Bidding for World's Fine Furs at London Auction Sales

Four Weeks' Annual Selling of Pelts Draws Cosmopolitan Crowd of Buyers from All Quarters of the Globe—H.B.C. Auction of Chief Interest.

By J. D. J. FORBES (London Fur Warehouse)

If a stranger were to ask where the fur quarter in the City of London is situated, perhaps the simplest answer would be to tell him to make for the Guildhall, and then to walk due south towards the River Thames. He would proceed along King Street (which is continued as Queen Street after Cheapside is passed) and in less than five minutes would be at his destination. What the Rue d'Aboukir is to Paris and the Bruehl to Leipzig, Queen Street is to London. It stands for the heart and centre of the London fur trade. Except for the Hudson's Bay Company's warehouse, which stands apart, all the most important fur merchants and commission houses are located within a stone's throw of the College Hill Public Saleroom—the entrance to which is in Queen Street—where the world's fur produce is periodically put up for auction.

World's Buyers Assemble in Saleroom

In the saleroom itself there is little to suggest a fur market; no skins or pelts are to be seen; no samples are displayed to catch the eye of possible buyers; there is no odour of furs or naphthalene. The saleroom reminds one of a large classroom with its rows of desks and forms facing a narrow rostrum whereon the selling broker and his assistants sit. Here three times a year assemble fur buyers from all over the world. The typically English features of the brokers contrast strangely with the faces of the cosmopolitan crowd which throngs the saleroom benches; and when in the intervals of selling a buzz of conversation is heard, it seems incredible that one is in the heart of London and not in some Levantine port.

Selections Are Made From Catalogs

Each buyer brings to the saleroom his catalogues, containing valuations and descriptions of the pelts he has inspected at the various fur warehouses. For the most part, only a very small proportion of the lots catalogued are seen by the prospective buyer; these are "show" lots and represent the bulk, which could not be properly examined in the short time at his disposal. There are usually about twenty catalogues—some of which contain only a few hundred lots but most of which run into thousands of lots—and as the fur collections are distributed amongst a dozen different wharves and warehouses, where the skins are lotted and placed "on show," only a few days before the sales takes place, it will be appreciated that the thorough-going dealer who wishes to acquaint himself with the whole collection of furs on the market has plenty to do!

The Order of the Sale

At one time the order of selling was rather haphazard, but in recent years the sale arrangements have been revised and co-ordinated. Catalogues are now divided into definite sections, and the entire market supply of furs contained in section 1 of the various catalogues is offered for sale before section 2 is dealt with, and so on—the brokers balloting among themselves for precedence. In accordance with long-established custom, the first goods to be put up for sale are those coming from China and the far east (these auctions are referred to as the "China sales"); next comes the catalogues of Australian furs, followed immediately by any offerings there may be of fur seals.

H.B.C. Auction Premier Attraction

Although these auctions occupy the whole of the first sale week, they are of secondary importance when compared with the sales of the choicer North American and Siberian furs, which commence on the Monday of the second week with the Hudson's Bay Company's sale. Needless to say, the Company's auction always proves the greatest attraction of the whole series and never fails to draw a crowded room. The Company's catalogue is the only one now sold in its entirety without a break, and this for the very good reason that it provides the most reliable basis for comparison of values and enables the experienced buyer to appraise market fluctuations with confidence.

The rest of the week following the Company's sale is taken up with the disposal of "fine" furs (such as beaver, ermine, foxes, marten, otter and sables) from other catalogues; the third week sees the "staple" lines (such as skunk, opossum, musquash and raccoon) offered for sale; and in the fourth and final week sundry South American and lower grade skins are offered.

The Flexible Eyebrow An Aid in Bidding

The method of bidding at the fur auction is by what is known as the "silent" system. The auctioneer usually starts the bidding himself at a moderate figure and the buyers interested signify their bids by various methods—such as by a nod, or a wink, or even a flick of the pencil; sometimes indeed a buyer will merely look at the auctioneer whilst the bids are being taken and only remove his gaze when his limit has been exceeded. It is often amusing to notice the tactics adopted by two bidders, each of whom wants a particular lot: one may perhaps be seated in the front row and he will perhaps bid by raising his eyebrows; the other (seated further back) will not look at the broker at all but will narrowly watch his rival's hat (the movement of which betrays the bidding) whilst he records his own bids by moving his little finger!

As a rule, bids advance by a definite amount, which varies with the value of the article in question: bids for beaver skins, for example, may start at 50s. and advance by 2s. steps to 100s., beyond which the advance is by 5s. steps; in the case of musquash an advance of 3d or 6d per bid is sufficient. When demand is keen and bidding brisk, buyers frequently discard the silent method, and the broker is assailed with a chorus of "up! up!" from all parts of the room. As it is often difficult in such cases to distinguish between bidders, the possession of a good pair of lungs is a decided advantage for a buyer.

Furs Sold at "Per Skin" Rate

Most lots are sold "at per skin"—that is to say, when a lot of musquash containing 1600 skins, for instance, is put up, the auctioneer needs to register the price of only one skin—the value of the lot being 1600 times that figure.

Although sitting for weeks in the saleroom buying sundry lots of skins from this catalogue and that may seem a dull job, yet the buyer with imagination finds the fur trade fascinating. He realizes that the skins he buys have taken months of patient toil and careful handling to assemble from the uttermost parts of the earth.

To him, the sale mark "MKR" denotes not merely a particular quality of fur, but suggests the mighty river of the great Northwest threading its lonely way from the plains to the Arctic Sea. It is this sense of the world-wide ramifications of the fur trade, and the knowledge that the Company's organization has played, and still plays, a notable part in its development that make one feel proud to belong to the Hudson's Bay Company.