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How to start a collection at auction?

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How to start a

Collection

Collecting rare objects can be a fun and rewarding hobby that lets you build a collection of unique items that show what you like and care about.

How to start a collection at auction?

Collecting rare objects, antiques & artwork can be a fun and rewarding hobby that lets you build a collection of unique items that showcases your personal interests and passions.

Maybe you have a desire collecting regarding your family heritage, or you’re a history buff who loves everything Teddy Roosevelt, possibly you love the nostalgia of sports or pokemon cards, collecting allows you to dive deeper and have a tangible connection to the past. Not only does collecting give emotional value, in many cases collecting can give a monetary value as well. Collecting rare assets can be a great investment, hedging on future interests and scarcity.

Many serious collectors rely on auctions as their primary source for acquiring unique and expensive items.

In this blog, we’ll go through some advice and tips on how to start a collection at auction.

No. 1: Determine Your Interest

The first thing to do when starting a collection is to simply being to narrow down what it is you wish to collect. The world of collecting is large with many different kinds of rare assets to collect. Art, antiques, Native American art, western and wildlife art, coins, and jewelry are all popular categories.

What you collect should be based on your own interests and passions, so start narrowing down things that you find interest in and want to learn more about as you build up your collection.

"...Art, antiques, Native American art, western and wildlife art, coins and jewelry..."

No. 2: Do Market Research

Narrowing down your interest can be tricky, but once you have an idea on what you’d like to collect you should being with some market research. This will include where to find out what kinds of things are available and also an idea of value. Having a grasp on value, even if only an opinion or “perceived value” will help you make smart choices when you want to bid on something in an auction.

One of the best ways to learn about the markets can be to attend an auction, whether that be in-person or virtually during a live-simulcasted event. You can also look at auction catalogs and online auction results to find out how much similar items recently sold for at auction.

No. 3: Make a Budget for your Collection

Now that you have an idea of the market and value its best to apply this knowledge by making a budget for your collection or specific item. Without a budget its easy to get excited and limit your collection by only acquiring one thing that maybe wasn’t your entire focus.

"One of the best ways to learn about the markets can be to attend an auction"

Its also wise to consider all the applicable fees when budgeting for you collection such as buyers premium, which is the percentage added to the hammer price of an item. While budgeting can be important it should always be a guide not a rule. In some cases a “once in a lifetime” piece might present itself, while above your budget its replacement value could be greater and worth bidding on. You can always make this up with other pieces that went unnoticed in a sale and came in at a deal.

No. 4: Find an Auction House you can Trust

The key to having a successful collection is to find a reputable auction house. This could mean a lot of different things to different people but somethings stand true like a history of selling high-quality, authentic items that are well described.

Another factor can be the auction houses credentials, such as their involvement in their state auctioneer association or being a member of the National Auctioneers Association. These associations have accountability and codes of ethics for auctioneers to follow as well as offering continued eduction for the auction houses to learn best practices.

No. 5: Attend Previews

Now that you’ve found some items in an auction you are interested in collecting, one of the best ways to determine if they are right for you is to attend the auction preview. Previews allow you to see the items in-person and in some cases be able to handle the piece. Well pictures can give an accurate depiction of an item, nothing beats being able to inspect it in person. You can also use the pre-bidding online preview period of an auction to reach out to piers or experts for additional opinions on the piece. During a preview you can also take the time to ask additional questions, make notes of the piece and additionally check for your own representation of condition.

No. 6: Putting in your Bid

Obviously one of the most crucial parts of collecting at auction is putting in your bid. One of the mistakes many new auction bidders make is waiting to sign-up and register for an auction until right before the sale starts. In many cases the auction house has additional requirements for registration and approval that could take time, such as a credit card on file and in some cases pre-approved funds for bidding. Registering for the auction in advanced makes certain that all of these fine details won’t prohibit you from winning the item you desire.

Putting in bid can also be somewhat confusing for some in their first auction. Some bidders like to bid the next amount and wait to bid additionally until being “out bid”, while this works for many it can cause you to forget about the auction and lose the item for an amount well below what you would have been willing to pay. One of the best ways to bid in an auction is to place a pre-bid before the auction at a bid amount you would be comfortable purchasing the piece and then attending or watching the auction live. This will allows you to see if you’ve won the item as well as potential raise your bid.

"Obviously one of the most crucial parts of collecting at auction is putting in your bid."

No. 7: Start Small

It can be tempting, when just starting out, to go after one of the more important or expensive items in your general collecting interest field, but it is important to start out small.

When collecting its good to focus on building a solid foundation for your collection by starting with more affordable or less significant pieces. By doing this, over time you will being to build a knowledge and expertise as you go.

No. 8: Be Patient

Building a collection you can be proud of takes time and patience. Quickly accumulating things can fill space, but building a lifetime collection you can be proud of takes many years of patient searching. In some cases that one or two items that could fill out your collection might only come up for sale once during your lifetime, make sure to be ready for it. The thrill of the hunt is what makes collecting a passion of so many, enjoy the journey.

"The thrill of the hunt is what makes collecting a passion of so many"

No. 9: Take Care of your Items

One overlooked step in the collecting process is taking care of your items. Depending on an items specifics, some items in your collection may require special preservation tactics in order to be maintained.

"...some items in your collection may require special preservation tactics in order to be maintained."

A good example of this is collecting antiquarian books can require a temperature-controlled environment to prevent damage from humidity.

No. 10: Build your Network

Some of the best help you might receive in your collecting journey can be found in its communities. Searching out and joining a collector’s group or attending a trade show is a great way to extend your knowledge through others. Here you can find other likeminded collectors who will be willing to share their triumphs and tribulations, meaning what mistakes to avoid and some best practices.

Conclusion to Starting a Collection at Auction

There are endless tips on answering the question, “How to start a collection at auction” but above is a good launching point for your collection. Starting requires careful research, planning, and later execution.

"...narrowing down your interest, setting a budget, finding a reputable auction house, going to previews, bidding strategically, starting small, being patient, taking care of your collection, and growing your network and knowledge..."

By narrowing down your interest, setting a budget, finding a reputable auction house, going to previews, bidding strategically, starting small, being patient, taking care of your collection, and growing your network and knowledge, you can build a valuable and rewarding collection that correctly reflects your passions and interest. Make certain to do your research, ask for advice from experts, and have fun as you build a lifelong collection that you can be proud of.

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