Auction timing

At auction, the calendar sets the pace. The catalogue is published a few weeks before the sale, while the viewing days come only a few days before the auction: all checks must be concentrated in this narrow window. Once the lot has been knocked down, there is no more room for manoeuvre.

Reading the catalogue entry

The catalogue entry is the first document to examine with the utmost care:

  • Provenance: the changes of ownership listed must be checked one by one, not simply taken on trust. The generic wording "private collection" offers no assurance about the documented history of the work.
  • Literature and exhibitions: these must be checked directly in the original publications, to confirm that image, dimensions and technique match the work on sale exactly.
  • Archive registration and certificates: the authenticity of the accompanying documents must be checked, together with the standing of whoever issued them and whether they actually refer to the work in question.
  • Attribution terms: expressions such as "attributed to", "workshop of" or "circle of" have a precise meaning, explained in the general conditions of the catalogue.

Conditions of sale and condition of the work

The conditions of sale set out the extent and duration of the guarantees given by the auction house regarding attribution: reading them beforehand is essential. As a rule, works are sold in the state and legal situation in which they are found (as is).

The condition report should always be requested together with high-resolution photographs; however, as it is prepared on behalf of the seller, for works of value it is advisable to add an independent examination of their condition. Where possible, the work is inspected in person (front and back) during the viewing days.

If the work has been declared of cultural interest by the Italian State, the catalogue should say so: it cannot leave Italy permanently. For a buyer based abroad this is a decisive factor.

Working out the actual price

The final price never coincides with the hammer price alone. To the hammer price must be added the buyer's premium, any applicable VAT, and the costs of transport and insurance.

The maximum bid must be set in advance, including the buyer's premium, and compared with market comparables for the artist (also taken with the buyer's premium included). The estimate printed in the catalogue is a sales tool and is not an independent appraisal. The history of the work at previous auctions is also telling: frequent appearances in recent years, or a previous failure to sell, call for further investigation.

The main risk factors (red flags)

  • Vague or inconsistent provenance, or provenance with undocumented gaps;
  • Discrepancies between the work and its documentation in dimensions, technique or image;
  • Inconsistencies between the catalogue entry, certificates and the relevant literature;
  • The work being listed in databases of stolen or illegally exported cultural property;
  • Auction estimates significantly out of line with the prices of comparable works.

How I can help

Before a purchase at auction I carry out these checks ahead of the sale date, through art historical research and due diligence, drawing also on the volumes in my library. This preliminary study is not meant to replace the opinion of the artist's archive, foundation or scholarly committee, but it allows you to approach the auction with full awareness.