Antique Auction

Antique, as the name suggests, is a Latin word which means Old or aged. Antique is referred mainly to the articles or objects/commodities which are old and have some uniqueness attached to them, which make them not only special but invaluable as well. Antique is generally referred to the articles which are rare and not found easily. The antiques or old works are generally collected by a few (small group of people) or by a niche class who revere these as a possession which not only sets them apart from others, as they become the proud owners of piece of history, but also gives them a feeling of fulfillment as art collector. These pieces of art or objects are attained through auctions conducted by either the owner or the company that owns these artifacts. These antiques are also passed on to the generations as part of the legacy or at times are even donated to the governments of the country for the upkeep or donated to the museums to make them available for general public to view and witness the history associated with these. The first instances of antique auction can be traced back to almost 2500 years from now when the Greeks used to auction such artifacts, antiques and other objects taken after a war, from the conquered country/state. There are clear mentions in the history about the instances of Roman soldiers auctioning the loots of such antiques, some 1800 years ago.

An auction, as the term refers, to the process of selling an object after bidding. In other words the object is sold to the highest bidder after the fall of the hammer. Here the value or price of the antique is decided by the buyer and not by the seller. There are different kinds of auctions, one is, where there is a base level of price and the bid starts from this price and bids increase thereafter. An auction is closed when a particular bid is not challenged by any other bidder. The price of the antique is generally gauged through the perspective of the buyer in general. The other kind of auction is the one where there is no base pricing/ usually known as reserve price, put by the seller or auctioneer. Earlier an antique auction formed a part of the social occasion and celebration. Most popular and unique bid in the history finds mention at the start of the last millennium, in the year 193 A.D. when the whole Roman Empire was put for auction by Praetorian Guard who killed the emperor and put the whole empire up for grabs for the highest bidder. Didius bid the most and hence claimed the empire, this eventually ended tragically when he was overthrown and beheaded by Septimus who conquered Rome.

Even these days there are weird and unique items and antiques, placed for auction, like a 500 year old hooded skull. The concept has become popular even in countries like China where a painting called “The Rain Flower Terrace” was sold at a record price of US $ 5.8 million. These prove as an instant source of sale and revenue generation for the seller. These days the auction is conducted online as well, that is on the internet, with websites like e-bay, which provide a convenient platform to the seller as well as buyer to converge and interact. This has raised the auction to a new level. A prospective buyer can take part in the antique auction conducted online, while sitting in the far corner of the world and even then be an active part of the whole process. There are big auctioning houses which conduct such auctions across the world, like Sotheby’s, Christie’s. These companies not only conduct auctions or sell but also evaluate the antiques and artifacts for the convenience of all. They are even owners of some antiques. The nostalgia and awe related to an antique makes it more valued, and so does the rarity or extinction of the similar objects from the world. Most avid buyers used to be the upper class or high class society people who procured the antiques to show them off in their social circle. This has changed after emergence of internet and diversification of the class of commodities added in the category. Antique collection is not limited to niche class of society these days. Stamp collection and coin collection have garnered more people into the list of proud owners of an antique.

The Auctioneers are the licensed professionals and the ones allowed to conduct an auction. There are professionals from the different fields who are consulted in an antique auction and at times, their presence is mandatory for an antique to be auctioned. These professionals are the experts in the field of the object to be auctioned. Usually the auctioning company or the group of buyers asks for the services of historians, laboratories to estimate the age of the artifacts or for estimating the value of the commodity. In United States of America, the motors and vehicle category can identify an item older than twenty five years, to be an antique, though for other items the timeline is generally hundred years. Most serious and big auctions involve a lot of money to the volumes of millions of dollars and hence many authorities are involved in smooth completion of these antique auctions.

There are specific guidelines and parameters wherein it is decided if the particular antique or artifact lies in the jurisdiction of a person or individual or the state/government. There are cases where the objects were discovered while digging a field. Though the field or land may be owned by an individual the discovered antiques are considered as the property of the state. The land is then researched for the possibility of more such artifacts, and if the possibility looks good, it is then bought by the government to undertake the archeological search. The government also, at times, auctions the antiques to generate revenue or when it feels the upkeep can be costly and the antique could be better cared by someone better equipped.