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The journey of any item to auction begins long before it appears in a catalog. First, the owner contacts an auction house, where expert specialists conduct an initial appraisal. Their task is to determine the item's authenticity, origin (provenance), cultural and historical value, and current condition.
| Term | Description |
| Provenance | The history of ownership of an item, confirming its authenticity and origin. |
| Attribution | The process of determining the author, time, and place of creation for a work of art or an antique. |
| Estimate | A preliminary valuation of a lot, expressed as a price range (e.g., $10,000 - $15,000). |
The journey of any item to auction begins long before it appears in a catalog. First, the owner contacts an auction house, where expert specialists conduct an initial appraisal. Their task is to determine the item's authenticity, origin (provenance), cultural and historical value, and current condition.
After confirming the item's auction potential, a contract is signed. Then, the detailed research and attribution phase begins. Specialists study archives, consult with colleagues, and compile a comprehensive description for the catalog. This stage is critically important, as the accuracy of the information builds buyer confidence.
Based on the research, an estimate—the preliminary appraised value of the lot—is formed. This is not the starting or final price, but rather a projected range within which, in the experts' opinion, the lot is likely to sell. The estimate serves as a guide for potential buyers when planning their budgets.
Once all items have been researched and described, the auction house creates a catalog. Today, it exists in both printed and digital formats, making it accessible to collectors worldwide. The catalog is the primary sales tool, a showcase for the upcoming auction.
Each entry in the catalog, called a lot, is accompanied by detailed information. This allows buyers to form an initial impression of the items and select those that are of interest to them. A standard lot description includes:
About one to two weeks before the auction, the pre-auction exhibition opens. This is a unique opportunity for anyone interested to see the lots in person, assess their condition, scale, and artistic merit. Specialists from the auction house are always present at the viewing, ready to answer questions and provide additional information.
| Method of Participation | Description |
| In-person bidding | The classic format where a buyer is present in the room and raises a numbered paddle to bid. |
| Telephone bidding | An auction house employee calls the client and places bids on their behalf in real time. |
| Absentee bid | A buyer leaves their maximum bid in advance. The auctioneer will bid on their behalf up to this limit. |
| Online bidding | Participating in the auction via an internet platform, where bids are placed in real time. |
Auction day is the culmination of months of preparation. The central figure is the auctioneer. Their role is not just about striking the gavel; they are the conductor of the entire process, who must feel the room, maintain the pace, and ensure the fairness and transparency of the bidding.
The bidding begins with the announcement of the first lot. The auctioneer calls out its number, title, and usually starts the bidding at a price slightly below the low estimate to encourage activity. Participants then place their bids, increasing the price by a set increment, which is also announced by the auctioneer.
Modern auctions offer several ways to participate, making them accessible to clients from anywhere in the world. Understanding how auctions work involves knowing these formats.
The auctioneer accepts bids from the room, from telephone participants, and from the internet until only one bidder remains. After the warning 'Going once... going twice... sold!' and the strike of the gavel, the lot is considered sold.
The fall of the gavel establishes the 'hammer price'—the final bid at which the lot was sold. However, this is not the total amount the buyer will pay. The auction house's commission, known as the 'buyer's premium,' is added to the hammer price.
The total cost for the buyer is calculated using a simple formula. This pricing structure is standard practice for all auction houses. The commission rate is usually published in the auction's terms and conditions and can vary.
After the auction, the winning bidder receives an invoice. Payment is typically due within a few days. Once the payment is received by the auction house, the buyer can collect their item. The logistics department helps arrange packing, insurance, and shipping of the purchase to anywhere in the world, if needed.
The success of an auction depends on the coordinated work of a large team of professionals whose activities often remain unseen by the public. An auction house is a complex mechanism where each employee performs a unique and vital function.
Behind the glamour of the auction lies the meticulous work of many departments. Their collaboration ensures a seamless process from the first contact with the item's owner to the moment the new buyer receives their purchase.
It is this complex internal structure, built on expertise, trust, and flawless organization, that has allowed auction houses to remain the primary market for the most valuable works of art and antiques for centuries.
