Art auctions are a great way to get your hands on works of art and design without breaking the bank, be they impressionist paintings, contemporary graffiti art, or vintage mid-century modern furniture. The capitalist practice of a painting auction dates back centuries. The ultra-rich are still prepared to spend exorbitant sums for status symbols, as seen by recent auctions, proving that the industry is alive and well.
The quantity of artworks sold at auction has skyrocketed in recent years. From understanding the bidding process to ensuring the authenticity of an auctioned piece of art, these are the best practices for making an informed art purchase.
Here are some insider pointers from a seasoned auction goer to help you feel more at ease at your first art auction.
Please find the going rate for items of interest and compare it to your budget. You may use this to plan your finances and keep yourself from going overboard. Before going to an art auction, be sure you’ve done your homework. To acquire a feel for the auction’s offerings, peruse the auctioneer’s website or catalogue. If there are any artists whose work you are unfamiliar with, do some research. You might also seek guidance from people you know who work in the art sector.
Begin budgeting after you have a feel for the market as a whole. It’s important to remember that in most auctions, the winning bidder must also pay a buyer’s premium.
If the auction house is holding a preview event, you should attend it. See what’s on sale and get a feel for what kind of pricing range you’d be comfortable shopping in. Also, feel free to utilise this opportunity to ask all auction house employees questions.
If more than one bidder considers a work of art, a bidding war will likely break out. Keep an eye on how much money the other bidder is ready to spend. You should avoid starting a bidding battle unless you want to pay more than you can afford.
When attending a painting auction, you may expect the bidding to go as follows:
- Announcing the opening bid for the first item up for auction is the first order of business for the auctioneer.
- Those interested in placing a bid on the highlighted property can do so by raising their paddles.
- The auctioneer then passes through the bidders, raising the price at each round until only one bidder is left.
- The highest bidder for a given item is deemed the auction’s winner and must pay the winning bid.
Feel free to ask for assistance from the auctioneers. Even if you’re a newbie at art auctions, it doesn’t permit you to be clueless. The best way to learn anything is to ask questions about it. Being cautious is preferable to apologising. Buying a picture in a gallery is one thing, but bidding at an auction is another ballgame.
Modern artists may benefit greatly from painting auctions to have their work evaluated and sold for a fair price. The internet is a great place to buy art because it provides instant access to a global audience and professional art critics who can give you an accurate valuation of your work. Values for works of art may be determined quite accurately through auctions. Some people with little training in the arts or who have acquired paintings or sculptures do not want to keep auctioning them off to get the best price possible.