*Note the presale estimate figures listed in the catalog. Often, if an estimate is unusually low, it can mean that the item is more of a decorative piece than an investment, or that the last time a similar piece sold it brought a similar price. But beware: low estimates often lure novices to bid. They get swept up in the process and end up paying a price that far exceeds expectations.

*The catalog will also explain the use of terms like "rare," "important," "school of," and "fine" to help buyers understand each object's description. The catalog also lists the direct phone numbers of experts in case you want to learn more information about a piece.

*An exhibition of items precedes each auction so that bidders can preview the lots up for bid. Here you can register for a numbered bidding paddle that you will raise to indicate your bid.

*If you can't attend the auction, you can participate in the bidding via telephone or fax. Or you can call in and leave an absentee bid indicating the maximum you're willing to spend, and a representative from the auction house will place the bid for you.

*Usually, faxed bids must be received by the auction house no later than 5 p.m. on the day prior to the auction. A faxed bid will only be implemented as long as it is the highest bid.

*People occasionally leave bids below the estimate in an attempt to obtain a piece at its reserve price (usually 60% of the low auction estimate).

*All auction purchases are accompanied by a buyer's premium. These differ among auction houses, but generally objects under $50,000 have a premium of 15%. For objects over $50,000, the premium is 15% on the first $50,000 and 10% thereafter.

*After winning a bid, it is the buyer's responsibility to arrange for packing and shipping. Auction houses assist in this process by providing lists of packers and shippers.