Five Things Auctioneers Wish You Knew

Lots of people think the auction world is glamorous but the reality behind the scenes is a little different, and often much more interesting. After many years as an auctioneer and valuer, I’ve learned that many people may only come into contact with an auction house once in their lives, usually when downsizing or handling a loved one’s estate. That means there are plenty of myths, misconceptions and misunderstandings about how auctions actually work.

To help lift the curtain, here are five things auctioneers wish you knew — from how estimates really work to why we don’t mind looking at your items even if they turn out not to be valuable.

1. There’s No Such Thing as a Stupid Question

For auctioneers, valuations and sales are everyday work. For you, it might be a once in a lifetime event, and often an emotional one if you’re parting with something cherished or clearing a home after a bereavement. If you don’t understand something, ask. A good auctioneer will guide you clearly through the process until you do.

And please don’t feel embarrassed in case your items are “worth nothing.” Between me and my colleagues, we’ve valued everything from newspapers to false teeth! It’s far better to get someone to look at your granny’s old tea set, even if you think it’s worthless, than to put it in the skip and discover it on Antiques Roadshow valued at thousands the next week. I can’t count the amount of times someone has said to me “I wasn’t sure if I should bring this along” to a valuation day, and I’ve been able to tell them there’s a slap-up meal in those old action figures!

2. Trust Auction Estimates

Auction estimates are educated guesses, not promises. A valuer studies the market closely to understand what your item is likely to sell for, but the final price always depends on who turns up to bid.

I once sold a Russian spy camera disguised as a packet of cigarettes for £29,000. When another came in six months later, I had to give a cautious estimate of £200-£300. My client was horrified but I knew it was just two wealthy collectors who had driven the price first time round, and now one of them had bought what they wanted the same level of fierce competition and deep pocket didn’t exist for the second item. That second camera went on to sell for just £280.

Auctioneers want to achieve the best results (they work on commission, after all), but they also want your item to sell. Unrealistic estimates are the easiest way to scare bidders off. If you’ve chosen an auction house because you trust their expertise and their buyer base, trust their estimate too and let the market decide.

3. Auction Houses Aren’t Just for the Rich

The old image of auctions as stuffy rooms full of wealthy buyers and snooty auctioneers is far from reality. Live auctions with crowded rooms are becoming rarer, but if you fancy going along - do it! Most auction rooms are friendly places, with tea on offer, porters happy to show you items, and, in many cases, even dogs welcome (if your dog is friendly, because it’s likely all the staff will want to come and say hi).

There’s no danger of accidentally bidding by scratching your nose. You’ll need a bidding paddle, and you’ll want to raise it clearly if you want to take bid. Niche collectible auctions can even feel like social gatherings, with collectors chatting, sharing interests, and, of course, loudly dismissing the item they actually want so nobody else bids on it!

4. Our Job Is Brilliant, But It’s Not Glamorous

Auction day might only happen once a week, once a month or even once a quarter now that many salerooms run timed online sales. The rest of the time, the work is far from glamorous: long days on the road, clambering through dusty attics, poking around in garages and hauling boxes into vans.

Back at the auction house, it’s more lifting, unpacking, and furiously cataloguing to meet tight deadlines. I’ve always joked that 90% of my job is packing boxes, moving them, and unpacking them just to repack into different boxes and move them again. There’s never a dull day, but it’s a lot more than white gloves and sipping tea while researching an interesting vase.

5. Unsold Items and Reserves

I was lucky to specialise in toys, because the market is relatively easy to predict. I know what buyers are looking for, how they like it presented, and what they want to pay. That’s why my toy auctions often had a 95% sell-through rate. But there are always usually a few unsold items. Sometimes it’s just bad luck, sometimes a rare piece falls flat, but most often it’s down to reserves being set too high.

Reserves are agreed with the vendor and can’t be higher than the bottom estimate. Vendors often have high hopes, and sometimes auctioneers go along with them, but the risk is obvious: your item may not sell. More than once I’ve had bidders offer £90 on a lot with a fixed £100 reserve, only for the vendor to say afterwards, “I would have taken that!”

Think carefully before setting a reserve. Unless you’re truly happy to have the item back, flexibility is better. Unsold items can be re-entered with a lower reserve, but buyers sometimes view a relisted lot with suspicion - what is wrong with it if nobody wanted it first time? And if it’s a lower-value item that was worth “giving a go,” many auction houses, with your agreement, will donate it to charity if it doesn’t find a buyer.

Conclusion

For sellers, the auction experience can feel emotional, confusing and even intimidating, but most auctioneers genuinely want to guide you through the process and achieve the best results possible.

Whether you’re selling toys, antiques, or the contents of an attic, remember: there’s no such thing as a silly question, estimates are guides not guarantees, and flexibility is key. And if you ever do decide to step into the saleroom yourself, don’t be surprised if you find tea on the side, a dog at your feet and a whole community of collectors chatting about “old stuff” that suddenly feels full of meaning.