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How To Invest Like An Insider At An Auction For Profit

Author: Jason Markum

I like to invest in the stock market, but I don’t like to lose money and it seems like I’m always losing money when I invest in the stock market! So I decided to start looking for other places to invest in besides the stock market.

I quickly found that you can find all kinds of collectible items for sale at auctions that increase in value over time and are also fun to purchase. The problem is, unless you know what you’re doing, you can lose out to professionals when it comes time to bid for the items at auction. That’s why I decided to write this article today to help you learn the inside tricks to buying collectible items at auction.

First always obtained an auction catalog. This seems self-evident but many newbies fail to do this. Read every description for the things that are for sale that you’re interested in. Notice their estimated selling prices as well. You are also going to want to pay attention to the conditions of sale that are usually printed on the front of the catalog, or sometimes on the back.

Next be sure to research the different terminology that is going to be used at the auction. More often than not you will see a glossary in the auction catalog. It’s a good idea to familiarize yourself with it before hand.

Next you should always attend the pre-auction exhibition so that you can look through the items that you are interested in. Make sure you answer all the questions that you had after looking at the auction catalog before the the pre-auction exhibition ends.

If you can’t determine estimates for items that you’re interested in, ask about them. Determine before hand how much you’re willing to spend and set limits that you strictly adhere to no matter what.

Next, get to the auction early and be sure to find yourself a place that is close enough that you can see and hear the auctioneer easily. Most of the time your dealers will sit at the back of the audience so they can see the overall proceedings and get a clearer view of what’s going on. You on the other hand want to be front and center.

Take a look at your competitors. Professionals are usually discrete in their bidding and will often use prearranged signals when they want to alert the auctioneer of their bid.

Hopefully these few tips will help you get the inside track that you need. Because let’s face it, if you can shave just a few dollars off of each purchase, it can really mean the difference between profit and no profit on your investment over the long haul.

Investing in collectibles at auction is not for everybody. The people that will enjoy this type of investing the most are the type of people that enjoy the items that you will be bidding on. If you’re interested in a certain period of dinnerware, or if you enjoy certain types of furniture then this sort of investing may be spot on right for you.

But if you are not the kind of person that enjoys collectible items, then I recommend you stay away from the auction houses because somebody who enjoys themselves will always be able to outbid you and outmaneuver you. And plus, you just won’t have fun!

Article Source: http://www.articlesbase.com/investing-articles/how-to-invest-like-an-insider-at-an-auction-for-profit-1867685.html

About the Author

Jason Markum has been an article writer online for the last 14 years. When he’s not writing about investing, he has fun running a portable work bench web site where he reviews black and decker workbench for your home or work needs.

Park West at Sea Art Auction – Buying Advice
By Jeffrey Hauser

We have been collecting artwork for over 30 years. We have been to many art auctions both on land and sea. We’ve cruised on all the major lines and I also have a BFA degree and have visited all the world’s major museums and galleries. Therefore I consider myself an expert on art and collecting. So, with that said, let me give you an overview of purchasing art during a cruise. Each line is different in their approach. For instance, Princess Cruises have their own in-house program. Royal Caribbean contracts out to Park West Galleries, who maintain offices in Michigan and Florida. There are many others, but let’s concentrate on Park West.

Let’s begin with the basics. Buying art at auction is a bidding process and Park West is no exception. The art is presented, usually framed on easels throughout the public areas of the ship. They may be originals, which are one of a kind or prints, where there may be limited editions of the exact same piece, numbering from a few hundred to many thousands. The prints can be lithographs, serigraphs, etchings, or giclee reproductions, just to name a few possibilities. Regardless of the media or art, you must know a few things before bidding:

