DESTIG
  • Current Issue
  • Previous Issues
    • 2020 Issue 2
    • 2020 Issue 1
    • 2019 Issue 2
    • 2019 Issue 1
    • 2018 Issue 2
    • 2018 Issue 1
    • About DESTIG / More Previous Issues
  • Artist Gallery
    • Gallery A - E
    • Gallery F - J
    • Gallery K - O
    • Gallery P - T
    • Gallery U - Z
  • Design
    • Features >
      • Nikola Lenivets - ​The largest art park in Europe
      • Remembering Marvin Lipofsky
      • Michela Cattai
      • Insidherland Presents The Niemeyer II
      • Angell Bike by Ora Ito
      • Leclercq Associés
      • Ashima
      • Ferrillo
      • Blue Italia
      • Atelier de Troupe
      • Aysan
      • CHYBIK+KRISTOF
      • david/nicolas
      • ESTUDIO PERSONA
      • MAARTEN BAAS
      • NADA DEBS
      • RAPHAEL NAVOT
      • REVOLOGY
      • SOFLOW
      • QWSTION
      • RAAAF
      • ANNA TORFS
      • VIKTORIA YAKUSHA
      • THE VAMPIRE’S WIFE
      • BOTANIC TALE COLLECTION BY MOSAICO+
      • HANDVÄRK
      • BERTOCCI
      • MAISON LE LOUP
      • MATTER MADE
      • MISTER ALPHABET
      • OUR VODKA
    • Lighting >
      • VG NEWTREND
      • Norman Copenhagen
      • Giopatto & Coombes
      • Lindsey Adelman Studio
      • SCHONBEK SWAROWSKI
      • Karice
      • Lladro
      • ILMIO DESIGN
      • Pablo Designs
      • Zonca Lighting
      • Oluce
      • B.lux
      • Mols
      • Masca
      • LEDS-C4
      • LASVIT
      • Luceplan
      • BLOND BELYSNING AB
      • David Hunt Lighting
      • Nimbus
      • Klobe
      • LOUIS POULSEN
      • Savoy House
      • GrantLamp
      • Cordon
      • Lug Light Factory
      • Venini
      • Younique Plus
      • CORBETT LIGHTING
      • MorganRuben
      • VibiaLighting
      • ZeroLighting
      • ArturoAlvarez
      • FormaLighting
      • Flos
      • Artemide
      • Lights of Vienna
      • Parachilna
      • Atelier Robotiq
      • IUMI
      • ​Gabriel Scott
      • HENGE 07
      • Rbw Studio
      • LJ Lamps
      • DCW Editions
      • CINI & NILS
      • LineaLighting
      • CVL Luminaires
      • QUASAR
      • Badari Lighting
    • Seating >
      • DRIADE
      • Rolf Benz
      • MAGIS DESIGN
      • MOROSO
      • Republic of Fritz Hansen
      • Amura & Sainluc
      • PIERRE FREY
      • Cappellini
      • Miniforms
      • Vitra
      • De Sede
      • Flou
      • Cherner
      • Bo Concept
      • Philipp Selva
      • Knoll
      • Lange Production
      • Cor
      • Freifrau
      • andTradition
      • Munna
      • Softhouse
      • Conde House
      • Memoir
      • ​Blå Station
      • BOSC
      • CRAVT
      • Jess Design
      • Frigerio
      • Burov
      • Calligaris
      • Vincent Sheppard
      • Gautier
      • Ligne Roset
      • Ulivi Salotti
      • Swoon Editions
      • Jimmie Martin
      • Espasso
      • Roche Bobois
      • Pash
      • Odesi
      • Linteloo
      • Zoffany
      • Gebrueder Thonet Vienna
      • CDI Furniture
      • Timothy Oulton
      • Natuzzi
      • District Eight
      • Pure Home Collections
      • Tacchini
    • Hot Picks - 2020 Part 2
    • Hot Picks - 2020 Part 1
    • Hot Picks - 2019 Part 2
  • Travel
  • DESTIG Awards
  • Contact

Previous Issues

BUYING AT AUCTION BY DAVID RAGO of RAGO ARTS.

12/31/2017

 
Picture

Having an eye for high quality design and art can provide an advantage at auctions but you also need to know the mechanics. We learn the best practices from one of the world’s leading auctioneers - David Rago.

