It's high season for New York's big auctioneers. From now through June, there's practically a sale a day at either Christie's or Sotheby's. Sometimes both. If you've ever hankered to get in on the auction action, now is the time.
Both auctioneers have been putting out the welcome mat for new buyers, in hopes they will give the market new momentum.
And yet to many, the prospect of crossing the threshold of an auction house is daunting. Auctions are seen as havens for tuxedo-clad men and jewel-bedecked women who emerge from limousines to spend millions of dollars on van Goghs -- and do it in a pressure-cooker atmosphere that brooks no morning-after changes of heart.
"Even though I was once an auctioneer, I find that my pulse quickens noticeably when I bid," said Jennifer Vorbach, director of C&M Arts, a gallery in New York City.
But buying art at auction is easier than it looks -- and worth the effort. Auctions are the art world's wholesale market, and works bought at auction by dealers often turn up on their gallery walls a few days later at two or three times the price.
Down-to-earth prices
What's more, prices for the bulk of auction fare are very down-to-earth. More than half the paintings, furniture, silver, collectibles and other items sold by Sotheby's each year go for less than $2,500.
At Christie's, more than a quarter fetch less than $1,000 and more than half fetch less than $5,000.
All you have to know are a few basics. First, remember that the myths about auctions are just that. You will not buy something with a shrug or a wink. If the auctioneer is uncertain about a gesture, he will ask, "Are you bidding, sir?"
Auctions do progress quickly, though, with up to 100 lots moving off the block in an hour. Before you bid, go to a few sales to feel the rhythm. They are free and open to the public. Only the evening sales, for top-drawer items, are often oversubscribed and thus require tickets, which are also free.
If you're going to bid, your work begins a month before the
auction, when the illustrated catalog is avail
able for purchase. It lists each item, or "lot," for sale, along with a description and the provenance, or history of ownership.
Pay attention to the typeface and the symbols -- each has a meaning, spelled out in the catalog. For example, Christie's guarantees the authorship of lots listed in uppercase type, while Sotheby's guarantees boldface listings.
