Understanding the Auction Catalogue and Special Terms
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THE CATALOGUE
In the majority of auctions, purchasing a catalogue is a common requirement and can be seen as the entry fee to access valuable information about the auction lots. The price of catalogues can vary depending on the level of the auction, ranging from a few pounds for lower-end markets to over £15 or £20 for higher-end auctions. Alternatively, some auction houses offer catalogues as part of their membership packages, providing added value to their clients.
Top-tier auction houses often provide the option to subscribe to an annual mailing service, where you receive all the catalogues within a specific category for a set fee, typically around £50 per year. This service proves to be worthwhile for avid collectors or industry professionals who want comprehensive access to auction offerings. Although catalogues priced at £15 or £20 may initially seem expensive, it’s important to consider the meticulous research and high-quality color printing that goes into their production. In comparison to similarly produced art books, these catalogues offer a competitive value proposition.
With the rise of the Internet, a more recent development in the auction world is the availability of online catalogues. Auction houses now publish catalogues on their websites, allowing potential buyers to conveniently view and browse through the offerings from the comfort of their own homes. This online accessibility provides greater convenience and expands the reach of the auction, attracting bidders from all over the world.
Catalogues can vary significantly in terms of presentation and content. At local or regional auctions, they may consist of simple photocopies listing lot numbers and brief descriptions. On the other hand, top auction houses invest considerable effort into the creation of their catalogues, treating them as pieces of art in their own right. These meticulously designed and printed catalogues showcase the auction lots in an aesthetically pleasing and informative manner, serving as essential marketing tools for the auction house. The attention to detail and craftsmanship exhibited in these catalogues reflects the professionalism and reputation of the auction house, making them highly sought-after by collectors and enthusiasts alike.
Catalogues generally follow a particular format. The cover will always contain a definition of the type of sale, for example, jewellery, fine art, stamps, and the date of the sale. In the case of important sales, the cover will give the name of the consignor if it is a single owner catalogue. In the case of a general catalogue, the vendors’ names may be listed, and are placed in the context of their particular lots. The sales number of the catalogue will generally appear on the spine or on the front cover.
Information will then follow on the exhibition schedule. The catalogue will also contain detailed listings of the standard terms and conditions of sale which are applicable to all items offered in that house’s auction. Pay particular attention to these and also to any special notes. Also, pay particular attention to the definition and the style of catalogue used by the auction house.
Many catalogues can be viewed on-line at GAUK Auctions or a link can be found directing you to the auction house’s website where their catalogues can be found. If an auction house has an on-line catalogue you can be assured you’ll have access to it through our site.
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Sample Terms and Conditions
An example from Bonhams, one of the UK’s leading auction houses:
1. Conditions of Sale
All sales are subject to the Notices and Conditions of Sale, copies of which are posted in the saleroom, and are available on request.
2. Value Added Tax
There is no Value Added Tax payable on the ‘Hammer Price’, except where lots are marked with a ‘dagger’ when VAT, at the standard rate is payable on the Hammer Price.
3. Buyer’s Premium
A premium of 15% on the Hammer Price + VAT on the premium is payable on all lots up to £30,000, and 10% thereafter (except for specialised sales of coins and wine where the premium will be 10%) together with any VAT payable thereon.
Bonhams reserve the right to charge interest on all accounts outstanding over five days, together with storage and removal charges where applicable.
4. Saleroom Notices
Please check any saleroom notices, as these supersede catalogue descriptions.
5. Starting Times and Bidding
Please check the sale starting time and any withdrawals, as these will affect the time your lots come up.
6. Auction Speeds
Auction speeds can easily exceed 100 lots per hour, but please check with the department. Bidding steps are generally in increments of about 10%.
Payment
7. New Buyers
If you have not bought at Bonhams before, please make arrangements for payment prior to the sale. This will avoid delays as cheques must be cleared before purchases are released.
Payment by Credit Card
We are able to accept payment by Amex, Visa or MasterCard only. The service charge made by the credit card companies will be passed on to the user. A notice giving the current rate is posted at payment desks.
