Sotheby's: The Art of the Auction

A $1,000 pair of earrings, a case of vintage wine, a $7,000,000 tyrannosaurus rex named Sue, clothing worn by Jacqueline Kennedy and a Degas ballerina have something in common. They’ve all recently been bought at auction at Sotheby’s, America’s premiere auction house. When Sotheby’s sells a Rhode Island-made, Goddard bureau bookcase for over $8,000,000, it’s news worldwide. Yet over 80% of sales are under $5,000. Ordinary people armed with only a credit card and driver’s license compete on an equal footing with dealers and collectors. Sales are by department and occur at regular intervals. Pieces are photo-graphed and described in beautiful color catalogues, which may be purchased individually or by subscription.

During the five-day exhibition preceding a sale, Sotheby’s experts are available to answer questions from the public. Bidders may also bring their own experts. New York is the only exhibition site on the East Coast. "People do their homework these days," Peter Lang, the director of Sotheby’s furniture department, noted. "Still, the most important thing is to ask questions. Ask what the experts think of the piece. Ask about repairs, if any parts have been replaced, if there is anything you should be looking for. Ask for bidding advice. They’ll say, ‘I wouldn’t bid on that piece above a certain amount.’" Still, even the experts are sometimes surprised by the bidding. Irish furniture and fine, signed pieces of art deco jewelry are selling far above all estimated values.

Quality, rarity, popularity and provenance determine furniture prices. Provenance traces the piece’s origins authenticating it. For example, 18th-century antiques from France or America are more valuable than their English counterparts. American pieces are relatively rarer, while French pieces had the furniture maker’s identity stamped by law into each piece establishing its provenance. English pieces were identified only with paper labels which became loose or were damaged over time. Bills of sales from houses or banks may also supply provenance. The Goddard bureau established its provenance through a signature in one of the drawers and its continuous possession by descendants of the original buyers. Furniture from the 18th century is the most popular among collectors.

Veneer only became a term of derision in the 19th century when following the industrial revolution, mahogany was cut too thin. The best earlier pieces excluding chairs were veneered. Additional mahogany or more expensive woods such as tulipwood or kingwood would be used as a veneer over mahogany. As 18th-century pieces have disappeared from the market, furniture from the 19th century has gained in value, particularly pieces by furniture makers that have been researched.

While a piece by Chippendale may cost hundreds of thousands of dollars, a similar piece, in the Chippendale style, from the same time period but by another furniture maker will cost much less. English and French pieces are known by the name of the reigning monarch, while American pieces are known by their style. Furniture accessories known as "smalls" are included in the sales.