How to get high quality furniture at auctions

Navigating the labyrinthine world of furniture auctions can be both exhilarating and daunting. However, with the right strategies, you can acquire high-quality pieces that elevate your living space. Whether you’re exploring antique furniture auctions in Connecticut, NJ, or NYC, or you’re simply curious about the offerings of your local auction house, this guide will arm you with indispensable knowledge.

If you are new to buying furniture at auction, here are a key things to know, especially if you’re bidding online:

• There are some great online platforms such as Invaluable that will help you find, bid and pay for items you’ve acquired. Most of the time, these platforms add a <5% markup to the costs. What you get for that fee is and ability to participate in many auctions, search across auctions for items you’re interested in and some protections against dishonest brokers
• You need to register to be able to bid at an auction in person or online. Generally, registration is pretty easy and quick, but needs to be done sometimes before the auction starts.
• Most action houses allow specific ways to view and research items before bidding begins. Sometimes, they’ll offer appointment-only in person inspection. Sometimes, they’ll have items out for days or more before auctions start
• Most auction houses that sell large items like furniture, art or fixtures DO NOT OFFER THEIR OWN SHIPPING OR DELIVERY. LXD is here to help you with fast, cost-effective white glove delivery!
• Make sure you READ THE AUCTION TERMS before bidding, especially on larger items. Auction terms include important details like:
  • Buyer’s premium (the amount you pay above the “hammer price”) which can range from 20-40%. So, if you 
  • Price premium for online versus in person. An auction where in person bidders and online bidders pay the same price are described as “pricing parity” or “cost parity”
  • If you will have to pay sales tax of the state where you pickup your item(s) or if you can pay your home state sales tax instead
  • How long you have to pay for your item(s) and how long you have to pickup your items
  • If they offer shipping, how much do they charge and what services do they use?
  • Operating hours and availability for pickup of items. Many auctions require pickup during business hours and sometimes require 24 hours notice before picking up items
  • Credit card processing fees are sometimes added on top of the other fees. It may make sense to wire funds or pay via check or cash
  • Most auctions offer no warranties beyond that they accurately represented the item(s). If you learn that you bid more than something is worth, the auction house usually won’t make it easy to back out of paying
  • Some items will have “silent reserves” that are much higher than starting prices. For these items, you may have the highest bid and not actually win the item. This detail is spelled out in the auction terms. In fact, some online auctions will essentially bid against you until you’ve hit their minimum sales price. Buyer beware. You are not always bidding against other customers
• You’ll get “a hammer number” at the beginning of each auction. Online hammer numbers are usually shown in realtime on online platforms while in person hammer numbers are usually not called out separately
• Many auctions sell to consumers and to commercial buyers (retailers or wholesalers). If you are planning to resell items, you can get a tax exemption certificate so you don’t have to pay sales tax on the item (because your customer will pay retail sales tax)
• If you’re bidding on art, jewelry, watches or similar, do you homework. Those markets can be very complex and values can be very hard for a layperson to understand. For example, there are multiple types of reproductions of paintings – authorized, signed, signed and numbered, hand colored, limited editions, etc. They can have very different values. The paperwork that comes with art is very important to prove authenticity
• Reputations of auction houses vary enormously. We recommend only bidding online with the most reputable auction companies
• Most auction houses operate on a consistent schedule – such as every Thursday at noon EST or once a month
• While these rules and terms may seem intimidating, you can often obtain exceptional pieces at dramatically less cost by buying at auctions
• We strongly recommend contacting a local delivery or shipping company before purchasing large, valuable and/or heavy items to get an idea about delivery or shipping costs. LXD is happy to give you a quote before or after your purchase

Understanding the Auction Landscape

To begin, it’s crucial to familiarize yourself with the auction landscape. Auction houses vary in their specialties, from antique furniture to contemporary designs. In cities like NYC, CT, and NJ, auction houses often hold specialized events focusing on different styles and periods. Researching these events in advance can help you pinpoint which auctions align with your tastes and needs.

Due Diligence: Research and Inspection

Before you lift that paddle, extensive research is imperative. Auction houses typically provide catalogs—both online and in print—detailing the pieces up for bid. Scrutinize these catalogs to identify items of interest. Pay close attention to the provenance, condition reports, and any restoration work that has been done.

If possible, attend the pre-auction viewing sessions. These sessions offer a hands-on opportunity to inspect the furniture. Examine the craftsmanship, materials, and any signs of wear or damage. Don’t hesitate to ask the auction house staff for additional information or documentation.

Setting a Budget and Sticking to It

One of the cardinal rules of auction participation is setting a budget. Auctions can be competitive, and it’s easy to get swept up in the bidding frenzy. Establish a maximum bid for each item and remain steadfast. Remember, the hammer price is not the final cost; additional fees such as the buyer’s premium, taxes, and shipping can significantly increase the total expenditure.

Strategies for Successful Bidding

Effective bidding requires a blend of patience and assertiveness. If you’re new to the auction scene, observe a few auctions to understand the rhythm and pacing. Seasoned bidders often employ various strategies, such as placing bids early to test the waters or waiting until the last moment to avoid driving up the price. Choose a method that suits your comfort level and stick to it.

Leveraging Online Platforms

In the digital age, many auction houses offer online bidding options. Platforms like Invaluable and LiveAuctioneers provide access to auctions worldwide, including CT auctions, NJ auctions, and beyond. Online auctions can be less intimidating for newcomers, but they also come with their own set of challenges, such as internet lag and less tactile inspection opportunities. Ensure your internet connection is stable and familiarize yourself with the platform’s interface before the auction begins.

Post-Auction Considerations

Winning a bid is just the beginning. Post-auction, you’ll need to arrange for payment and transportation. Many auction houses offer shipping services, but it’s wise to compare their rates with independent shippers. Additionally, if the item requires restoration, seek out reputable conservators who specialize in antique furniture.

By adhering to these guidelines, you can navigate the complex world of high-quality furniture auctions with confidence and acumen. Whether you’re attending a local auction house event or participating in a NYC auction online, these strategies will help you secure timeless pieces that enhance your home’s aesthetic.