Breaking Myths On The Auction Process

Auctions are generally associated with being strictly for the richest of the rich, and while there are a lot of options out there specifically catering to this clientele, there are also a variety of different options up for sale that can match different, more reasonable price ranges. This is only one of the major myths surrounding auctions, but this is a positive example. Auction appraisals and the auctions themselves in Fort Lauderdale aren’t always going to be as seamless as they seem in pop culture, so here are some of the things you should keep in mind.

For example, not only are there plenty of auction options for people looking for more modest options, it’s not just experienced art and memorabilia collectors who are visiting auctions as well. For example, roughly one-third of Christie’s online bidders are under the age of 45, with many of them just starting to get into collecting. Some good places to start getting used to the auction world are with wine, photographs, and jewelry prints.

Another thing that you may not realize is that for art and other auctions, online bidding is a major possibility. Using online platforms, you can connect to different auction houses to see what their offerings are, and even participate from your computer or phone. On this same subject, a lot of auction veterans have their bidding planned well in advance. Remember, a lot of galleries and auction houses will be open to looking at prior to the actual auction day so you can familiarize yourself ahead of time with what you want to buy. Remember, buying art or historic pieces is like an investment, and you want to have all the information on hand before you buy.

As a final note, the pop-culture trope of someone getting in over their head on an auction, only to need to return the item, doesn’t really work out in practice. The whole “buy and try” policy for auctions doesn’t work out in practice, and only in extreme cases can you return your purchase. The bulk of auctions you buy will have something called rescission rights, which only apply for pieces that are damaged or not as described. An auction is a binding contract, so be sure to treat it as such.

With this said, there are a few things that do hold true when it comes to auctions, with one such example being that its good to act fast. So, whenever you decide to get started in the auction world, or if you’re already experienced, don’t be afraid to act on that instinct (provided that you have the budget for it).