Auction-Savvy

- Are You Auction-Savvy?

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Absentee Bids

If you ever been unsure about leaving an absentee bid with an auction house your concern is justified. There are two ways to leave an absentee bid: 1. Place an absentee bid directly with an auction house, or 2. Place an absentee bid with a third party online bidding platform such as Interencheres, Drouot Live, Invaluable, Live Auctioneers, The Saleroom or Bidsquare. Placing an absentee bid directly with an auction house in France is courting disaster. My experience, is that even if the live bidding realizes an auction price lower than your absentee bid the auction house will invoice you for one bid increment less than your absentee bid. For example, if you place an absentee bid for 1500 Euros for a Daum vase and the final bid is 900 Euros, the auction house will invoice you for 1400 Euros plus their commission fee. This has happened repeatedly to me. This is an unfortunate practice confirmed by my friends in France who frequently work with the auction houses. My recommendation is to not place absentee bids directly with an auction house unless you understand their absentee bid process or if you have no other options. A better choice is to place an absentee bid with a third party online bidding platform. “In most cases” the absentee bid is confidential and is not shared with the auction house. The exception that I am aware of is that an absentee bid placed on Drouot Live is shared with the auction house.

I will share a personal, most unfortunate experience with an absentee bid. I am sorry to say this actually occurred and has negatively affected my trust with certain auction houses. I placed an absentee with an auction house in France for a vase as described in the prior scenario. However, this time, I had the opportunity to watch the live auction online. The lot where I had placed the absentee bid was auctioned and sold for several hundred dollars less than my absentee bid. I was quite pleased! That is, until I received the “facture” or “bordereau” (invoice) from the auction house. The invoice was 100 Euros less than the absentee bid I placed! I contacted the auction house to address the issue, but, did not receive a response. Without any other recourse I paid the invoice. After that experience I no longer submit absentee bids if the bid amount is shared with the auction house.

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The Importance of Lot Descriptions

Each item at auction is referred to as a lot. The description of each lot is of paramount concern for the online bidder. Some auction houses describe the condition of each lot, but most do not.  In many cases, if there is no damage, the auction house does not add the condition of the lot, choosing only to communicate any damage. Other auction houses fail to disclose damages. This is a definite advantage for those attending an auction and personally inspecting each lot and a serious disadvantage to the online bidder. In the event you are the successful bidder and the lot has damages not disclosed in the description, it is your misfortune. The terms and condition of each auction house clearly state that it is the responsibility of the bidder to assess the lot condition prior to bidding. Returns are rarely accepted.

TIP: Contact the auction house prior to bidding and request a condition report. The condition report typically states that the item is in good condition and notes and damage. Additional photos, often high-resolution, are frequently provided so that you can inspect the lot more carefully.