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The
Auction: Is It A Good Place To Buy A Rug ?
Some
brief comments on buying at auction. They are written primarily
for the new collector and assumes one is dealing with one
of the major auction houses, not something held at the local
Holiday Inn. There is absolutely no reason to attend one
of those things. So, what’s good and what is not so
good about a day at the auction house. First, the good part:
- It
can be educational. You have the chance to see, touch
and examine a wide variety of rugs and textiles. You can
experience the often subtle nuances of color and feel.
It
can also be a good chance to meet and talk with other
collectors and dealers. This, likewise, can be educational
and will bring you into closer proximity to the entire
collecting environment.
- Frequently
good, sometimes great, rugs are on display. And, the really
fun part, they are all for sale.
But
there are some things to think about. Getting into the action
comes with a price. An auction is a form of combat. People
go head-to-head with each other for a chance to win the
prize, or in this case the rug. Remember usually two or
more potential buyers are lusting over the same rug. The
result frequently is an inflated price. And, at an auction,
it’s caveat emptor all the way !! Let’s assume
you paddle yourself to victory. What’s the bottom line
in terms of costs.
- First,
of course, there is the amount of the winning bid.
It is getting even more expensive to buy at auction. On September 1st, Christie’s will increase its buyer’s premium to 25%!! This is the second increase by Christie’s in twelve months.
In
addition, there is state sales tax. Add about 6-7 %.
In
addition, there is a shipping charge if the rug is a big
one or for any reason you can't take it with you.
- In
addition, for those not living in or near the city where
the auction is being held, there are expenses relating
to travel, room and board.
Auctions
can be fun. Is it a good place to buy ? Well, that depends
!!
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