(Part 1) – Live Bidding
While there are more ways than ever to bid in an auction, the process needn’t be confusing or intimidating. This article will serve as the rest of four installments on how to be an effective bidder. In addition to laying out the basics, I’m going to provide some insider information, things you’d only know if you spent a lot of time on the podium as the auctioneer. If you intend to bid at auction I promise these articles will prove useful. The main ways for people to participate in an auction are live and in person, by telephone, through the Internet, or leaving “left bids” by absentee ballot. There are benefits and deficits to each of these methodologies so, starting with bidding live, let’s take a closer look.

Bidding live in the auction room is the least convenient way to participate in a sale but probably the most rewarding for the effort. First and foremost, you get to look at and personally inspect the pieces on which you plan to bid (or, after seeing them up close, NOT bid). Auction catalogues, both in print and virtual, have never been better, with digital photography allowing individual print shots of every piece. This is no small thing because, back in the day of color separations for offset printing, many lots weren’t valuable enough to justify the expense. Yet now, on line catalogues make it possible to post multiple images of every lot. Even more, a print catalogue is a static thing, once it leaves the press it’s done. But a virtual catalogue can be modified for weeks, up until the moment a piece is sold. Still, in spite of these technological advancements, nothing is as good as seeing a piece in person, and for that you have to be in the room either before or during a sale. If you purchase “smalls”, things you can fit in your car, you also save shipping costs, so there’s that. You can also speak directly with the auction house experts to best determine the condition of your lots and maybe get from them a sense of how much interest has been expressed by potential competitors. 

​Attending an auction in progress allows you to understand the pace of the sale leading up to the lots in which you have interest. Is the auction soft, with limited bidding from all fronts, many passed, or unsold lots, frustration emanating from the auction staff? Or is the sale a barnburner, with things blowing past estimates, nearly all lots selling, and the air in the room crackling from all the competition? While this is no guarantee that same energy will exist during the brief time any of the lots you want are selling, this can often give you an indication of what you might expect when the things you want come to the auction block.

Picture

Who’s your competition during a live sale? While more and more bidders compete on line or over the phone, there is no better way to get a sense of where other interest is coming from, and how you might best respond in the moment. Each lot takes about 45 seconds to sell, and a great deal of information is conveyed during that brief window of opportunity. Like poker, you are “playing auction” with incomplete information, making the best decisions possible with the cards you can actually see. Nowhere is more information exposed than in the auction room.
You can tell a lot about a buyer by where they choose to sit, if they choose to sit at all. The most serious bidders are either directly in front of the auctioneer or standing in the back of the room. The former position ensures that your bid won’t be missed in the heat of battle, allowing for the clearest communication with the auctioneer. Also, because there is virtually nothing to distract someone sitting in the front row, you can focus entirely on the task at hand.
​

Conversely, the person standing in the back of the room may occasionally risk not getting the auctioneer’s attention, but they get an overview of the room, watching the entire crowd, the action from the phone tables, and the competition from the internet. Another advantage, to those so inclined, is the machismo effected by standing up, bidding with confidence, and staring down the cluster of dealers invariably huddled beyond the last row of chairs.

If you see a group of people (almost always a cluster of men) sitting together in the back of the room yet only one or maybe two of them bid, you’re probably looking at a “pool”. These are dealers who work the auction circuit and who have made an agreement not to bid against each other. Don’t be intimidated. If you are willing to pay up to a retail price you will almost always be a stronger bidder because the pool is looking to make a profit, buying at a wholesale level. 

A few pointers:
Somehow, live bidders have come to think that not bidding until the last second will give them the upper hand in auction wars. For example, two or more people have been bidding on a lot for half a minute, the price going from $1500 to $3500, until it finally stalls. The auctioneer says, “Last call”, or “fair warning” and only then does a new bidder raise their paddle. The problem is that so many people employ this strategy that the only impact I’ve seen it have on an auction is to drag out the bidding for another half a minute (which, over the course of a 1,000 lot weekend, is a tremendous waste of time). Imagine tracking the bidding on a lot for forty seconds and then, at the last moment, two or five paddles raise at once, all thinking they’re going to nail the piece for one more increment. Instead of closing the bidding all this accomplishes is pushing a higher price.

