The Thrill of Buying at Auction
As fall auction season gets underway, with Grogan’s Fine Jewelry Auction (November 2) and Fine Art Auction (November 9) here in Boston, and major international sales at Sotheby’s, Christie’s, and Phillips on the horizon, we’ve been thinking about the unique thrill of buying at auction. It’s a world defined by access and discovery: where rare pieces resurface, estates are unveiled, and sometimes, extraordinary works can be acquired below gallery prices. But beyond the strategy and spectacle, what keeps collectors coming back is the heartbeat of it all.
A Brief History of the Auction
Auctions are among the art world’s oldest and most storied institutions, with origins tracing back to the 17th century. Since inception, they’ve served as the public stage for some of the world’s most important art transactions, places where history, market forces, and human emotion intersect.
Because auction sales are public and results are transparent, they don’t just facilitate transactions; they help set benchmarks for the art market itself. From a record-breaking Picasso at Sotheby’s to a rediscovered gem at a regional house, each sale contributes to a broader narrative about value, taste, and time.
How the Auction Process Works
Today, auctions are held both in-person and online.
Traditional live sales, hosted by houses like Christie’s, Sotheby’s, and Phillips, offer the thrill of the room, the nods, the pacing, the rising bids that build and get the adrenaline pumping.
Online platforms now bring that same energy to collectors everywhere, with digital paddles replacing the physical ones. Many auctions blend both worlds, allowing bidders in London, New York, or on their phones at home to compete in real time.
For first-time buyers, this can be as exciting as it is overwhelming. Knowing when to raise your paddle, and when to hold back, is part of the strategy.
Why Work with an Art Advisor
That’s where an art advisor comes in.
Auctions can move quickly, and the atmosphere can be intense, filled with seasoned collectors, dealers, and advisors who know the nuances of bidding and valuation. Having professional guidance means entering the room with confidence and clarity.
An advisor can help you:
Research and vet works before the sale, ensuring quality and authenticity.
Set strategy and maximum bids so emotion doesn’t outpace intention.
Understand fees and logistics, like buyer’s premiums and post-sale shipping.
Spot opportunities others might overlook, or know when to walk away.
In short, an advisor turns the adrenaline of bidding into a thoughtful, rewarding experience. For all their complexity, auctions remain one of the most democratic corners of the art world. Anyone can register to bid, and every participant, whether a seasoned collector or a first-timer, has the same opportunity to compete.
Key Terms
Appraisal: An appraisal is a formal evaluation of an artwork’s potential worth. An expert assesses the work based on factors like condition, authenticity, provenance, and market trends to reach a figure that represents its fair market value
Bid: A bid is an offer of money for an item at an auction. The bidding process begins when the auction house presents an artwork for sale, and participants signal their offers by placing bids. In person, this is indicated by raising a paddle. Online, it can be compared to placing a bid on eBay, except it’s done in real time and, often, in a fast-paced environment. At in-person auctions, bidders can also participate without being physically present by placing an absentee bid, where they submit their maximum offer beforehand. There are also phone bids, where the collector instructs someone at the auction to bid on their behalf up to a specific limit, this is where an art advisor can be helpful representatives for the client.
Bought In: When bidders remain silent, and no offers meet the minimum price, an artwork is bought in. This means that the piece does not sell.
Buyer Premium: Winning bidders are often expected to pay a buyer’s premium. This fee is paid on top of the hammer price (see below) to the auction house for its services.
Hammer Price: The highest bid once an auctioneer strikes the gavel on their podium is the hammer price. This sum is calculated without any fees imposed by the auction house.
For a full list of key terms, we recommend reading Artsy’s 25 Auction Terms Every Art Collector Needs to Know.
At their best, auctions capture everything we love about collecting: discovery, anticipation, and connection. They’re equal parts theater and market, intellect and emotion. Consider some of the surprising, and record-setting, results that show just how far the paddle can reach. In one instance, a bicycle designed by Damien Hirst and ridden in the Tour de France was transformed into artwork and sold for half a million dollars. Or think of the extraordinary sculpture Rabbit by Jeff Koons, which set a record at auction for a living artist. Auctions offer more than just transactions – they offer moments and remind us that collecting isn’t just about ownership it’s about participation.
Written by Anne Cabot