Ah yes, the fine art auction, home of the tuxedo-and-caviar set, where old-money millionaires and new-money industrialists battle it out for Picassos, de Koonings and Klimts, each six-figure bid registered with the cultivated subtlety of a Japanese Geisha; the raised eyebrow, the crooked pinky.

It can, of course, be that way. Even now, various Canadian auction houses are advertising works of art with million-dollar valuations. And yet the air of moneyed exclusivity that attends fine art and estate auctions does the general public a disservice, preventing the casual art lover from considering auctions as places where quality artworks can be found at reasonable prices: a $4,000 painting to hang over the mantle, a $3,500 sculpture for the den.

“Even if the catalogues of high-end auction houses include million-dollar paintings, the majority of the items are far more modestly priced,” says Andrew Gibbs, Ottawa representative for Heffel Fine Art Auction House, the country’s most prominent auctioneer of Canadian art. Moreover, while a well-stocked art gallery might feature a couple dozen paintings by a smattering of artists, auction-goers can often choose from hundreds of paintings by scores of artists. “A typical Heffel auction might feature 200 items, many easily within the range of the middle-class art aficionado,” says Gibbs.

“Another advantage is that you’re paying market price. In other words, through the bidding process you’re paying exactly what the market will bear, rather than what a gallery owner arbitrarily decides a piece of art is worth.”

Duncan McLean, president of Toronto-based Waddington’s Auction House, Canada’s oldest auctioneer, concurs. “You tend to get good value buying at auction compared to retail. That’s probably the No. 1 reason auctions are popular with knowledgeable investors and art lovers.” For the uninitiated the arcane, vaguely James Bond-like world of the auction house can still be intimidating. And yet a little research and preparation is all it takes to remove the awe from auction. Here’s how.

What you want (baby I got it)
Keeping tabs on the various auctions taking place throughout Canada used to be a monumental chore, and one reserved essentially for professional collectors. No more, thanks to the Internet. “All reputable Canadian auction houses now list not only their schedule of upcoming auctions, but their entire catalogues online,” says Gibbs. “Photos are higher quality, write-ups are in-depth, all because auctioneers realize that they have to cater to Internet-savvy buyers.”

Estate or fine art?
Estate sales, where private art collections are sold at auction, most often after the death of the owner, can often yield better value than fine art auctions, due to the simple fact that more pieces have to be auctioned off at the same time. “Fine art auctions usually average 60 pieces an hour, or a painting every minute, whereas estate auctions might average 100 pieces per hour,” says Gibbs. “What that means in practice is that auctioneers can’t spend as much time trying to get maximum bids for each individual lot because of time constraints, so pieces can often be had for cheaper than at fine art auctions.”

Knowledge is power
“When you’re considering bidding at auction, the first step is to learn as much as you can about the artist or piece of artwork in question,” says McLean. “Get books from the library, go to museums, galleries and flea markets. Educate yourself. The more you know, the more likely you are to get the item you want at auction without overbidding.”

Says Gibbs: “People often think that because, say, a 1950s painting by [Québécois artist Jean-Paul] Riopelle sold for upwards of $1 million at auction, a similarly-sized Riopelle from 1970 might be worth the same. But it might only sell for $50,000 because it’s no longer from the period where Riopelle was cutting-edge avant-garde. So it’s vital to learn as much as possible not only about individual artists, but their most creative periods, and the styles for which they’re best known.”

Seeing is believing
Before each auction, catalogue items are usually made available for viewing, and despite the increasing popularity of on-line bidding, Gibbs strongly advises potential buyers to attend these previews. “I consider it crucial, actually. You can only learn so much from a photo, and often people will bid on paintings, only to discover that they’re much bigger, or much smaller than they thought. Or that their condition isn’t as good as they thought. There’s no substitute for seeing a piece of art live.” Prior to driving, or flying, to a preview, buyers should phone the auction house to ensure that their coveted piece is actually on display: occasionally, a lot will be withdrawn from auction, or will be unavailable for viewing, and you don’t want a wasted trip.

Adds McLean: “The auctioneer’s in-house experts are usually made available at the previews, and are able to answer questions about a painting’s condition, provenance, restoration, what it sold for in past auctions, and what it’s likely to sell for during the current auction. Don’t be shy. Take advantage of their expertise. That’s what they’re there for.”