Some bidders like to sit beyond the back of the room, sometimes behind a column or a piece of furniture. I guess this is one way to hide your intentions, but it’s also a perfect method of having the auctioneer miss your bid entirely. Privacy is one thing, but if the auctioneer can’t see you clearly, expect to have your bid missed at least occasionally.

Bid with your paddle, at least to start. It’s impossible for a civilian to visualize what the auctioneer sees while on the podium. But imagine a room with over 100 people in attendance, a splash of color and flesh, and a guy 2/3 of the way back waves his hand to bid.
​
I don’t know about you, but I can’t see that. It’s best to bid first with the paddle supplied by the auction house and then, once the auctioneer knows you’re in the mix, THEN you can blink or nod or whatever it is you choose to do. You MUST establish a connection with the auctioneer or risk losing out. Don’t take any crap from the auctioneer, and don’t let them bully you into going beyond your price limit. This happens more than you might think, and it’s best to remember at all times that YOU are the client and the auctioneer, and his or her staff, is working for you. You are paying their wages in the form of a Buyer’s Premium, just as the consignor is paying in the form of a commission. That said; make sure the auctioneer is your friend. You have so much to gain by maintaining a good relationship with the person who ultimately runs the auction. This is no small point, and I’ll describe how a good relationship will reward you in many ways. For now, when bidding, a smile always helps.

Read the terms of sale before you bid. If the auction is “as is-where is”, you have no recourse if you find your purchase has damage or is something other than what you thought (even if the auction house’s description is wrong!).

On the other hand, if you are bidding in a “guaranteed” sale, what exactly is the auction house guaranteeing? You have a responsibility to yourself to know this and, if you’re not clear about it, to ask someone at the auction with authority and find out.


Find out more about Rago Arts: www.ragoarts.com
Credits – RAGO Arts 



Picture

Picture


Comments are closed.
    Picture

    Picture

    Archives

    January 2018
    December 2017
    October 2017
    September 2017
    August 2017
    July 2017

    Categories

    All
    2 LEAVES PROJECT
    Abandoned Kansai
    Abhisaar Saxena
    Africa
    Aisha Jemila Daniels
    Alexandra Schafer
    Alex Dampsey
    ALICE RIEHL
    Alma De Luce
    Antonio Lupi
    Aotta Studio
    Art
    Art Bunker Berlin
    Art Direction
    Atelier Oi
    Auctions
    Berlin
    Best
    Better
    Bomma Glass
    Bordbar
    Brazil
    Budgeting
    Burning Man
    Canada
    Casalgrande Padana
    Central Asia
    Circa
    Coffee
    Colombia
    Comelite Architecture
    Czech Republic
    Daniella Ohad
    Dan Yeffet
    David Rago
    Delphine Diallo
    DESIGNING RUSSIA
    Ecuador
    Egizia
    Faina Collection
    Fanny Rice
    Feng Shui
    Florida
    France
    Giopato And Coombes
    Glass Design Srl
    Good
    Great Britain
    Hot Picks
    IGNEOUS BATH
    India
    Ireland
    Issue 1
    Issue 2
    Italy
    JAMINI DESIGNS
    Japan
    Jean Pierre Arboleda
    Jomo Tariku
    Joseph Walsh
    JULIA SALNIKOVA
    Kalpak Travel
    Karim Rashid
    Kevin Busta Interview
    Khurtova And Bourlanges
    Magdalena Morey
    Maison Valentina
    Makio Hasuike
    Mario Covi
    Marion Reynolds
    Matt Loughrey
    Mayra Sergio
    Miami
    Milos Komadina
    Mirit Weinstock
    Moroso + Diesel
    Mya Rose
    Nakashima
    Naoshima
    Netherlands
    NICK LITTLEMORE
    Nina Kati
    NYC
    Ora Ito
    Pamilone
    Paul Evans
    Pininfarina
    Pokras Lampas
    Porcelain
    Rago Arts
    Ron Lussier
    Russia
    Salt And Water Studio
    Serbia
    Sergio Calatroni
    Shane Holland
    Shannyce Adamson
    Shurooq Amin
    SIEGER BY FÜRSTENBERG
    Silk Road
    Silvia Tcherassi
    Softhouse
    Soichiro Fukutake
    Stanley Jay Freidman
    Stefan Cammeraat
    Stephen Turner
    Steve Anwar
    Studio Marlene Huissoud
    Sunbrella
    Sussi Hodel
    Switzerland
    The Faroe Islands
    Thom Kerr
    Ukraine
    USA
    VELVENOIR
    WORLD INTERIOR OF THE YEAR 2017
    Za Bor Architects

