Even if one has never been to an auction, many people have seen auction scenes in TV dramas: "Starting bid, 5 million!" "6 million!" "6.5 million!" "10 million, first time, 10 million, second time, 10 million, third time..." The auctioneer then looks around to confirm no further bids are made, and finally brings down the hammer, announcing the sale.
What is the experience like for an auctioneer in real life? Is it better when the final price of an item is higher? With transactions worth millions or even tens of millions at the flick of a hand, how much do they earn? Recently, Zhongxin Jingwei spoke with two auctioneers to learn more about the stories behind this profession.
"95% of the work is done before stepping onto the stage."
Gao Qiang, who has worked in the auction industry for 22 years, entered the field by chance. He has worked at five different auction houses, from warehouse management to senior management, and is quite familiar with the overall operations of an auction house.
"Being an auctioneer is not just about swinging the hammer on stage. They are more like directors, coordinating the planning and curation before, during, and after the auction. By the time the auctioneer steps onto the stage, 95% of the work has already been completed," Gao Qiang said.
Auctioneer Yu Chuang, who works at Zhongyi Wufu (Beijing) Auction Company, gave an example from a spring auction he hosted this year. One of the highlight pieces of the auction was a set of 18 Luohan paintings by Master Hongyi. To ensure a successful sale, the company held a special pre-auction exhibition two days before the event, giving buyers the opportunity to view the actual artwork on-site. For international collectors who could not attend, a remote live-streaming service was provided to examine the details of the paintings. Additionally, the staff from the calligraphy and painting department gathered a wealth of literature and historical auction records related to similar works, aiming to present comprehensive and objective descriptions of the artwork, and to highlight the rarity and value of this set of paintings for the collectors.
Yu Chuang explained that the starting price of this set of paintings was 3.8 million RMB. The consignor mentioned that a sale at 5 million RMB would be considered a very satisfactory result. During the live auction, when the price reached 4 million RMB, the auction floor became tense, and the number of bidders and their enthusiasm noticeably dropped.
Yu Chuang recalled that the work done before the auction proved invaluable. He adjusted his posture from leaning forward to standing straight, and then carefully introduced the paintings to the collectors: "Master Hongyi is an extremely influential and legendary figure, and his artistic works have always been sought after by collectors. However, we more commonly see his calligraphy works. Paintings by him are relatively rare, and it is even rarer to see a complete set of 18 Luohan paintings in perfect condition. This is the first time in my 20 years of experience that I've seen such exquisite, well-preserved works. I urge all collectors to seize this opportunity! Your vision will determine the 'future'—only by taking action will you have the chance..."
Gao Qiang pointed out that in many auction events, the pre-auction exhibition is crucial. It is not only the first time the artworks are presented but also a valuable opportunity for the auctioneer to engage with potential buyers. During this stage, he usually communicates carefully and thoroughly with each buyer, aiming to understand their budget range for their desired lots, which helps him to form a reasonable price expectation in his mind.
One of the key tasks for auctioneers before the auction is to guide buyers in understanding the unique value and potential appeal of each lot, encouraging them to adjust their bidding strategy accordingly. The pre-auction exhibition is just one part of this process; communication is equally important not only with the buyers but also with the consignors.
Gao Qiang explained that he adjusts the bidding increments on the auction stage based on the information gathered beforehand. For instance, if a lot has already reached 1 million RMB, the next bid should ideally be 1.1 million RMB. If no one bids, he will suggest to the bidders to increase the bid by 1.05 million RMB instead, aiming to push the price higher while encouraging more participation.
Regarding whether higher prices are always better in an auction, Gao Qiang believes this is not necessarily the case. "Everything has a reasonable price range. An auction starts with lower prices to attract people, but if the price goes too high or too low, problems can arise. It's like buying something impulsively at a high price—you'll try everything to return it. If the item is sold too low, the seller will try to refuse delivery. As an auctioneer, you should aim to sell at the highest price within the reasonable range."
"When the groundwork is well done during the pre-auction phase, I can smoothly utilize the information accumulated beforehand during the live auction. By using the right guiding words at the right time, I can ignite the buyers' enthusiasm and determination, making the auction process suspenseful yet harmonious, ultimately leading to the successful completion of each transaction," Gao Qiang said.
At an auction, it's also common to see some bidders participating through phone bids. How should an auctioneer engage these remote bidders? Gao Qiang shared that phone bidding is an extremely efficient method, as many of these remote bidders are often unable to attend in person but are seasoned collectors. If a famous collector attends in person, it can sometimes lead to other bidders following their lead, a phenomenon known in the industry as "one-up bidding."
"One-up bidding" refers to potential buyers who have shown interest in a particular lot during the preview period but are unsure about its true value. When these buyers notice a prominent collector also attending the auction, they are more willing to place a bid slightly higher than the established price by the experienced collector, as they trust these seasoned collectors' judgment on the lot’s value. Gao Qiang mentioned that some professional collectors prefer to use phone bidding to maintain a low profile while increasing their chances of securing the lot.
