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While auctions are often perceived to be only for those willing to shell out millions, the truth is, the auction format is best for tho...
While auctions are often perceived to be only for those willing to shell out millions, the truth is, the auction format is best for those who are looking to get great deals on pieces that you may never have had access to in a gallery, or a high-end retail store. Here we detail the most essential tips for placing your first bid, and raising that auction paddle with star confidence:
1. Peruse the auction catalogue
With hundreds of pieces often up for sale, take an afternoon to look through the online and/or printed catalogue and to read the descriptions, marking which lots pique your interest.
2. Inspect the pieces for yourself
Auctions offer pieces in as-is condition so it is best to save the gallery preview date in your calendar (these typically start two weeks before the auction) and see the actual items.
3. Decide which way you want to bid
Live bidding is definitely the most exciting way to participate at auctions but if the rush is just not for you, or if you just really need to be somewhere else that day, there are telephone and absentee bid options available where a staff member of the auction house will execute the bids on your behalf.
4. Register ahead of time
Signing up early allows you to skip queues on the day itself and frees up some time to grab the best seats in the house. You wouldn’t want to be left standing at the back, hidden from view, jumping up and down to get the auctioneer’s attention!
5. Know the auction increments
There are pre-set bidding increments that are announced at the beginning of the auction to ensure that the process is seamless. Make sure to listen carefully to know how much you are committing to when you raise your paddle. For example, while bids go up by P2,000 within the P10,000–30,000 range, once you hit the P30,000 mark, they go up in larger increments, followed by P5,000 at the P50,000-P100,000 range, then P10,000 above P100,000, and so on.
6. Don’t take too long to bid
While scoping out the competition by watching bids get placed before you raise your paddle can be strategic, remember that once the auctioneer strikes the gavel the piece is sold so don’t wait too long before putting in your bid -and living with regret thinking about what could have been!
Lastly, if you’re the successful bidder – congratulations! – but don’t forget to settle your account within the auction house’s prescribed period so that you can take your prized acquisition home with you sooner to enjoy! Happy bidding!
On Saturday, 3 June 2017, Salcedo Auctions’ The Collectors’ Sale will feature over 300 lots of modern and contemporary Philippine and international art, Philippine tribal and ethnographic art, jewelry, furniture, objets d’art, décor, rare books, prints and maps.
The sale provides an entry point for new collectors to the auction setting to find affordable and unique pieces to update and enhance their living spaces and define their personal style.
Preview for The Collectors’ Sale runs from 24 May to 2 June 2017, 10am-6pm daily at Three Salcedo Place, 121 Tordesillas Street, Salcedo Village, Makati City.
