Whether it is a Kashmir sapphire in Geneva, a Kentucky Derby-winning thoroughbred in County Kildare, or a vintage Ferrari going under the hammer, the final moments of an auction can be as much about strategy as acquisition.
Benoît Repellin, head of jewels at Phillips, and Henry Beeby, group chief executive of Goffs, believe that successful bidding is determined long before the auctioneer calls the first lot. For experienced collectors, the advantage lies in preparation: understanding the asset, assessing value, and knowing precisely when to act – and when to walk away.
From researching a lot to knowing when to walk away, here’s what auctioneers want you to know.
Understanding the auction process
“Auctions can be quite intimidating for someone who doesn’t know about auctions,” says Repellin. “But it’s really open to everyone.”
For seasoned buyers, however, the fundamentals remain critical. Beeby, of Europe’s premier thoroughbred auction house Goffs, argues that understanding the Conditions of Sale is the single most important first step before you can even think about raising your paddle. “They outline the ‘laws’ of the sale and cover subjects such as a lot’s description, payment terms, complaints procedures, commission, and much more.”
Most auction houses now offer multiple ways to participate, including bidding in person, online, by telephone, or through absentee bids placed in advance. For collectors unable to be present, absentee bidding allows them to set their maximum level in advance, while advisers and representatives can also participate on their behalf.
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How should you prepare before auction day?
Among leading auctioneers, the consensus is clear: the strongest bids are built on preparation well before auction day.
For jewelry collectors, Repellin recommends going beyond the catalogue estimate and reviewing all available information about a piece. “For each piece, we mention whether there is a laboratory report, any restoration, any damage, and details about the quality of the gemstones,” he explains.
For significant acquisitions, specialists can provide additional photography, video, condition guidance, and market context. Buyers unable to attend viewings in person can also request further information directly from the auction house before committing at auction.
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Importantly, buyers are not limited to the auction house’s expertise. Independent advisers are welcomed at pre-sale exhibitions, allowing collectors to undertake their own due diligence and incorporate specialist opinions before bidding.
For those entering a new collecting category, Beeby recommends relying on established expertise. “For novices, a professional adviser should be employed to guide and advise,” he says. “You wouldn’t buy a house without a survey, would you?”
Across collecting disciplines, this approach is standard practice. Bloodstock buyers often work alongside agents and trainers, while collectors of jewelry, art, and classic cars frequently rely on trusted advisers to evaluate condition, rarity, and long-term value.
What is the true cost of acquisition?
The hammer price represents only one component of the final purchase price. Buyers must also account for the buyer’s premium and any additional charges associated with the transaction, with rates varying between auction houses and sale categories. “Knowing about the commission and the buyer’s premium on top of the hammer price” is a key part of preparing for an auction, Repellin says.
Because fee structures vary between auction houses and categories, collectors should review the Conditions of Sale carefully and calculate their total acquisition cost before bidding begins.
How to develop an effective bidding strategy
There is no universally correct way to bid, only the method that best suits your temperament. Some buyers enjoy the atmosphere of the auction room; others prefer the distance and control offered by online or telephone bidding.
Beeby remains an advocate for attending auctions in person whenever possible. “You can see the other bidders and get a feel for the atmosphere of the auction,” he says. “It’s the most transparent way to buy.”
Digital platforms have expanded access significantly, with Repellin noting that the pandemic accelerated a shift toward online participation that continues today.
Social media has also changed how collectors engage with the market. Repellin, whose behind-the-scenes jewelry content has attracted a large following, believes digital platforms are helping to educate a new generation of bidders. “A lot of people are using these channels to learn more about jewelry, gemstones, and auctions,” he says. “They come with a better understanding of what is on offer.”
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Common mistakes and how to avoid them
The most frequent mistake Repellin encounters has little to do with bidding itself. “There is a whole process of registering for a first-time buyer,” he says. “Make sure you have enough time before the auction to submit all the KYC [Know Your Customer] information and create your account.” Leaving registration until the last minute can mean missing a sale altogether.
Once bidding begins, discipline becomes equally important. “It’s good to come with your price in mind before coming to the auction,” says Repellin. “Sometimes you can get carried away with the excitement.”
“Make a shortlist, fix your maximum price in your head, and then don’t listen to the auctioneer’s exhortations,” Beeby stresses. “Stick to your price as there will always be another lot.”
That discipline matters because auctions are emotional environments, where Repellin admits competitive instincts can sometimes take over. “You can see people looking at who the other bidder is,” he says. “There’s definitely some pride in the bidding competition.”
Should you buy at auction as an investment?
While auctions increasingly attract buyers interested in asset appreciation, neither expert believes investment alone should drive a purchase. “I don’t think someone should buy purely for investment,” says Repellin. “The best collections have been built over time with passion and a discerning eye.”
Instead, he encourages buyers to focus on pieces they genuinely want to own and live with. His advice is deliberately simple: “Buy what you like.”
