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Auctions

How to Buy at Auction: A Practical Guide to Christie’s, Sotheby’s and Bonhams

Mar 20, 2026·11 min read

By Thomas Lovaslokoy | NorwegianSpark SA

Why Auctions Matter for Serious Collectors and Investors

The auction room — whether a physical saleroom on King Street or a digital bidding platform — remains the most transparent price discovery mechanism for art, antiques, jewelry, watches, wine, and collectibles. Unlike private sales, where prices are negotiated behind closed doors, auction results are public. This transparency creates both opportunity and risk: opportunity because you can acquire exceptional pieces at market-clearing prices, and risk because the excitement of bidding can override rational valuation.

This guide covers the practical mechanics of buying at auction, from registration to post-sale logistics, with a focus on the three major international houses and how to navigate them without leaving money on the table.

The Three Tiers of Auction Houses

Tier 1: Christie's and Sotheby's

The duopoly. Between them, Christie's and Sotheby's handle approximately 80% of the global high-value auction market. Combined annual sales exceed USD 15 billion. If you are buying or selling pieces valued above EUR 50,000, these are your primary venues. Both operate globally with major salerooms in London, New York, Hong Kong, Geneva, and Paris.

Tier 2: Bonhams, Phillips, and Heritage Auctions

Strong specialists. Bonhams excels in motoring, Asian art, and jewelry. Phillips dominates contemporary art and watches. Heritage Auctions is the world leader in coins, comics, and American collectibles. These houses often achieve prices comparable to Tier 1 in their specialist categories, sometimes with lower buyer's premiums.

Tier 3: Regional and Online Houses

Catawiki, Drouot, Bruun Rasmussen (Denmark/Scandinavia), and hundreds of regional auctioneers. Lower value lots, less rigorous cataloguing, but genuine bargains for knowledgeable buyers. Bruun Rasmussen is particularly relevant for Scandinavian collectors and often handles important Nordic art and design.

How Auctions Actually Work

The Estimate

Every lot is published with a low and high estimate, set by the house's specialists. The estimate is a guide, not a guarantee. Important context:

  • Estimates are often set conservatively to attract bidding
  • Strong pieces regularly sell for 2-5x the high estimate
  • If a piece fails to reach the low estimate, it may not sell (bought in)
  • The estimate does not include the buyer's premium or taxes

The Reserve

The reserve is the minimum price the seller will accept. It is confidential but typically set at or below the low estimate. If bidding does not reach the reserve, the lot is "bought in" (unsold). Approximately 20-30% of lots at major auctions are bought in.

The Buyer's Premium

This is the auction house's fee, charged to the buyer on top of the hammer price. It is tiered:

  • Christie's: 26% on the first GBP 1,000,000, then 20% up to GBP 7,000,000, then 14.5% thereafter
  • Sotheby's: Similar tiered structure (check current rates, as they change periodically)
  • Bonhams: 27.5% on the first GBP 400,000, then 25% up to GBP 4,500,000, then 20% thereafter

Critical rule: budget 30-35% on top of the hammer price. This covers the buyer's premium, any applicable VAT, and potential import duties or artist's resale right (ARR/droit de suite, typically 4% on lots over EUR 1,000 in the EU/UK). For a deeper understanding of art as an investment, read our guide to art as an asset class.

Bidding Formats

Modern auctions offer multiple ways to bid:

  • In the room: The traditional method. You register, receive a paddle, and raise it to bid. The auctioneer recognises your bid. Fastest-paced and most exciting, but requires discipline.
  • Telephone bidding: A house specialist calls you during the lot and relays bids on your behalf. Best for high-value lots where you want privacy and a moment to consider each increment. Request telephone bidding at least 24 hours before the sale.
  • Absentee (commission) bidding: You submit a maximum bid in advance. The auctioneer bids on your behalf up to your limit. The advantage: you cannot get carried away. The disadvantage: you have no ability to react to the room.
  • Online live bidding: Real-time bidding via the house's platform or third-party services like Invaluable or The Saleroom. A slight time delay (1-3 seconds) can be a disadvantage in fast bidding. Additional online surcharges may apply (1-5%).

