Most auction houses will have a catalog of items being sold on the day of the particular auction. It will list some basic information about the items, such as the artist, the age of the work and an estimated price. The catalog might also list the general condition of the item and a sales history. For buyers, this information is important as it can prevent you from paying too much for the item. Although there might be an estimated price, the piece could sell either above or below what is listed.
Auction houses will schedule times when you can review the pieces of art in person. This provides a few advantages for buyers. Seeing the piece in person gives the buyer a far greater idea of the condition and quality of the work. Auction houses also will have experts available to answer questions about the piece you are interested in. They can tell you what kind of interest there has been in the piece you are considering buying.
Professional auctioneers have a way of building up excitement. It's quite easy to get caught up in the action and get drawn into a bidding war. Set a price limit and stick to it. If the auctioneer allows it, bid in small increments. This will lower the speed of the price rise and help prevent you from paying far too much for something. Sellers also need to set a limit for their item. They have the right to set a reserve for their item. This means a minimum price that the seller will accept. This will alert buyers ahead of time and help attract the more serious collectors instead of the casual auction shoppers.
Doing research is important for both buyers and sellers. Buyers should research the artists and look into which period the work is from. Sellers need to know what they have and its true value. Appraisals from a professional, independent source are best. Beware of any appraiser that shows a financial interest in your item. He may undervalue it with the intent to purchase it for himself.