How Serious Buyers Approach a Major Auction: The Christie's Bidding Framework

How Serious Buyers Approach Major Auctions

The major auction seasons at Christie's and Sotheby's are theatrical events — designed to be. The atmosphere of a major evening sale in New York or London, the auctioneer working the room, the competition between bidders, the public drama of record prices — all of it is real and all of it is managed.

Understanding this doesn't mean avoiding major sales. It means approaching them correctly. The buyers who consistently do well at auction — who acquire exceptional pieces at reasonable prices and avoid expensive mistakes — operate with a discipline that is invisible from the outside.

Pre-Sale: The Work That Matters Most

Attend the pre-sale viewing. This is not optional for significant purchases. Auction catalogue photographs are excellent but cannot substitute for physical examination. Condition issues that affect value — restoration, repainting, structural damage — are often visible only in person.

For paintings: bring a UV light (or arrange for the conservator's report). Fluorescence under UV reveals areas of restoration, overpaint, and varnish application that affect authenticity and value.

For furniture: examine joints, hardware, and veneer. Period furniture that has been "improved" or married (combining parts from different pieces) is common and significantly reduces value.

For jewelry: gemological examination requires physical access to the stones. Certificates can lag physical reality. See our jewelry authentication guide.

Read the condition report in full. Christie's and Sotheby's publish condition reports on request. Read every word. The language is careful — phrases like "some retouching" or "minor restoration" can encompass significant work.

Research the estimate. Pre-sale estimates are the auction house's view of what the market will pay. They are not independent valuations. Specialists have an interest in accurate estimates (too low or too high hurts the house's relationships), but estimates also reflect market enthusiasm that isn't always rational.

Understanding the Fee Structure

The hammer price — what you see bid — is not what you pay. The buyer's premium adds significantly:

The major houses each publish their own schedule, and they do not match each other. Christie's, Sotheby's, Phillips and Bonhams set different rates and different thresholds, revise them periodically, and vary them by saleroom and currency. Anyone quoting you a single premium that covers "the auction houses" is quoting something that is not true of any of them.

What is consistent is the shape:

• The premium is tiered — a higher rate on the first slice of the hammer price, stepping down on the portions above each threshold.
• The headline rate on the lowest tier is the one you will feel, and it is well into the twenties as a percentage.
• VAT or sales tax applies on top, and depends on your jurisdiction and export arrangements.
• Overseas buyers may also face import duty, and some lots carry an artist's resale right levy.

Before you bid, open the conditions of sale for that specific auction, in that specific saleroom, and read the buyer's premium clause. It is published for every sale, it is the number that decides what you actually pay, and it is the one figure in this article you should never take second-hand — including from us.

Always calculate your maximum bid at hammer, net of buyer's premium. Bidding $1.2 million and realising afterwards you owe $1.5 million is an avoidable situation.

Bidding Strategy

Set your maximum before the room opens. Auction rooms are designed to be exciting. The adrenaline of competition, the public nature of bidding, and the fear of losing a desired lot all push bidders to exceed their rational limits. Your pre-sale maximum is your anchor.

Absentee and telephone bids are not disadvantages. For very significant lots, telephone bidding allows you to participate without being physically present in a room designed to create urgency. The auctioneer will run the bid competently.

When to bid early vs. late: Early bidding signals serious intent and can discourage less committed bidders. Late bidding (entering just before the last confirmed bid) is the classic strategy for those comfortable reading the room. Both approaches work; the choice depends on the lot and the competition.

When Not to Bid

The discipline to not bid is more valuable than any bidding technique. Cases where stopping makes sense:

• When the price has exceeded your pre-established maximum
• When condition information revealed at the viewing creates doubt you haven't resolved
• When the provenance research raised questions

The inventory will continue. Christie's and Sotheby's together offer thousands of lots per season. Missing a lot because discipline held is always the right outcome.

For authenticated jewelry specifically, see our Sotheby's secondary market guide.