Spurred by the popularity of television shows such as The Antiques Roadshow in the United States and Britain, antiques and collectibles have become exciting pastimes for large numbers of people. Just about anything can be bought at auction these days, cars, homes, art, jewelry, and of course, antiques and collectibles.

There are two types of auctions, online (eBay is a good example) and live. If the antiques bug has bitten and you've been thinking about attending a live auction but you don't know where to begin, here are some things you should know.

Types of Auction Houses

The creme de la creme of the auction world is Christie's and its competitor, Sotheby's. Christie's is headquartered in London, while Sotheby's is headquartered in New York. Both have branches throughout Europe and Asia as well.

Large premiere auction houses like these hold auctions by specialty department, such as American Furniture & Decorative Arts, American Folk Art, Rugs & Carpets, and Jewelry & Watches.

Smaller auction houses can also be found in the larger cities of the United States, Europe, and Asia, such as New York, London, Hong Kong, Paris, Geneva, Munich, and Copenhagen. They may be full-service auction houses or they may specialize in selling certain goods, for example, rare books and manuscripts, maps, posters and other printed matter, or glass and porcelain.

Auction houses located in smaller cities often sell some of everything. They typically hold larger quarterly auctions with higher quality goods and smaller monthly auctions with lower quality goods. Country auctions sell some of everything—some high quality and some lesser quality goods. They often don't have a fixed auction schedule and hold auctions only when there is enough merchandise to sell.

How Auction Houses Are Organized

Most auction houses are organized into departments such as Furniture and Decorations, Jewelry, Modern Design, or Fine Art. However, many larger auction houses often have numerous specialized departments instead. For instance, Fine Art may be broken down into Impressionist, Contemporary, and American.

Within each department there are the specialists who are knowledgeable about items within that department. They value the goods and catalogue them for auction.

The other two departments you should know about are Bidding and Accounts.

The auctioneer is the person who conducts the auction, which is held in a salesroom.

The Preview

The preview offers the public an opportunity to examine the merchandise in person and is held one to three days before, or sometimes the day of, the main event. It is a must for potential buyers. This is the buyer's opportunity to examine the goods carefully.

Be sure to look underneath and in the back of a piece of furniture and always open drawers and cabinets. For smaller items, such as glass, porcelain, and jewelry, it is helpful to carry a small flashlight and magnifying glass to look for signatures and other identifying marks.

Ask the specialist for a condition report and the "provenance" or history of any piece you are interested in. The condition report details any faults the piece may have.

Whether you are in it for fun or are a serious buyer, it also pays to do some research. Looking through antique publications for similar items that have sold will give you an idea of how much you should bid. Good sources are the Maine Antique Digest, Antiques and the Arts Weekly (The Bee) in the United States and Antiques News in Britain.

The Auction Catalogue

Every item in the sale is given a lot number, which determines the order of the sale. Next to the lot number is name of the item, a brief description, and an estimate of its value. The provenance or history of ownership of the item may also be included in the description—especially in the case of works of art.

The description may or may not be accompanied by a photograph.

The estimate is usually a range, for example $US600 – 800. You may get the piece for less money or it may go higher, depending on interest.

Country auctions usually do not have formal catalogues.

Bidding

There are three ways to bid: in person, by telephone, or by leaving a written bid. Bidders who can't attend the auction usually leave telephone or written bids.

You must register with the auction house if you want to bid. You will be asked to give personal information, such as your name, address, telephone number, and possibly your bank account information—especially if big-ticket items are involved. Once you have registered, you will be given a paddle with your bidder number.

To protect yourself from paying more than the item is worth, decide in advance (perhaps during the preview) what your maximum bid will be. It is easy to get carried away in the excitement—especially if you really have your heart set on an item.

When bidding in person, don't be timid. Wave your paddle around to get the auctioneer's attention. Sometimes, things move quickly, and you don't want to lose out. If the bidding does go above your maximum amount, don't worry, something else will come along and catch your eye. The hunt for that special something is just part of the fun. If you are the high bidder, the auctioneer will ask for your bidder number.

Paying for Your Purchases

The "hammer price" is the amount you bid to win. Many auction houses also charge a buyer's premium, which is a percentage of the hammer price. You may also be charged taxes.

During the preview find out what types of payment the auction house accepts and what the policy is for picking up merchandise. There is usually no delivery, but sometimes it can be arranged at a cost to you, the buyer.

Have Fun!

Your local newspaper is the best source for finding out when and where auctions are held in your area. Remember, anyone can attend, auctions are free and open to the public. In fact, it's usually helpful to attend a few to get the feel of it. You will be more relaxed when the big day arrives.

As with anything else, practice makes perfect. The more auctions you attend, the better you will become at it. Good Luck!

Heleigh Bostwick is a former jewelry cataloguer with Phillips de Pury & Company, based in New York, London, and Geneva.