Enter the auction room with confidence by understanding how to read a catalogue, estimates and the buyer's premium.
With the right preparation, auctions are one of the most transparent ways into the art market. Even so, terms in the catalogue and concepts such as 'hammer price' and 'premium' can be confusing for beginners. This guide helps you plan your first auction experience.
How to read a catalogue
For each work the catalogue gives the artist's name, title, technique, size, year, signature information, provenance and estimate range. 'Signed and dated lower right' means the signature is on the work itself, while 'signed on the reverse' describes a different situation. These details affect value.
What does the estimate mean?
The estimate is the possible hammer-price range determined by specialists looking at past sales of comparable works. The actual price may fall below or above the range; it is a guide, not a guarantee.
Hammer price and total cost
The final bid at which the auctioneer's hammer falls is the 'hammer price'. To it are added the buyer's premium (at Safranhan 22% at salon auctions and 20% online) and VAT calculated on the premium. For example, at a hammer price of 150,000 TRY the total is about 189,600 TRY. Shipping and insurance are added separately.
Bidding strategy
Set your budget ceiling in advance and do not exceed it in the excitement. If you cannot be in the room, an absentee bid lets an experienced auctioneer bid on your behalf.
Preview and condition report
Seeing the work in the gallery before the auction is essential. The condition report includes information such as surface cracks, restoration or colour loss; ask our specialists any questions.
After you win
Payment is made within seven days of the auction; the work is not released until payment is complete. If you wish, the work can be shipped insured to your address and you can add framing or installation services.
With our auction cost calculator you can see the total in advance according to your own budget.
Four common mistakes
- Treating the estimate as the 'price' and forgetting that the real cost is higher with premium and VAT.
- Bidding without reading the condition report; restoration history significantly affects value.
- Exceeding your budget in the excitement; set your bid limit in writing in advance.
- Not budgeting for shipping and framing; for large works this can be significant.
At your first auction, focusing on a small, affordably priced work is the easiest way to get used to the process. Our specialists answer your questions during the preview.
Which type of auction suits you?
A salon auction offers atmosphere and the chance to see works live; an online auction lets you take part regardless of time and place. For first-timers we suggest bidding on a small work at an online auction first, then moving on to the salon experience.