• WHO IS THE ARTIST: How well known in the art community?
• Are they living or dead?
• Is their work in museums?
• Are they still painting or creating?
• WHAT IS THE MEDIUM: A painting, a print?
• A limited edition?
• Is it numbered and how many were made?
• IS IT SIGNED? By the artist?
• In the plate as part of a reproduction?
• Or an actual pencil or ink signature?
• WHAT IS THE VALUE? Current and competitive?
• What would it sell for on the open market?
• What is the appraised value?
• WHAT IS THE PROVENANCE? Where did it come from?
• Who is the publisher?
• Who owned this piece?
• DOES IT COME FRAMED? Is so, is a new frame?
• If not, how is it sent?
• What is the shipping cost?
• DOES IS COME WITH A LETTER OF AUTHENTICITY?
• Who issues it and is the work guaranteed real for life?
• If not, what is the refund or return policy?

These are the basic questions. Whether you collect for investment or personal satisfaction that you actually own a Picasso, you need to know these things. It doesn’t matter whether we are dealing with the auction house or dealer, you must always ask these questions. But, in the case of Park West, I can answer these questions for you. The art is displayed framed, but not sold framed. However, you can buy a frame and also an appraisal, for an extra charge. The only thing you do get is a Certificate of Authenticity, with no guarantees that it is real or not a fake. Read the contract fine print you sign because any verbal agreements are not honored. Now, a look at the auction process itself.

Let’s say you are bidding on an artwork by Peter Max. They tell it’s a serigraph and has a gallery value of $5900. But you can get it at auction for $3500, a real steal, they say. They might have given you a brief biography on Max and why you simply must have a Peter Max in your collection. By the way, you have already registered as a bidder and have been assigned a bidding number. You hold up your numbered paper and bam! The gavel falls and they tell you it’s yours. Once the auction is over, you then sign the contract and for the payment, which now includes a 15% buyers premium plus shipping charges, which are now on your ship’s credit card.

But suppose you get home and find the same piece on EBay for $2000. What then? You have no recourse and you are bound by the contract. Anything they told you about its value is all but forgotten, sorry. They also like to do a “mystery” auction where they place art with its back to you and you bid blindly. They promise that you don’t have to buy the piece once it’s turned back around to be seen. This is a silly and stupid idea, but they do it anyway. I guess they figure that people love surprises, but not at art auction. Here is a plea to them; please, just show us the piece without the games.

They also hold raffles and give away valuable prints. Okay, they may say they are worth five or six hundred, but they are mostly plate-signed prints that probably cost them five bucks a piece when printed by the thousands. They actually make a few more bucks by charging $35 for an appraisal and $35 for shipping, which cost them more like ten dollars by regular mail. Hey, it’s a business. Therefore, the idea is to realize that there is no free lunch or deals to be had at their auctions. Their reserve or minimum bid is what they need to make a profit. Their estimated value is what it might sell for to an absolute novice or the dumbest person on earth. They will tell you they have compared it to other sold pieces, but they can tell you anything you would like to hear to make their sale.

So, should you go to their auctions? Absolutely! Go to be educated, see the art, enjoy an hour of time drinking cheap (really, really cheap) champagne when they chose to offer it and perhaps win something. But be prepared to pay $35 for shipping your “free” art and understand it’s only a poster print worth next to nothing. I recommend that you don’t buy anything that you personally haven’t already researched. You need to know prices beforehand and so, my advice is to spend your money elsewhere. Park West Galleries may sell 1000′s of pieces each year, but they also are selling overpriced items. Finally, it’s totally your choice how you obtain your art but let the buyer beware.

Jeffrey Hauser was a sales consultant for the Bell System Yellow Pages for nearly 25 years. He graduated from Pratt Institute with a BFA in Advertising and has a Master’s Degree in teaching. He had his own advertising agency in Scottsdale, Arizona and ran a consulting and design firm, ABC Advertising. He authored a book about his directory years, “Inside the Yellow Pages” which can be seen at his website, http://www.poweradbook.com and he is currently the Marketing Director for [http://www.menuelephant.com] which posts restaurant menus on the “site you’ll never forget.”

Article Source: http://EzineArticles.com/?expert=Jeffrey_Hauser

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