一部手机如何卖到近60万元？
高强入行至今已经策划并主持了数百场拍卖会，其中有一场拍卖会至今仍让他难忘。这场拍卖会是一场慈善拍卖，现场汇聚了国内众多知名投资人。
在那次的拍卖中，这些投资人拿出了自己的藏品进行拍卖，如亲笔书法、珍藏佳酿等，其中有一件特别的拍卖品，是一部签有某位投资人签名的手机。竞拍成功者不仅将获得这部手机，还能在当场与这位投资人合影，并将合影存入手机中。
尽管手机本身并非稀缺之物，但高强注意到，现场有众多创业者对这部手机表现出了浓厚的兴趣。于是，他突发奇想，在拍卖过程中向那位投资人提议：“您看，大家如此热衷于您支持的慈善事业，您是否可以考虑在拍卖成功后，与拍得您这部手机的人一同共进午餐或共品咖啡呢？”这一提议立即得到了这位投资人的赞同，现场气氛也被点燃，两拨竞争者更是互不相让。
见此情景，高强适时介入，向那位投资人说道：“我们这是慈善拍卖，目的并非追求高价，而是希望每个人都能在自己的能力范围内享受拍卖的乐趣。现在，我提出一个建议，我说出一个价格，如果这两名竞买人都同意出的话，您是否可以再拿出一部手机现场签名，然后这两位竞拍者各得一部手机，您分别与这两位竞买人约定共进午餐或喝咖啡的时间。”这个提议迅速得到了投资人和两位竞拍者的认可，最终这两部手机均以588888元/部的高价成交。
Gao Qiang, who has organized and hosted hundreds of auctions throughout his career, still remembers one particularly unforgettable event. It was a charity auction that brought together many well-known investors.
During this auction, the investors offered some of their prized collections, such as handwritten calligraphy, rare wines, and more. Among the lots was a rather unique item: a mobile phone signed by one of the investors. The winning bidder not only got the phone but also had the opportunity to take a photo with the investor, which would be stored on the phone.
Though the phone itself wasn't particularly rare, Gao Qiang noticed that many entrepreneurs in the room showed a strong interest in it. Seizing the moment, he had an idea. During the bidding process, he suggested to the investor, "Since everyone is so enthusiastic about supporting your charity, would you consider joining the winning bidder for lunch or coffee after the auction?" This suggestion was immediately agreed upon by the investor, and the atmosphere in the room suddenly became charged with energy, with two bidders fiercely competing for the item.
Seeing the growing tension, Gao Qiang quickly intervened, proposing an even more creative solution: "We're here for charity, and our goal isn't just to fetch the highest price but to make sure everyone can enjoy the auction experience within their means. How about this: I'll suggest a price, and if both bidders agree to it, would you be willing to sign another mobile phone and offer it to each of these two bidders, so they each get one, along with a scheduled lunch or coffee time with you?"
The proposal was met with enthusiastic approval from both the investor and the two bidders. As a result, two mobile phones were sold for 588,888 RMB each, far beyond anyone's expectations.
This story highlights the power of creativity, networking, and engaging with participants during an auction. By turning an ordinary item into a unique experience, Gao Qiang was able to increase both the emotional value and the monetary value of the lot. In the end, the charity benefited, the investors were satisfied, and the bidders walked away with not only valuable items but also meaningful memories.
At an auction, it's not uncommon for some lots to receive no bids, a situation commonly referred to as a "failed auction" or "unsold lot." So, what should an auctioneer do when this happens?
Gao Qiang explains that failed auctions are a common phenomenon. The root cause lies in the fact that each bidder sets their own unique value judgment based on their expectations and understanding of the lot. This is especially noticeable in online judicial auctions, where failed lots often go through multiple rounds, such as the first, second, and third attempts. In the first round, the starting price typically reflects the appraisal value, but many bidders adopt a wait-and-see approach. If the lot doesn't sell in the first round, they expect the price to be reduced, so they plan to bid in the second or third rounds. This waiting behavior, hoping the price drops to their expectations, naturally increases the uncertainty of completing the sale.
Yu Chuang mentions that when no bids are placed, many auctioneers will simply pass the lot and move on to the next one. However, he prefers not to follow this approach.
He explains: “Every lot placed in my hands is my responsibility, and I strive to promote and complete the sale. So, when faced with no bids, I often lower the price to attract enough buyers to raise their paddles. Then, I use professional explanations to highlight the value of the lot, followed by some psychological tactics to stir the emotions of the bidders. As the auction progresses and the excitement builds, the price of the lot often reaches its reserve price and eventually sells. Of course, this requires professional skills, strong control over the auction environment, and a bit of luck.”
This approach emphasizes that even when an auction starts slow or fails to attract immediate attention, a skilled auctioneer can revive the sale by adjusting strategies and engaging bidders effectively.
According to Gao Qiang, the auctioneer community in China can be roughly divided into two categories.
These auctioneers are formally employed by well-known auction companies, and their income is closely tied to the performance of the auctions. If they are able to successfully consign and sell high-priced lots, the commission for each auction can be quite substantial. However, if the auction results are not favorable, their income is generally limited to a few thousand yuan as a guaranteed base salary.
These auctioneers are not employed by any specific auction house but instead work on a freelance basis, being invited to host auctions by various companies as needed. Their income can be compared to that of hosts or presenters, which is flexible and market-driven.
Yu Chuang stated that currently, there are approximately 15,000 registered auctioneers in China. The basic income of these auctioneers is generally comparable to the salary of local teachers or civil servants. In addition, auctioneers often receive extra bonus incentives, with some auction companies linking the bonus to the auction's sale rate and transaction volume. However, for many auctioneers, their compensation is based on a fixed bonus for each auction they host.
Yu Chuang also mentioned, “If I sold a Qi Baishi painting worth tens of millions of yuan, how much should my commission be?” This reflects the substantial earning potential for auctioneers involved in high-value sales, but it also highlights how their income can vary significantly based on the success of the auction.
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