Hindman Says Internet has ‘Revolutionized’ Auction Industry
Getting insight into the auction business and finding out just what that butterfly broach might be worth drew 50 seniors to the Women’s Club luncheon at the Lake Forest-Lake Bluff Senior Center April 16.
Leslie Hindman, of the namesake Chicago auction house and a North Shore regular, was the guest speaker for the noon luncheon and talk.
“A lot has changed since I opened my business,” Hindman told the audience.
The biggest change? The Internet.
“That has completely revolutionized our industry,” she said.
Even small local auctions have gone from selling to people in the auction room to a global audience, thanks to real-time linkups.
“Eighty percent of what we sell today sells to people outside Illinois,” Hindman said. At a recent auction of an art piece by an Eastern European painter, the group of live bidders included two from the Czech Republic and one from Poland.
And that makes for good business for Hindman and the owner who hopes to bring in the highest bid possible. With the Internet, buyers worldwide can view catalogs of upcoming items to be auctioned at auction houses all over the world.
“I’m looking for a chaise lounge right now,” Hindman said. “I can look online and find every single chaise available in the world.”
Web sites she recommends are artnet.com, askart.com, artprice.com and artfact.com.
While 75 percent of what Hindman auctions comes from estates, she said the auction industry long has been driven by the three Ds: Death, divorce and debt. In the current economy, the last D is motivating sellers.
“We’re seeing a lot of people selling because they took a hit in the stock market and need extra cash,” she said. Parting with works of art is one way to bolster their income.
Her company also handles many sales for institutions, such as college’s that have unneeded and unwanted art collections, and museums that typically have a lot of pieces they cannot display and that no longer fit in with their strategic direction.
“We can sell their unwanted pieces so that they can buy pieces they want,” she said.
Hindman explained the 10 criteria for determining the value of an object: Authenticity, provenance, rarity, condition, historical significance, fashion, medium, subject matter, size and quality.
“You or a lot of people you know probably own things that are more valuable than you think,” she said. “Always check what you have.”
Items selling for substantially more than anyone anticipated “happens a lot more than you think,” she said.
Leslie Hindman Auctioneers has emerged as an industry leader in vintage couture.
Old Chanel dresses and the like “are the big thing with young people,” she said. “We’re the biggest couture dealer in the world.”
When buying jewelry, art or other collectibles at auction or elsewhere, Hindman offered the following advice: “Buy the best you can afford; buy quality, not quantity; seek expert advice; and never buy on impulse,” she said.
Hindman welcomed the women to contact her office any time with questions.
By Linda Blaser, [email protected]