A clear, impartial guide to

Buying and selling

art and antiques
at auction

rics.org/consumerguides
Contents
Introduction...........................................................................................................3
About RICS.............................................................................................................4
Buying at auction..................................................................................................5
On the day: now the fun part!.............................................................................7
Selling at auction..................................................................................................8
Free RICS guides................................................................................................ 10
Further information.......................................................................................... 11
Find a Surveyor.................................................................................................. 11

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Introduction
Art and antiques auctions If you are thinking of buying or
selling fine art or antiques at
have been a successful auction, it may be in your interests
method of buying and to ensure the auctioneer is an
RICS member.
selling fine art for
Members can be identified by the letters FRICS,
centuries and a MRICS or AssocRICS after their name. This guide
tells you more about the auction process from
barometer of the market a buyer and seller’s point of view, and what you
can expect.
at local, national and
international level.

A clear, impartial guide to Buying and selling art and antiques at auction 3
About RICS
RICS is the mark of You may be surprised to learn that there is no
legal requirement for qualification to use the
property professionalism terms ‘auctioneer’ or ‘valuer’.
So if you are selling art and antiques at auction,
and the largest you may want to use an auctioneer who is an
RICS member. If you are looking to buy art and
organisation of its antiques at auction, a chartered arts and
antiques surveyor can advise on whether the
type worldwide. investment you will make will be a sound one.
Using the services of an RICS regulated firm
offers real peace of mind because:
• 
they give you clear, impartial and
expert advice
• 
they have strict rules of conduct to protect
you – including audited designated clients’
accounts to protect your money and
professional indemnity insurance
• 
As RICS members, they have to update their
skills and knowledge throughout their
careers, so you can rely on their expertise
• 
you are further protected by their formal
complaints service and access to
independent redress, for example through
an Ombudsman scheme.
Look out for firms that are ‘Regulated by RICS’.
Estate agents and surveying firms that are
regulated by RICS are easy to spot as they use
‘Regulated by RICS’ on their stationery and
promotional material.

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Buying at auction
When buying at auction, make sure If you are a beginner or you have found the lot in
question through the internet or an advert and
that you allow yourself enough will not have an opportunity to view the item,
time to examine thoroughly your ask for a condition report. Many auctioneers will
chosen lot. If unfamiliar with now supply a formal condition report and further
photographs of a lot on request. You may also
antiques or fine art, make sure
wish to ask:
that you buy a catalogue, read the
• 
Is the piece a good example of its type?
description and estimate and then • 
Is the estimate realistic?
ask questions. Auctioneers and • 
What is the auctioneer’s general opinion?
valuers are more than happy to
share their expertise and
knowledge with you.

A clear, impartial guide to Buying and selling art and antiques at auction 5
Read the description of the lot Check the method of payment required before
you bid. Most auction houses will not release
carefully and if there is anything goods after sale until they have cleared funds in
you do not understand do not be their account. Consulting the auction accounts
afraid to ask (e.g. the term ‘style’ office before the auction will save time
afterwards and speed up payment and transfer.
may be used to indicate that the
You may be able to pay by credit card, but check
piece was made later than it would
for any charges or restrictions that may apply
appear). This will help you to build first. Most auction rooms will charge a buyer’s
a rapport with the auctioneer and premium on the hammer price.
make your decisions. It is The auctioneer’s terms and conditions of
important to find out as much as business including a note of any Buyers Premium
are usually posted around the auction room and
possible about the lot you are noted in the catalogue. If not, consult the
interested in, check for damage auctioneer before bidding.
and restoration and decide upon Finally before raising your hand, make sure that
your maximum bid. your lot has not been withdrawn, been subject to
an estimate revision or been damaged since you
If you can visit the venue prior to the auction, the
last viewed it. These simple last minute checks
view day preceding the sale is your chance to
will save you time later on.
have a good look at the lots you are interested in.
This is your chance to check for any wear, cracks
or restoration. Having discovered these you may
not be deterred, but it is good practice to know
before you buy. Again, the auctioneer’s opinion
can be invaluable at this stage, so don’t be afraid
to ask.
Auction houses are now required to ‘know their
clients’ for the protection and benefit of all
involved in the auction process. Whether you are
a vendor or are wishing to bid on a lot, you will be
required to give your name, address and
telephone number and provide some form of ID.
You will need to register this information with the
accounts office before you are allowed to bid. You
will then be given a paddle number for bidding.

