A Beginner's Guide to Safely Buying Sotheby's Art Auction Lots on 1stdibs

Navigating Sotheby's Art Auctions on 1stdibs: A Beginner's Safety Guide

Welcome to the world of Sotheby's art auctions on 1stdibs! As a new collector, it's crucial to approach these high-value transactions with knowledge and caution. This guide will equip you with the essential information to make informed decisions and safeguard your investments.

Understanding the Risks: Common Scams to Watch For

While 1stdibs and Sotheby's are reputable platforms, the allure of valuable art can attract fraudulent activities. Be aware of the following scams specifically tailored to art auctions:

• ✓ Falsified Provenance Documents: Scammers may present fake ownership histories or authenticity papers to inflate the value of a misrepresented artwork. Always verify the provenance through independent research and reputable sources.
• ✓ In-The-Style-Of Deception: Art sold as 'in the style of' an artist can be subtly misrepresented as an original work, or the 'style of' attribution may be inaccurate. Scrutinize descriptions carefully and seek expert opinions.
• ✓ Restoration Concealment: Sellers might fail to disclose significant restoration or damage to an artwork, presenting it as being in better condition than it is. Always request a detailed condition report and, if possible, have a conservator assess the piece.
• ✓ Off-Platform Negotiation Trap: Be wary of sellers who encourage moving the negotiation or transaction off the official 1stdibs platform. This bypasses buyer protections and significantly increases your risk of fraud.
• ✓ Phishing 'Purchase Inquiry' Email: Be cautious of unsolicited emails that mimic official communications from 1stdibs or Sotheby's, aiming to steal your login credentials or financial information. Always verify the sender's email address and never click on suspicious links.

Key Steps for a Secure Purchase

• ✓ Thorough Research: Before bidding, research the artist's history, previous auction results, and exhibition records. Familiarize yourself with comparable sales to understand the artwork's market value.
• ✓ Verify Provenance: Request and meticulously examine all provided provenance documents. Cross-reference information with reputable art databases and experts.
• ✓ Inspect Condition Reports: Always request and carefully review the condition report. If possible, arrange to view the artwork in person before the auction.
• ✓ Understand Bidding Increments and Premiums: Familiarize yourself with how bids are placed, including minimum increments and buyer's premiums, which are additional costs added to the hammer price.
• ✓ Secure Payment: Utilize the platform's secure payment system. Avoid any requests to deviate from approved payment methods. For high-value items, consider using Safe Trade Services' Premium Plan for added verification and security.

For lower-value items or when you need an extra layer of assurance, Safe Trade Services' Basic Plan offers robust identity verification to ensure you are transacting with a legitimate seller.

Utilizing Safe Trade Services for Enhanced Security

To further enhance your security during P2P transactions on platforms like 1stdibs, consider integrating Safe Trade Services. For transactions exceeding $500, our Premium Plan provides comprehensive identity verification for both buyer and seller, ensuring a trusted exchange. For transactions below $500, our Basic Plan offers essential identity verification to mitigate risks.

By combining due diligence on 1stdibs with the security solutions offered by Safe Trade Services, you can confidently navigate the art market and build your collection safely.