NEVER BEEN TO AN AUCTION BEFORE - HOW DOES IT WORK?

Where does the art come from?
- it comes from various consignors who may be private individuals, estates, corporate collections, galleries, dealers or public institutions. Sometimes the previous owners are listed in the catalogue, this is known as the provenance. Sometimes it is interesting, sometimes it is not. The list may or may not include the present consignor.

What is a pre-sale estimate?
Pre-sale estimates are also printed in the catalogue and on our website. These are prices that in our opinion or research, what the property MIGHT sell for BUT it may be above or it may be below those figures.
Those figures are found by researching previous auction records for the artist. Sometimes these records don’t exist so we go to retail or gallery prices and use a formula of one half to two thirds of that price. There is a reason for this. Galleries are open 260+ days a year, we are open twice a year. The galleries can offer to let you take it home on approval, they can change the frame, they can offer leases etc that we simply can not offer.

What is a reserve?
All items in our auction have a reserve or minimum price; that price at which we will not sell below. The owner and I have agreed upon this price BEFORE the auction. If you were the seller, you would probably agree that selling your car for a dollar was not appropriate.
We generally recommend around 60-70% of the low end of the pre-sale estimate for a reserve price. We assure you that in no case does the reserve exceed the estimate printed in the catalogue. Therefore the catalogue does tell you how high the reserve may be - but it doesn't tell you the exact amount. There are three things that are confidential in this business, who the consignor is, what the reserve is and who the buyer is.

I’m new to art auctions... how do you recommend I begin to learn about the process?
- We suggest you buy a catalogue and study it thoroughly - this goes for any auction, not just ours.
- the most important thing at the auction is the preview
- you examine the painting thoroughly, see that any imperfections are acceptable to you, or if the frame looks awful, you should take that into account when youd decide how much you are willing to pay for the lot
- register for a bid card
- read the conditions of sale, on the back of the bid card or in the catalogue
- talk with knowledgeable friends or dealers regarding price, facts and or ask the auctioneer or staff for any additional information.
- show up at the auction on time - have a figure in mind. Some people get carried away at auctions and sometimes it is worth it. Until you feel comfortable, stick to your cool, rational, maximum number.
- attend auctions and watch what goes on - an excellent way to learn the process.

What is this fourth session I keep hearing about?
The fourth session of the auction will occur after the third session. It works exactly the same way except there is a sheet for each item.
- you register for a bid number
- you find the sheet for the lot you are interested in
- you fill out your number across from the price you are willing to pay
- you sign your name and your bidder number
- you may bid low but anyone can increase the bid up to bidding closes on Sunday
- at that time I will remove the first sheet and ask if there are any verbal bids which I will accept. I will keep going until there are no more bids. Highest bidder is the purchaser!

More questions - contact Doug Levis or Cheryl Sonley at the office

LEVIS Fine Art Auctions & Appraisals & Art Storage
[A Division of Artbank Incorporated]
1739 10 Avenue SW
Calgary, Alberta, Canada T3C 0K1
Tel: 403-541-9099
Fax: 403-541-9097
E-mail: mail@levisauctions.com
WEB: www.levisauctions.com
Online: www.levisonlineauctions.com