Leigh Keno has some tips for anyone interested in buying at auctions. These are tips from a pro, and his is a familiar name for anyone who is interested in buying or selling collectibles. The Keno brothers grew up in a home filled with treasures, and they have spent most of their lives collecting and selling them.
Maybe the most approachable expert in the world of collecting, Leigh Keno has made art and antiques interesting to many people, taking them out of an atmosphere where people speak in hushed tones. Over the years he has appeared in many TV shows that make people aware of collectibles. He appears on the Fox reality show Buried Treasure with his brother Leslie, and has regular appearances on the PBS Emmy-nominated hit, Antiques Roadshow.
His infectious enthusiasm for collecting and collectibles has had the effect of engaging millions of people. He shared some tips earlier with me about collecting furniture.
But buying at auctions requires knowledge both of the pieces and the art of buying. He should know, because Leigh Keno has helped build some of the best private and institutional collections of Americana in the world. In his capacity as the owner of Keno Auctions, he has sold some remarkable pieces himself, fetching record prices. These pieces were related to early American furniture, folk art and paintings.
If you are interested in building your own collection of furniture, other furnishings or home decor items, consider buying at auctions. And to help you, here are Leigh Keno's tips:
- Never buy on impulse. You may live to regret it.
- Before heading to an auction, do your homework on a piece that you like. Check on-line or hit the books at the library to determine if related pieces have recently sold at auction.
- The condition of a piece is crucial to its value. Hence, if there isn't a report posted, make it a point to ask the auction house for one.
- If you have not heard of a particular auction house, go to their website to determine their experience and reputation. You may also want to get recommendations from professionals in the trade.
- The pieces need to be checked out before you buy and it’s always more advantageous to examine the piece in person. Turn the piece upside down and inside out. Examine every nook and cranny. If for some reason you can’t see the piece in person, request good close-up photos that show the object from all angles.
- If you have a trusted dealer or consultant (a great idea if you are spending a serious amount of money) ask him/her, or the expert in charge of the sale, whether the estimate is conservative, in line with what it is worth, or aggressive. This is very important before you bid.
- If you decide to bid on an item or items, make sure that you know what the conditions of the sale and buyer's premium are. You must figure this into what you are ultimately going to pay.
- To prevent getting carried away in the excitement of the auction process, set your highest price and stick to it unless you really love the item. It’s always harder, particularly with really rare objects, to guess what they might ultimately bring.
- If you are successful in buying your piece, try to take it home with you on the day of the sale. There are two advantages to this: it will reduce risk of damage to the object and you won't be charged any possible storage fees.
- Enjoy your purchase! And don't clean it up. The beauty lies in its patina and it is only original once!