© COPYRIGHT 2016. ALL RIGHTS RESERVED. 
  • Current Issue
  • Previous Issues
    • 2020 Issue 2
    • 2020 Issue 1
    • 2019 Issue 2
    • 2019 Issue 1
    • 2018 Issue 2
    • 2018 Issue 1
    • About DESTIG / More Previous Issues
  • Artist Gallery
    • Gallery A - E
    • Gallery F - J
    • Gallery K - O
    • Gallery P - T
    • Gallery U - Z
  • Design
    • Features >
      • Nikola Lenivets - ​The largest art park in Europe
      • Remembering Marvin Lipofsky
      • Michela Cattai
      • Insidherland Presents The Niemeyer II
      • Angell Bike by Ora Ito
      • Leclercq Associés
      • Ashima
      • Ferrillo
      • Blue Italia
      • Atelier de Troupe
      • Aysan
      • CHYBIK+KRISTOF
      • david/nicolas
      • ESTUDIO PERSONA
      • MAARTEN BAAS
      • NADA DEBS
      • RAPHAEL NAVOT
      • REVOLOGY
      • SOFLOW
      • QWSTION
      • RAAAF
      • ANNA TORFS
      • VIKTORIA YAKUSHA
      • THE VAMPIRE’S WIFE
      • BOTANIC TALE COLLECTION BY MOSAICO+
      • HANDVÄRK
      • BERTOCCI
      • MAISON LE LOUP
      • MATTER MADE
      • MISTER ALPHABET
      • OUR VODKA
    • Lighting >
      • VG NEWTREND
      • Norman Copenhagen
      • Giopatto & Coombes
      • Lindsey Adelman Studio
      • SCHONBEK SWAROWSKI
      • Karice
      • Lladro
      • ILMIO DESIGN
      • Pablo Designs
      • Zonca Lighting
      • Oluce
      • B.lux
      • Mols
      • Masca
      • LEDS-C4
      • LASVIT
      • Luceplan
      • BLOND BELYSNING AB
      • David Hunt Lighting
      • Nimbus
      • Klobe
      • LOUIS POULSEN
      • Savoy House
      • GrantLamp
      • Cordon
      • Lug Light Factory
      • Venini
      • Younique Plus
      • CORBETT LIGHTING
      • MorganRuben
      • VibiaLighting
      • ZeroLighting
      • ArturoAlvarez
      • FormaLighting
      • Flos
      • Artemide
      • Lights of Vienna
      • Parachilna
      • Atelier Robotiq
      • IUMI
      • ​Gabriel Scott
      • HENGE 07
      • Rbw Studio
      • LJ Lamps
      • DCW Editions
      • CINI & NILS
      • LineaLighting
      • CVL Luminaires
      • QUASAR
      • Badari Lighting
    • Seating >
      • DRIADE
      • Rolf Benz
      • MAGIS DESIGN
      • MOROSO
      • Republic of Fritz Hansen
      • Amura & Sainluc
      • PIERRE FREY
      • Cappellini
      • Miniforms
      • Vitra
      • De Sede
      • Flou
      • Cherner
      • Bo Concept
      • Philipp Selva
      • Knoll
      • Lange Production
      • Cor
      • Freifrau
      • andTradition
      • Munna
      • Softhouse
      • Conde House
      • Memoir
      • ​Blå Station
      • BOSC
      • CRAVT
      • Jess Design
      • Frigerio
      • Burov
      • Calligaris
      • Vincent Sheppard
      • Gautier
      • Ligne Roset
      • Ulivi Salotti
      • Swoon Editions
      • Jimmie Martin
      • Espasso
      • Roche Bobois
      • Pash
      • Odesi
      • Linteloo
      • Zoffany
      • Gebrueder Thonet Vienna
      • CDI Furniture
      • Timothy Oulton
      • Natuzzi
      • District Eight
      • Pure Home Collections
      • Tacchini
    • Hot Picks - 2020 Part 2
    • Hot Picks - 2020 Part 1
    • Hot Picks - 2019 Part 2
  • Travel
  • DESTIG Awards
  • Contact