In 2017, a previously unseen painting by JH Pierneef (1928) sold for over R20-million at an auction held by Strauss & Co. The painting, Farm Jonkershoek with Twin Peaks Beyond, Stellenbosch (pictured below), fetched far more than its estimate of between R6-million and R8-million.

We asked Bina Genovese, joint managing director and auctioneer at Strauss & Co, a leading fine art auction house, to share her expertise on art auctions. While some might find the idea of attending an art auction intimating, let alone actually bidding on and buying a piece of art, there are a few simple tips that can make the whole experience a lot more enjoyable and hopefully help you to walk out with a beautiful artwork at a reasonable price.

“To ensure you make an informed decision, you have to do your homework. Research the artists that interest you, be informed about local and international trends, consult experts, visit galleries, art fairs and museums, and talk to collectors. It is also advisable to subscribe to reputable newsletters and websites.” 

In advance of the sale, auction houses produce illustrated catalogues available for individual sale or in subscription packages. Apart from adorning coffee tables, these are important reference books and contain in-depth notes on the works on offer and, where relevant, information on provenance, where it was exhibited and literature. Catalogues can also be viewed online before the sale.

It’s always a good idea to attend the preview. You can have a look at the art and the experts are available to answer any questions you might have. You can even request condition reports. Previews are open to the public, so you can spend as much time there as you want and you are under no obligation to register for the auction.

When you arrive at the auction Genovese advises, “Head to the registration desk. You will be required to enter your details and you will get a paddle number. If you decide to purchase a lot, you will need to show the auctioneer your paddle number.

A buyer’s premium is a percentage charged on the hammer price, for example, 12% on items sold above R10,000 or 15% charged on items under R10,000. VAT at 14% is charged on the buyer’s premium - not the hammer price. Auction houses accept most forms of payment, including credit cards, cheques or EFT.

Before getting into the bidding, understand that the estimate is simply the price range of what the auction house believes the work could sell for, for example, R10,000 to R15,000. However, the reserve price is the set, minimum amount the item can sell for. Genovese explains, “If the reserve price is not reached the item will remain unsold. The auctioneer can bid up to below the reserve on behalf of the seller.”

Featuring more affordable items, online-only auctions are increasing in popularity worldwide and generally last about a week. You can register on the website, browse the items on sale and submit a bid on a lot you are interested in. You will receive an SMS to confirm receipt of your bid. If a higher bid is submitted, you will receive an SMS to give you the opportunity to submit another, higher bid. You can also leave a commission bid.

Genovese explains, “With a commission bid, you submit the highest amount you are prepared to pay for a work. For example, if you are prepared to pay up to R5,000, but the bidding only reaches R4,000, you will purchase the item at the next increment (in this case R200), which is R4,200.”

Most importantly – do not bid if you are not absolutely sure you want to buy. When the hammer falls and you have the winning bid, you are committed to the purchase.