Registration and Pre-Sale Preparation

Before you can bid, you must register with the auction house. For major sales, this means:

  • Government-issued ID (passport preferred)
  • Proof of address (utility bill, bank statement)
  • For new clients at Christie's and Sotheby's: a bank reference or deposit may be required
  • For lots with high estimates: pre-approval or a financial guarantee

Pre-Sale Viewing

Always attend the pre-sale viewing. This is non-negotiable. Catalogue photographs can be misleading — lighting, angles, and retouching obscure condition issues. At the viewing, you can:

  • Examine condition under proper lighting
  • Request condition reports from specialists
  • Ask specialists for their candid assessment of the lot
  • Handle objects (with gloves, where appropriate)
  • Assess scale — paintings and furniture often look different in person

Post-Sale Costs and Logistics

After the hammer falls, the real costs begin:

  • Payment: Typically due within 7-30 days. Wire transfer preferred. Credit cards may be accepted with surcharges (1-2%).
  • Collection: Items must be collected or shipped within a set timeframe (often 7-14 days). Storage charges apply thereafter.
  • Shipping: The house can arrange shipping, but specialist art logistics firms (Cadogan Tate, Martinspeed, Crown Fine Art) often offer better rates. Insurance in transit is essential.
  • Import duties: If buying cross-border, check the applicable duty rate. Art imports to Norway attract 0% customs duty but standard MVA (25%) applies unless the piece qualifies for temporary import or is for a registered museum.

Selling at Auction

If you are consigning (selling), understand the seller's commission structure:

  • Seller's commission: 5-15% of hammer price (negotiable for high-value consignments)
  • Insurance: 0.5-1% of the estimate while in the house's care
  • Photography and cataloguing: Usually included for significant lots
  • Minimum lot values: Major houses typically require items valued above GBP 3,000-5,000
  • Reserves can be negotiated but the house may insist on a reserve at or below the low estimate

For high-value collectibles including watches, cars, and jewelry, choosing the right specialist sale dramatically affects the result. A Patek Philippe achieves more in a dedicated watch auction at Phillips or Christie's than in a mixed jewelry sale.

Online Auctions: The New Reality

Post-2020, online-only auctions have become a permanent feature. Christie's LIVE, Sotheby's BuyNow, and Bonhams Cornette de Saint Cyr all run regular online sales. Key differences from live auctions:

  • Lower buyer's premiums (often by 1-3 percentage points)
  • Extended bidding periods (days rather than minutes)
  • Timed auctions with anti-sniping extensions
  • Lower minimum lot values (accessible from GBP 200+)
  • No pre-sale viewing in most cases — rely on condition reports and photographs

Specialist Categories Worth Watching

Beyond fine art, auction houses handle categories that many investors overlook:

  • Wine and spirits: Christie's and Sotheby's wine departments rival specialist merchants. Provenance-guaranteed, temperature-controlled storage history. See our wine investment guide for more.
  • Watches: Phillips leads, followed by Christie's and Sotheby's. Auction prices set the public benchmark for the secondary watch market.
  • Jewelry: Geneva sales (May and November) are the premier events. Exceptional stones regularly set world records.
  • Asian art: Hong Kong sales at Bonhams and Christie's are the gateway to the fastest-growing collector market.

Frequently Asked Questions

Can I return an item if it turns out to be fake?

Major houses guarantee authenticity (typically for 5 years). If an item is proven to be a forgery, you are entitled to a full refund. This guarantee is one of the key advantages of buying at auction versus from an unvetted private seller.

What if I win but change my mind?

You are legally bound. The fall of the hammer constitutes a binding contract. Failing to pay can result in legal action and blacklisting from future sales.

How do I find upcoming sales?

Sign up for alerts on the houses' websites. Invaluable.com and Barnebys.com aggregate listings across hundreds of auction houses globally. For Scandinavian-focused sales, Barnebys has particularly strong Nordic coverage.