and paying more than you intended. Always factor in other applicable charges such as the buyer’s premium, local taxes, shipping expenses, loss and damage liability fees or storage costs. 

Specialists at reputable international auction houses are trained for years in their field. With this comes a certain level of trust that correct due diligence will be carried out. It is more than acceptable to ask the specialist for more information with regards to the provenance of the work. If there is ever any level of doubt with regards to the authenticity of an object, the auction house usually will not offer the work for sale.

When it comes to authenticity, there will always be challenges. When dealing with contemporary art, it isn’t so bad as we can mostly trace back to the artist, studio, foundation or gallery directly. When working with century-old items such as Chinese works of art, it can get tricky. It takes a lot of experience, knowledge and research to know that that a certain glaze, seal, weight of an object is exactly what it should be.

At Bonhams, we obviously only hold auctions for items which are in demand. If there isn’t a market or demand that has been established in that area, it does not make sense to hold an auction.

If you have the winning bid, you are legally obliged to pay for the work. The terms and conditions signed when registering will outline this.

The starting bid is usually chosen at the auctioneer’s discretion, so they could start at $50,000 and move upwards from this. They will never go back on themselves. Most lots have a reserve price on it which is confidential between the auction house and the seller. This means the reserve – i.e. the lowest price the work can sell for – will either be the low estimate or below the low estimate. Some lots are ‘No Reserve’ lots, which means they can be sold for any price, regardless of the estimate .

There have been lots of great moments that I have experienced at auction. For the most part, the best are from when you have worked for months on building a successful sale, witnessing bidding at its most ferocious and seeing the hammer come down on something three or four times its original estimate. It is a very rewarding moment to be able to communicate that level of success to your client.

Auctions are undoubtedly one of the most transparent methods of buying. Everything is laid out before you and is very public. People automatically think auctions are too intimidating, too complicated. That really isn’t the case. Once you have the basics, it’s really very straightforward.

Hannah Choo
Talk to Me About:

Up Next For You

Classic Books That Will Take Travel-Starved Readers Around The World
Manas Sen Gupta
Culture
What You Need To Know About Museum Of Ice Cream Singapore
Richard Augustin
Culture
Yung Raja Is Rapping His Way To The Top Of Hip-Hop
Richard Augustin
Culture
The Lego NASA Space Shuttle Set Is Just What Space Exploration Fans Wanted
Richard Augustin
Culture
Here's your ticket to incisive commentary and insights from the celebrity sphere. Sign up for our newsletter.
×
Where are you?
Tell us so we can display what you want to see.
  • Malaysia
  • Singapore
Malaysia Singapore
Advertise About Privacy Policy Terms & Conditions
© 2021 Copyright Augustman