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On the day: now the fun part!

An RICS regulated auction house Check the auctioneer’s website a few days prior
to the sale.
abides by certain minimum
If you are bidding in the room, do not get carried
standards to ensure that your away and bid above your pre-determined limit.
bidding experience is a happy one. If you are bidding on the telephone wait for clear
Auctioneers will not take accidental instructions from the bid clerk who will let you
know when to bid and the increment expected.
nose-scratching as a bid for
Bidding is really exciting so don’t forget to
instance. Make your first bid clearly enjoy yourself!
and definitely when the auctioneer If you are bidding online from home or the office,
looks in your direction, be as subtle don’t forget that you need to keep up with the
speed of the sale. Watch the auction video and
as you like once he’s noticed you. listen to the audio, if provided. Bidders in the
If you can’t attend the sale you can leave a room are encouraged by the auctioneer and are
commission bid. Fill out the relevant form clearly aware of the urgency. If you are too relaxed, you
noting all the details required, not least the lot may find your lot is knocked down before you
number, a brief description and the maximum click on your mouse!
price you are prepared to pay. The auctioneer will Once you have successfully bid for a lot, pay at
then try to buy the lot for you as inexpensively as the auctioneer’s office and remove your
possible taking into account other commission purchase as soon as is convenient.
bids, other bidders in the room and any reserve
price (the minimum price the auctioneer is Welcome to the auction world!
authorised to accept by the seller).
If there is a delay in collecting your purchase let
Advances in technology mean that some
the auctioneers know, as there may be a charge
auctioneers can enable you to place bids on lots
for storage after a sale.
via the internet and you may even be able to bid
live at the auction through the internet.

A clear, impartial guide to Buying and selling art and antiques at auction 7
Selling at auction
An auctioneer is your They will offer impartial, confidential,
professional advice based on their knowledge
appointed agent when and expertise. The surveyor will usually provide
free pre-sale estimates.
selling at auction and your Many auction rooms hold valuation days,
so contact them to enquire if there is one in
representative to the your area:
• 
do not be afraid to ask questions to find out
buyer. When selling, first more about your possessions and their value

seek advice from an RICS • 

in consultation with your RICS adviser, you
may set a reserve if there is a price at which

chartered arts and you do not wish to sell below. Be realistic and
base this on the minimum hammer price you

antiques surveyor. would accept, not on what you hope it

will make
• 
once the value has been established, the
auctioneer will give you a receipt for signature
which represents your ‘good title’ to the
objects being sold and your instruction for
the auctioneer to sell them

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• 
once the surveyor is instructed by you they Additional services
will abide by what has been agreed
RICS chartered arts and antiques surveyors may
• 
do ask about commission charges for selling also provide other services. Many will prepare
and any other charges which may be made in valuations to ensure you have sufficient cover
respect of expenses such as photography, on your home insurance or supply probate
carriage, a lotting fee, internet marketing valuations for inheritance tax purposes. They
and advertising fees may also be able to assist in the fair dividing of
• 
if a lot is unsold check whether there is an an estate. Contact your local RICS chartered arts
unsold charge and antiques surveyor, and they will give further
• 
the breadth of services and costs will vary details of any assistance they may be able
between firms; find out what services you to give.
will be getting for your money. To find your nearest chartered arts and antiques
Most auctioneers now put their catalogues online surveyor, check www.ricsfirms.com – using the
and many offer live, online bidding. They are ‘Quick Search’, select arts and antiques under
selling to a worldwide audience and aim to firm type. Alternatively, contact the RICS Contact
achieve the maximum open market value for Centre on 02476 868 555.
your possessions.

