Auctions, for Millionaires and the rest of us.

I love auctions.  There's a thrill and a giddiness in attending them.  I enjoy the previews--being able to get up close and personal with the items:  pick them up, turn them around, look under them, sit in them, have them taken from the wall, whatever I need to do to assist my ability to make an informed decision about the item.  So it's great fun this time of year in Chicago when the two leading auctions houses have their Spring auctions.  This past weekend I visited the Wright Auction House on Hubbard Street to preview the new "Living Contemporary" auction offerings.  Wright specializes in contemporary art and design items and each auction always has a host of treasures awaiting new homes.  Here are some that caught my eye:

all photos from the Wright Gallery online

"After the Party" by Andy Warhol, 1979. This work appeals to me because it's about entertaining and being with friends--right up my alley.

Its pre-auction estimate is $8,000-$10,000.

Update, sold for $9,500.00

Called "Gift from Heaven, Single Stone", this sculpture by Zhan Wang is a complete intrigue.  I love the heft of the piece (as if declaring, "Here I Am.") as well as its shine. Its pre-auction estimate is $12,000 to $15,000.
Update, sold for $14,000.

These drypoint etchings from Hideaki Kawashima, titled "Shower" and "Soak" haunted me from the moment I saw them.  They are not the sort of images I am usually drawn to, but I cannot stop looking at them.  They are mysterious, creepy and challenging.  Their pre-auction estimate is a pleasing $500.00-$700.00.

Update, sold for $550.00 .

This painting by Pol Mara jumped up at me today during the preview.  Called "Industrial Forms" it seems to convey modernist water tanks.  I enjoy the gray tones and strong lines.  Its estimate is $8,000-$12,000.

Update, went unsold, meaning it failed to reach its reserve price.

These six chairs designed by Gaetano Pesce for Bernini are made of cast resin, chrome and rubber. They have spring-y feet which don't really show up in this photograph.  The color are great and the chairs themselves are on the small side which make them a great choice for smaller tables.  They have an estimate of $2,000-$3,000.
Update, sold for $7,000.  (Good eye Joseph!)

Returning to my love of all things shiny, this cigarette case is a great temptation.  Designed by Maria Pergay, and made in France, it is silverplated brass.  Its pre-auction estimate is $3,000-$4,000.

Update, went unsold.

Finally, since my chance eye glance exchange with Marc Jacobs at Eden Roc in St. Barts two winters ago, I've been fascinated with images of the designer.  This photograph by Nan Goldin captures MJ is a pensive moment at The Plaza Hotel in NYC.  Pre-auction estimate is $5,000-$7,000.

Update, sold for $5,000.

So, if you're new to attending auctions, here are some suggestions to make the experience exciting and worthwhile:

Do your homework before arriving.  Once the auction commences, there is little time for hesitation.  Excitement is often very tangible in the room--phones buzzing with anonymous buyers and the  auction house representatives; seasoned pros sitting quietly and patiently; and the nervous new who just want to win that special lot.  It's very easy to get caught up and to get off guard in the frenzy of thousands and thousands of dollars being spent in a mere minutes.  So, really, do you homework before arriving.

  Look at the catalogues online and then visit the works in person if possible.  If you are buying a piece of furniture to use in your home, then test it--will it do what you intend it to do?  This is your chance to sit in a chair, or open drawers of a desk.  If you are interested in a work of art, measure the work and make certain it will fit in your home.

Although auction houses suggest fair market estimates, a bidder should do research to see if the estimates are in-line with recent auction returns.  Estimates are determined by a number of factors, but a potential buyer should be comfortable with the range, and be prepared for increases.

Request a condition report on any item that may interest you.  Although you should see the piece in person before buying it, a condition report can aid your decision making if you are unable to attend the auction, as well as highlight conditions which may not be visible to a casual view or online.  Auction houses employ specialist and experts who authenticate the items and this condition report is your authoritative guide to the piece which interests you.

Be willing to pay retail, and more, for the item.  Many people expect auctions to be a place to find something at a good price, and that is often the case.  Although, if the piece is good, and there are many people willing to buy it--that drives the price up.  So know what the value of the piece is to YOU and what you can afford before attending the auction.

Know the bidding intervals for the auction house.  The intervals are how the price changes as the bids continue.  The intervals change from $25.00 increments to $50.00 to $100.00 to $250.00, etc.  You cannot throw in a $5.00 increase.  There is a strategy to the intervals, and that is advanced auctioneering, so I won't go into that here.

Know the buyer's premium of the auction house.  Premiums are a percentage of the winning bid added to the cost of the item won.  Premiums are generally an additional 25%, although this changes as the price of the lot increases and also from auction house to auction house.  Investigate and understand the buyer's premium at the auction house well in advance.

Also, many states assess taxes on auction purchases, so be prepared for this cost as well.  Taxes generally are not applied to lots that come from an "Estate".  Inquire with the auction house about taxes before bidding.  Furthermore, it seems to be a common practice now for auction houses to add an additional fee if the purchase is made with a credit card.  You can avoid that fee by paying with cash or a check.

Finally, you can often bring your new purchases home on the day of the auction if you can pay that day.  If the works remain in the auction house for a longer period of time, the auction house may assess storage fees for the items, per piece per day.  So be prepared to take or get your piece home.  Transport is the responsibility of the new owner.

Oh, and never brave eye contact with another bidder while bidding;  you'll be turned to salt by the auctioneer.

  

The auction was held live on April 28th at noon Central Time.