Register beforehand.
Buying jewelry at auction isn’t as easy as walking into a store and acquiring something with a credit card. Laws require auction houses to register bidders and confirm their identities to prevent money laundering and terrorism financing via auction sales.
First, you’ll need to register to bid with the auction house, which can be done in person or online. Auction houses must verify a bidder’s identity with photo identification and proof of current address before they are eligible to participate in auctions. Be sure to register at least 48 hours in advance of a sale, in case the auction house requires additional information. If you are bidding on high-value lots and you are a new client, you might be asked to provide a deposit or financial reference.
Know your bidding strategy.
Auctions can be online-only or live. Bidding online is similar to buying products on EBay. You can set your maximum bid, and the automated system will raise your bid incrementally until you win the lot or your maximum is exceeded. Or you can bid manually, being sure to stay on top of the auction, especially in the final minutes.
Live auctions offer several ways to bid, including: in the room; by advance or absentee bid; by telephone; or online. Submitting an advance or absentee bid allows the auctioneer to place incremental bids on your behalf up until your maximum bid. This is a good tactic for those who don’t have the nerves to handle a live auction, or for those who might get swept up in the electric atmosphere and spend more than they prefer. You may also bid by telephone. An auction representative will call you during the auction and place bids as directed. The most immersive way to bid is in person; you need to arrive at least 30 minutes before the auction starts to collect your paddle.
Don’t be afraid to enlist professional help.
If all this is too overwhelming, you can hire a professional representative like Prager to source, validate, or even bid on pieces for you. They would examine the pieces in person, hit the pavement looking for a specific piece, suggest jewelry that you might want to add to your collection, and place bids on your behalf during the auction.
At the end of the day, you might end up with an exquisite piece for your collection—or you might be disappointed. Rest assured, there’s always another auction full of stunning pieces for you to love. Hone your auction tactics, and try again.
This article was provided by Bloomberg News.