A clear, impartial guide to Buying and selling art and antiques at auction 9
Free RICS guides
RICS has a range of free Development issues
Compulsory purchase
guides available for the Home extensions

property issues listed here. Home hazards

Dilapidations
Flooding
Japanese knotweed
Subsidence

Neighbour issues
Boundary disputes
Party walls
Right to light

Residential
Buying a home
Buying and selling art and
antiques at auction
Home surveys
Letting a property
Property auctions
Renting a property
Selling a home

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Further information
We hope this guide is Visit our website
rics.org/consumerguides
useful to you. If you’d like alternatively email
to know more about [email protected] or call the
RICS Contact Centre 02476 868 555
buying and selling art
Consumer helplines
and antiques at auction, RICS offers telephone helplines giving
you 30 minutes of free advice on:
or how RICS can help, •  oundary disputes
B
please contact us. • Party walls
• Compulsory purchase.
Just call 02476 868 555 and you will be put in
touch with an RICS member local to you, willing
to provide a free 30 minute initial consultation.
Lines are open
0830 –1730 (GMT), Monday to Friday.

Find a Surveyor
Contact us if you want Look out for firms that are ‘Regulated by RICS’.
Estate agents and surveying firms that are
to find independent, regulated by RICS are easy to spot as they use
‘Regulated by RICS’ on their stationery and
impartial advice from a promotional material.

qualified professional with To find an RICS firm in your area visit

good local knowledge. www.ricsfirms.com

alternatively email
[email protected] or call the
RICS Contact Centre 02476 868 555

A clear, impartial guide to Buying and selling art and antiques at auction 11
 Advancing standards in land, property and construction.
RICS is the world’s leading qualification when it comes to professional
standards in land, property and construction.
In a world where more and more people, governments, banks and commercial
organisations demand greater certainty of professional standards
and ethics, attaining RICS status is the recognised mark of property
professionalism.
Over 100 000 property professionals working in the major established and
RICS HQ emerging economies of the world have already recognised the importance of
Parliament Square, London SW1P 3AD securing RICS status by becoming members.
United Kingdom RICS is an independent professional body originally established in the UK by
Royal Charter. Since 1868, RICS has been committed to setting and upholding
Worldwide media enquiries: the highest standards of excellence and integrity – providing impartial,
e [email protected] authoritative advice on key issues affecting businesses and society.
RICS is a regulator of both its individual members and firms enabling it to
Contact Centre: maintain the highest standards and providing the basis for unparalleled
e [email protected] client confidence in the sector.
t +44 (0)24 7686 8555 RICS has a worldwide network. For further information simply contact the
f +44 (0)20 7334 3811 relevant RICS office or our Contact Centre.

United Kingdom Europe Asia Americas South America

Parliament Square (excluding United Room 2203 One Grand Central Place Rua Maranhão,
London SW1P 3AD Kingdom and Ireland) Hopewell Centre 60 East 42nd Street 584 – cj 104
United Kingdom Rue Ducale 67 183 Queen’s Road East Suite 2810 São Paulo – SP
t +44 (0)24 7686 8555 1000 Brussels Wanchai New York 10165 – 2811 Brasil
f +44 (0)20 7334 3811 Belgium Hong Kong USA t +55 11 3562 9989
[email protected] t +32 2 733 10 19 t +852 2537 7117 t +1 212 847 7400 f +55 11 3562 9999
f +32 2 742 97 48 f +852 2537 2756 f +1 212 847 7401 [email protected]
[email protected] [email protected] [email protected]

Africa Ireland Oceania Middle East India

PO Box 3400 38 Merrion Square Suite 2, Level 16 Office G14, Block 3 48 & 49 Centrum Plaza
Witkoppen 2068 Dublin 2 1 Castlereagh Street Knowledge Village Sector Road
South Africa Ireland Sydney, NSW 2000 Dubai Sector 53,
t +27 11 467 2857 t +353 1 644 5500 Australia United Arab Emirates Gurgaon – 122002
f +27 86 514 0655 f +353 1 661 1797 t +61 2 9216 2333 t +971 4 375 3074 India
[email protected] [email protected] f +61 2 9232 5591 f +971 4 427 2498 t +91 124 459 5400
[email protected] [email protected] f +91 124 459 5402
[email protected]

OCTOBER 2013/DML/18832/CONSUMERGUIDES rics.org