by Kimberly Munsey-Carlton

Created on: May 07, 2008   Last Updated: November 25, 2008

At auction, a public sale in which property or items of merchandise are sold to the highest bidder, some of the most exciting transactions in history have transpired. The notorious auction fever spreads like wildfire, bringing prices to unheard of heights or worse yet a piece that all experts knew to be desired falls flat on the auction house floor as buyers make experts rethink the market. High-end auction halls such as Sotheby's and Christie's have become famous for their elegant and interesting clients that frequent their hallowed grounds with their understated paddles flitting up and down. Many a masterpiece of fine art and antiques have been sold to bidders laying a finger aside their nose in a secretive signaling to the auctioneer. Although these are the most famous of antique auction houses the fact remains that all across America, treasures of all sorts, and a wide range of antique centered auctions exist for the common buyer. Ranging from estate and household onsite sales to specialized auctions held at a local auction house, there is something for all levels of antique collectors.

Look in your local paper and you will find at least one auction this weekend with some antiques available for bid. Understanding the auction process and what the value of the pieces you're bidding on before you go are, is extremely important. Even the most seasoned buyer has found it easy to get caught up in the excitement of the auction and end up spending way too much or worse yet buying an item they would never have purchased away from the fray of bidding wars. It is an auctioneer's job to create that fevered pitch and is part of the excitement and showmanship of the auction itself.

Auctioneers work on a percentage of the sale. The more you spend the more they make for themselves and the seller. While some of the items, whether disclosed to you the buyer or not, may belong to the auctioneer most are from dealers or consigners. An auctioneer will place articles for sale in his auction or auction house for an agreed upon percentage of the sale price, much like consignment. Another way to increase the house's profit has become the trend started by high end houses to charge a buyer's premium, sometimes sarcastically called a buyer's penalty. They range from 10-20% of the bid. This premium is paid in theory to help supplement the profit to the auctioneer so he can lower his percentage charged to sellers thus encouraging more sellers to bring in items which is better for you

• 1
• 2
• Next Page >>