Catalogue Descriptions
If you are unable to visit an auction house to view the lots in person you will be entirely dependent on the information provided on their website or in the auction catalogue. In the majority of cases, this information is identical however please keep in mind that lots may be withdrawn after the printed catalogue is produced and that there are often catalogue alterations and updates to the condition. Any alteration to the description of a lot will be announced at the beginning of the auction and in some cases just before the lot is put up for sale.
The catalogue description will include key information about a lot offered for sale, such as the name of the artist/maker, a detailed description of the item, the year of its creation, its provenance, dimensions, quantity and the estimate. The majority of lots in an auction will carry an estimated price band, which indicates the specialist’s opinion of the value. The final hammer price may be higher or lower than this band depending on demand and the lot popularity. If there is a reserve on the lot then it cannot be sold below that price. For this reason, the reserve is never shared with the buyer however it is possible to hazard a guess at what the reserve is.
In most cases, a lot is given a discretionary reserve. This means that the auctioneer can use their ‘discretion’ to sell the lot if the current highest bid is below the reserve. This is traditionally 10% below the estimate. So if the lot is estimated at £600-£800 a bid of £540 or above may be accepted (600-10%=540). The reserve should never be higher than the low estimate as this is not best practice however this can be seen at some establishments as the result of ‘special’ deals with trade vendors. There are other types of reserve such as fixed and wide discretion and if lots are of low value they can be given a sell reserve which means that the lot will be sold to the highest bid.
If the lot description and images don’t give you the information you need to be confident in bidding you should endeavour to view the lot in person or ask for further information from the auction house. To learn more about viewing lots please see my article on the subject. I also have an article on condition reports which expands on the topic which can be read here.
For the majority of categories the lot description is fairly self-explanatory and follows a similar layout. The main outlier is when viewing art (paintings, prints, sculpture etc.) For these lots, there is some important terminology to understand. The list below has been taken from Criterion Auctions as I found their explanations to be clear and concise on the topic:
‘Lucien Pissarro (1863-1944)’: In our opinion, a work by the artist.
‘Attributed to Lucien Pissarro (1863-1944)’: In our opinion but cannot be sure, probably a work by the artist.
‘Studio of Lucien Pissarro (1863-1944)’: A work we believe to come from the studio of the artist or closely associated with the artist.
‘Circle of Lucien Pissarro (1863-1944)’: A work we believe by an unidentified artist working in the artist’s style and created during the period of the artist’s life.
‘Follower of Lucien Pissarro (1863-1944)’: A work we believe by an unidentified artist working in the named artist’s style, at the same time or soon after.
’School of Lucien Pissaro, early 20th century’: A work we believe executed at that time and in the style associated with that artist.
‘Paris School, 19th century’: A work we believe executed at that time and in the style associated with that location.
‘Manner of Lucien Pissaro’: A work we believe by an unidentified artist working in the artist’s style but at a later date, although not of recent execution.
‘Style of Lucien Pissaro’: A work we believe by an unidentified artist working in the artist’s style and of recent execution.
‘After Lucien Pissarro (1863-1944)’: A work we believe is a copy by an unidentified artist of a named work by the artist.
If you are familiar with these terms it could avoid some expensive mistakes when purchasing a painting in the style of LS Lowry rather than an original.
This concludes my article on catalogue descriptions. Most auctioneers’s websites include information on how to buy at auction so it is best practice to read those sections for more detailed information about their terms and practices.
