“Chikisei Sesuisho” by Kazuo Shiraga.

We ask Christie’s specialists about how to enter the auctions scene. Here are five tips from the experts.

1. Do your research before making your bid
Whether you’re looking to buy a watch, art, jewellery, a bag or wine, find out as much as you can about it before making your bid. The Internet is of course an inexhaustible resource to learn more about artists, brands and models, but not every source is absolutely reliable. That’s where in-house specialists like Dexter How, specialist in Christie’s Asian 20th-century and contemporary art department and Nicholas Biebuyck, senior specialist in Christie’s watches department, come into play. Specialists like How and Biebuyck are present at auction previews to give you all the information you need about a piece that interests you. 
          “The most common mistake for first-timers is not reading the condition report beforehand,” says Biebuyck. “The condition report is a companion document to all auction catalogues. It is an honest appraisal of the condition of the piece: Is the stone-setting original, is the watch actually running, though it’s very, very rare for us to offer a watch that isn’t functioning. Reading the condition report is absolutely vital. Following on from that, it’s not asking all the questions they should’ve before bidding. A number of times people bid for a watch, and the day they come to pick it up they go, ‘Oh, I forgot to ask, does it have a box and papers?’ It is easy to get caught up in the emotions of things.”

“Malayan Life” by Chen Wen-Hsi.

2. Look beyond traditionally well-loved names
“Collectors from Europe and the US, are starting to pay attention to Southeast Asian art,” says How. “It’s very encouraging. It’s still a relatively newer market when compared to the wider Asian market. Southeast Asian art is something people should look at; for first-time buyers especially. The price points are in a way more accessible, as the Chinese, Korean and Japanese markets are a little bit more mature. We’re doing a special section on Vietnamese art this time. We’re starting to see a lot of first-time buyers coming into this particular sector of the market.”
          In watches, unsurprisingly Patek Philippe and vintage Rolex tend to dominate, but equally in demand are Richard Mille, Greubel Forsey and Philippe Dufour — the latter doesn’t come to market very often. “New collectors may take a very shotgun approach: They may buy modern Patek; vintage Rolex; a jewelled Piaget for their wife. There’s no real coherence to the process. Later on, people generally go down one segment, for example, vintage chronographs, which are very popular now.”

Watches for auction from Greubel Forsey, Patek Philippe and Richard Mille. (Composite image does not accurately reflect sizes of watches.)

3. You don’t need a paddle to participate in a bid
“Usually the first time you’re a bit more hesitant,” says How. “But after people become a bit more comfortable with the process, it’s actually pretty straight forward as well.” There are several ways to make your bid, and it doesn’t always involve the high drama of the live bid; trying to outbid someone who’s equally interested in the piece you’re eyeing. “A lot of people are caught up in the mystique of the guy standing in the middle of the room holding up his paddle,” says Biebuyck. “You have a lot of options nowadays. Besides live bidding, which is a lot of fun, you can bid by telephone which is an older mechanism; you can leave an absentee bid; and you can always bid live online with Christie’s Live.

“Women Around the Lotus Pond” by Adrien-Jean Le Mayeur.

4. Don’t get carried away — set yourself a budget and stick to it
Avoid the live auction if you don’t think you have the discipline to stop bidding when your ‘competition’ refuses to back down. “Sometimes in an auction, people can get carried away,” says How. “It’s not necessarily a bad thing because if you really like something, you will just go for it.” A Patek Philippe 18K gold two crown world time with a blue enamel dial achieved almost US$2.3m in 2014 — bidding started at US$1.5m. You could always bring a friend along, the ‘voice of reason’, to hold you back when emotions run wild, but you could also opt for the absentee bid.  “Leave an amount that you’re happy with — it’s totally confidential,” says Biebuyck. “You submit that to the auction house, no one sees that except for the auctioneer, and his job is to secure the item for as low a price as possible for you.” If you’re unsuccessful in acquiring the piece you’re after, don’t fret because…

5. The piece you’re looking for could reappear
“A watch coming to market is rarely a unique opportunity,” says Biebuyck. “If for whatever reason you miss the bidding, or you’re not 100 per cent convinced about the pricing, don’t worry about it. There’ll always be another, so don’t get too caught up in the ‘this is only a once in a lifetime opportunity’. It’s very rare.”

As part of Hong Kong’s 2016 Spring Auctions, Christie’s celebrates its 30th anniversary in Asia with the special auction, ‘30 Years: The Sale’ on 30 May, made up of 30 lots of artwork, rare wines, watches, jewellery and more. Find out more at Christies.com/asia30