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.