Auction Houses and On-Line Auctions

The On-Line Auction site here on Arrowheads.com is allowing listings only by Sellers who are either Subscribers to the site and the Off Line Magazine, or are current Banner Dealers on Arrowheads.com. All are subject to the stringent user agreement in becoming a registered user and the guarantee structure contained therein at paragraph 10 (please click the link for reference).

Various regional Auction Houses are increasingly advertising here on Arrowheads.com via the upper Banners on the main page. Arrowheads.com Banner Dealers, which are the web sites offering artifacts for sale directly at retail, are all subject to the minimum guarantee structure contained on the sales policy page. However, auctions held in person by a licensed auctioneer are generally considered wholesale events, and as such, are something of a different animal. These auctions are often run without guarantee structures on authenticity. Therefore, it is strongly recommended that anyone contemplating bidding on artifacts through an auction house on the day of sale should take the time to familiarize themselves with the Terms of Sale advertised by the particular auction house for that particular sale. If you have any questions or are not sure of the exact meaning of the terms advertised, then by all means give them a call and ask questions. Do not feel intimidated to do so, as many will be happy to speak with you to be sure you understand their terms completely and answer other questions you may have about any particular lots offered.

Auction Houses are not subject to the Arrowheads.com Guarantee Guidelines. Why?

Historically, auctions have been heavily attended by dealers. The risks of authenticity are a cost of doing business for dealers who choose to buy at these events as a wholesale venue. Increasingly, many collectors are willing to take these risks themselves in order to find a great bargain. They are putting themselves into the shoes of the dealers when they do this in as much as they are accepting a greater risk themselves. The bottom line is people are always looking to buy something they like at a wholesale price. But, they are also taking on the same risks as the dealers in order to do so. 

Because most Auction Houses do not have a return policy, we caution people to go in person and view everything they are looking to bid on before hand. In the case of absentee bidding we would suggest a phone call to see if the auctioneers are willing to honor any returns or to ask questions about the history of the artifacts you are interested in bidding on. This is totally appropriate considering the artifacts are not being viewed in person and the auction houses are often willing to make concessions in order to increase potential bids. If not, a potential bidder must decide whether the risk of authenticity and/or modern re-chipping outweighs the potential bargain.

For Example: When Dealers attend an auction they generally do so with the expectation of spending several thousands of dollars. Later, when certain pieces turn out not to be 100% authentic they consider that as being a predictable part of the cost of doing business. These artifacts are culled and are not offered for retail sale. At auctions, Dealers simply cannot spend the same amount of time with the appropriate equipment as they otherwise might, so they expect to make some mistakes at the auctions and occasionally miss a reproduction or re-chipped artifact here and there.

Furthermore, we should not expect auction houses to also be professional authenticators. While most are making a powerful effort to keep their auctions clean of unmarked reproductions and re-chipped artifacts, they are in the auction business. We just can't reasonably expect them to be professional authenticators as well.

Risk Allocation: In this way, it is easy to see how the dealers act as buffers between the collectors and the general hobby retail inventory. They are the middle man. When collectors seek to eliminate the middle man, they take on his or her costs within the risks associated with authenticity. The Banner Dealers on Arrowheads.com must honor returns at a minimum in compliance with the sales policy whether they can then, in turn, return the item to the person or entity they originally purchased it from or not. That is the acceptable risk of being a dealer in this hobby today, and any dealer who does not honor such returns would soon find he has no clients. 

In short, attending an auction can be a rewarding and enjoyable experience for collectors of all levels. Just be sure you understand the rules of the auction house and their terms of sale on that day. Have fun, but also be wary of the frenzy of the bidding wars which often creep up. It is easy to get your adrenaline pumping as the bids start flying. Of course, the rush is a fun thing to experience as well. It is just plain exciting whether your are in the bidding or not to follow the discourse between the auctioneer and the bidders, especially when something of broad interest and great rarity goes on the block. ENJOY !!

Thank You

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