Commission bidders can settle accounts up to £2,000 by telephone to the cashiers’ office. However, it is a condition made by the credit card companies that no purchases settled in this way can be released until seven working days from the date of payment. Any shipment, postal or courier instructions must be given at this stage, so that the cost can be added to the credit card charges. Any other arrangements will have to be between the buyer and the shipper.
Switch, Connect and Delta cards are also accepted at Bonhams for which there is no service charge.
8. Collection by Agents
If an agent or carrier is collecting on behalf of a buyer and cannot produce the correct paperwork, including written authority from the buyer, then Bonhams will not release the property.
Explanation of Cataloguing Terms
Care is taken to ensure that any statement as to attribution, origin, date, age, provenance and condition is reliable and accurate but all such statements are statements of opinion only and are not to be taken as statements of representation or fact. Bonhams reserve the right, in forming their opinion, to consult and rely upon any expert or authority considered by them to be reliable.
Bonhams, both for themselves and for the seller of each lot point out that the following terms used in description have the meaning ascribed to them below:
1. Jacopo Bassano.
In our opinion a work by the artist. When the artist’s forename(s) is not known, a series of asterisks, followed by the surname of the artist, whether preceded by an initial or not, indicates that in our opinion the work is by the artist named.
2. Attributed to Jacopo Bassano.
In our opinion probably a work by the artist but less certainty as to authorship is expressed than in the preceding category.
3. Studio of Jacopo Bassano.
In our opinion a work by an unknown hand in the studio of the artist which mayor may not have been executed under the artist’s direction.
4. Circle of Jacopo Bassano.
In our opinion a work by an as yet unidentified but distinct hand – closely associated with the named artist but not necessarily his pupil.
5. Follower of Jacopo Bassano.
In our opinion a work by a painter working in the artist’s style, contemporary or nearly contemporary, but not necessarily his pupil.
6. Manner of Jacopo Bassano.
In our opinion works in the style of the artist and of a later date.
7. After Jacopo Bassano.
In our opinion, a copy of a known work of the artist.
8. The term signed and/ or dated and/or inscribed means that in our opinion the signature and/or date and/ or inscription are from the hand of the artist.
9. The term bears a signature and/or date and/or inscription means that in our opinion the signature and/ or date and/or inscription have been added by another hand.
Whilst Bonhams will endeavour to take all possible care, they cannot be held responsible for accidental damage to plaster picture frames.
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Which as one might expect from such a reputable and well-established organisation, are extremely comprehensive.
Not every catalogue will be as comprehensive as this. Whether it is a glossy printed brochure or book such as those produced by the top auction houses, or a badly typed and photocopied list, its role is the same.
The primary function of the catalogue is to provide a comprehensive list of the objects or lots that will be sold at the auction. Each object is assigned a unique “lot” number, which is indicated in the catalogue alongside the corresponding item. The numbering allows for easy reference and organization during the auction process.
In addition to the lot numbers, the catalogue often includes suggested price ranges for each item. These figures, referred to as “estimates” or “guide prices,” represent the auction house valuer’s expectation of the price range within which the object is likely to sell. For example, an item may have an estimate of £50 – £80 or £1,000. These estimates can provide potential buyers with a general idea of the value of the item and help them gauge their bidding strategies.
In some cases, if estimates are not included in the catalogue itself, they may be displayed in the sale room or provided upon request from the auctioneer. However, it’s important to note that estimates should be viewed as rough guides rather than definitive indicators of the final selling price. They serve as educated assessments based on the valuer’s expertise and market knowledge but do not guarantee the actual price at which the item will be sold.
It’s crucial to understand that estimates are distinct from reserves. A reserve is the minimum price set by the seller below which the auctioneer is not authorized to sell the item. Unlike estimates, reserves are typically not disclosed to the bidders and remain confidential between the seller and the auction house. Therefore, even if an item has an estimate lower than its reserve, the auctioneer may still sell it, as long as the bidding reaches or exceeds the reserve price.
Ultimately, buyers should approach estimates with caution and not solely rely on them when determining their bidding strategies. The final sale price at auction is determined by the competitive bidding process and the willingness of bidders to surpass the estimates and reach the true market value of the item.
Ultimately, any antique, work of art or collectible, no matter how rare or how valuable is only worth at auction what people are willing to bid for it. It is this element of uncertainty that give auctions their certain appeal.