The announcement of the lot during an auction

After having recalled the general conditions applying to the auction, the auctioneer can launch the sale. In the case of a public sale, this information is carried aloud, appears in the sales catalog as well as on the internet in the case of a live sale. Before adjudicating the various lots, the sales manager announces the lot aloud, thus making it possible to identify the progress of the sale and for any bidders to be reminded of the elements relating to the lot.Australia antique auction platform bidvaluable is going to train you about auction rules so read the entire article carefully;

What elements must be included in the advertisement of the lot during an auction?

First of all, the auctioneer will announce the lot by recalling the order he holds in the sale, that is to say, the passage number that has been assigned to him. This allows those present or not to find their way around and know where the sale is and when the lot they are interested in will be auctioned. The sales manager will then recall the essential characteristics of the property offered for sale. If the prize is awarded or given to a particular artist, it should be recalled aloud as well as the title or quality. As regards objects, of which no particular belonging to a school, a workshop, or an artist is mentioned, the curator will only state the qualification given to the object. However, when the property offered for sale is the subject of a certificate of authenticity for example, or if an additional element is added to it, the auctioneer announces it aloud in order to inform the public.

After giving the most important elements of the lot, he recalls the estimate of the latter and defines the sum at which the auction can begin. For example, if a signed and authenticated Picasso drawing estimated at 30,000 – 40,000 $ is put up for sale. It will be recalled that the drawing is authenticated by the beneficiary of Picasso, that it has been estimated between thirty and forty thousand euros, and that the auctions start at 20,000 $.

Erratum or changes that may be made to the description of the lot appearing in the auction catalog

The sales catalog is brought to the printing approximately 3 weeks to 1 month before the sale, it is not rare that the description of certain batches appearing in the catalog is modified. It can also be the estimate of the latter. In this case, an erratum is created to bring this rectification to the attention of the public. This can be done by means of an erratum attached to the catalog, a poster in the auction room as well as an insert on the website. However, the online bidding site bidvaluable auctioneer or the expert announcing the lot must verbally reiterate the correction when announcing the lot. In addition, the customer who has submitted purchase orders must be personally notified of any rectification.

By Amber