Srini V.
Yelp
Until recently, my auction experience beyond eBay was limited to watching bags of worthless electronic goods being palmed off to unsuspecting Londoners in Covent Garden, for little more than a quid and tuppence, in the familiar "going-going-gone" setting. I was therefore quite excited about going to Sotheby's for a live auction, with two fellow NYelpers -- Ahu S. and Nami Z. Picture the village bumpkin that is me, sandwiched between two well-attired socialites.
Auctions are a curious mix of theater and game theory, making them equally interesting to casual observers as well as active participants. Whether you are bidding on a Dutch painting in an English auction or an English painting in a Dutch auction, there are some basics that you should master before registering for an all-powerful paddle that signals both your willingness to buy and your ability to pay. For one thing, bids could come from a variety of sources -- absentees, phone callers, or even that poker-faced guy in Lee dungarees, sitting right next to you, playing with his disheveled hair. You never know. Our auctioneer was English, and mechanically went about showcasing lot after lot, having them knocked down at well above their reserve prices, each time issuing a fair warning before bringing down the gavel in a final blow to the losing bidders. Be prepared to pay a buyer's premium of as much as 25% over the hammer price. Better still, run the numbers ahead of time, based on the auction estimates from the catalog. And before you leave for the event, pop in whatever it is from your medicine cabinet that would keep your emotions in check, since payment is expected right after the auction ends, and pleading that your check will be in the mail will not pass muster.
When you visit Sotheby's for an auction, leave some time to check out their public exhibition of other items, typically open a week in advance of their live auction. And feel free to ask the specialists on hand any searching questions you might have. In summary, you have nothing to lose. Go experience the vicarious thrill of a live auction at Sotheby's. Nothing compares, except perhaps Christie's.
Nami Z. Srini V. Ahu S.
$10,000! ??? $11,000!
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In the final tally, one star has to come off for making the auction so accessible to the likes of me, yet keeping the bidding well beyond my wallet's reach.