Hello fellow collectors! I'm Old Wang, and I've been collecting jade for decades, evolving from a naive youth to a seasoned 'old hand' with some insights. Auctions have been an indispensable part of my collecting journey. Today, I want to share my auction experiences with you, hoping to offer some practical advice to those who are considering or already navigating the auction scene.

Setting the Scene:
I still remember my first time stepping into an auction house. It was at a Sotheby's preview in Hong Kong in the late 1990s. I was deeply impressed by the exquisite jade artifacts, thinking how wonderful it would be to own one! However, at that time, I knew nothing about auction rules, let alone how to authenticate or estimate value. I was just a spectator then, but the seed of participating in auctions had already been planted in my heart.

Core Techniques:

  • Do Your Homework, Know Your Subject: Before an auction, studying the catalog is paramount. Don't just look at pictures; carefully read the item descriptions, including age, material, size, provenance, and publications. I usually circle the items I'm interested in and then research relevant information, such as market trends for similar jade, characteristics of famous artists' works, historical background, and so on. If possible, always attend the live preview. The tactile experience of handling the actual item is irreplaceable by pictures and text. I recall one instance where a Hetian jade pebble, which looked beautiful in the catalog, turned out to have dyed skin and much poorer quality jade when viewed in person. Luckily, I didn't bid blindly.


  • Set a Budget, Stay Rational: This is a lesson I learned the hard way. When I first started with auctions, I'd often get impulsive when I saw something I liked, often exceeding my financial limits. Once, I got into a bidding war for a Qing dynasty white jade snuff bottle, raising my paddle repeatedly, and eventually winning it at a price far above market value. While the item was good, looking back, that impulsiveness cost me extra. Therefore, before every auction, I set a maximum psychological price for each desired item and strictly adhere to it. Remember, in the auction room, rationality is more important than passion.


  • Observe Opponents, Seize Opportunities: The auction floor is like a battlefield without smoke. Observing other bidders' actions can sometimes help you make more informed decisions. If an item is being hotly contested by multiple bidders and the price is soaring, it might indeed have value, or it might be over-hyped. Conversely, if a good item goes unnoticed or bidding isn't intense, it could be an opportunity for you to snag a bargain. My experience is not to reveal your hand too early in the initial bidding phase. Wait until the price stabilizes, then look for an opportune moment to strike. Of course, this requires experience and courage.


  • Understand Commissions and Taxes: The hammer price is not the final amount you pay. Auction houses charge a buyer's premium, and some countries or regions may have additional taxes. These fees combined can make your actual expenditure far exceed expectations. I once overlooked these additional costs, leading to a budget overrun. So, when setting your maximum psychological price, always factor in these extra expenses.


Important Considerations:

* Beware of 'Fake Bidding' and 'Shills': While reputable auction houses try to avoid this, smaller auction houses or certain special occasions may still involve 'fake bidding' or 'shills' to inflate prices. If you notice unusual bidding patterns or someone consistently bidding against you, be extra cautious.
* Be Cautious with 'No Reserve' Items: 'No reserve' sounds tempting, but it often carries risks. Some no-reserve items may have low intrinsic value or defects. Unless you have sufficient knowledge and confidence in the item, it's not advisable to try them easily.
* Retain Transaction Records: Whether it's payment receipts or item handover forms, keep them safe. These are your legal proof of ownership and crucial evidence for future claims.

Summary of Experience:
Auctions are both a channel for collecting and a process of learning and growth. They test your discernment, financial capacity, and, more importantly, your mindset. From impulsive spending to calm analysis, every step of my journey has been accompanied by stories of joy and sorrow. I've found valuable Ming dynasty jade bi and also fallen into the trap of buying high-priced modern fakes. But it's precisely these experiences that have deepened my understanding of jade and made me appreciate the joy of collecting even more. I hope my experiences can help you avoid detours and find more treasures on your auction journey! Wishing everyone happy collecting and good luck!