When you’re at an auction, it’s wise to be on your best behavior – and to bring your checkbook.
We attend a good many auctions and the first thing you learn is you must pay at the end of the auction for the total amount of your winning bids plus the house percentage. House percentages vary, so be cautious.
When you bid online or by phone, you still have to pay right away or make arrangements with the house to settle up if you place the winning bid.
One thing you can bet on is if you don’t follow the payment procedure you’ll find yourself in a pickle. At the very least, the house will ban you from further auctions. At worst, you’ll be slapped with a lawsuit or publicly humiliated. It can happen to anyone who flouts the house.
In a previous blog I shared the situation the Hobbs bothers found themselves in as reported in the New York Times. Messy, embarrassing and financially disastrous.
In the July 18, 2016 NYT was an article titled: “Behavior and Bidding Oddly Out of Sync” about the twin Keno brothers Leslie and Leigh. Leslie was associated with Sotheby’s and Leigh was associated with Christie’s.
But their status was no insulation from public humiliation—in fact, their prominence probably magnified their woes. Please click the link below and read for yourself what the New York Times has reported regarding the Keno twins.
And remember: be on your best behavior when bidding at auctions.