Buying or selling art in an auction might seem like a daunting task, but it doesn’t have to be. If you are just looking to buy art at an auction to hang on your walls, then it’s pretty simple. And if you are looking for more, then we’ll have to have a look at some of the terminology, the different types of auctions, and the bidding process. If you’re a first-timer in this business, don’t worry because we will run through the basics of buying and selling art in an auction.
Think Before You Buy
Any large purchase or investment requires thorough research to make sound judgments. When performing research, the internet may be a useful initial step in learning about the artist as well as relevant prices that have previously been attained. Most databases, such as Artnet and Artprice, need memberships; however, you can contact agencies for free introductory data.
That said, there are several variables to consider when comparing artworks, including quality, subject, date, origin, and condition. Even if you aren’t an expert, a few clues may typically give you a fair estimate of how much an artwork is worth.
Check the Fine Print
Whenever you buy art at an auction, be sure to thoroughly read the fine print on the item description. Make sure to ask for clarification if you’re not sure about something and don’t hesitate to back out if you feel that something is amiss. When it comes to art auctions, there are various things that you have to take into consideration, first and foremost is your budget. Make sure that you take the time to set a budget ahead of time, this way you won’t get tempted to get something that’s outside of your price range. Be sure to do the necessary research before going to the auction and make sure to do some homework on the artist, this way you can be sure that you’re getting a good price.
Know When to Bid and When to Walk Away
When it comes to auctions you have to be smart. You are dealing with your own money and making a purchase but also an investment. You certainly want to make sure you do the right thing so take your time, and do your due diligence, as what you are shopping for could be invaluable finds for your collection down the line.
Know and Understand the Key Players at an Auction
If you’re selling or buying in an auction, you must know the key players in the auction process.
A consignor is either a person or an institution that consigned the artwork.
The personnel in charge of putting the auction together are called specialists.
They are in charge of having the art consigned, determining the estimate, preparing the cataloging, and displaying the exhibition.
The auctioneer is the person who will be conducting the bidding.
Client services are large auction houses that give employees who act as liaisons between the bidders and specialists, and they also take phone bids.
Lastly, when a valuable piece of art has a guarantee, a third-party person guarantees to buy work if there is no bid above the guarantee. Guarantors usually participate in the upside if the bidding exceeds the guaranteed price.
Key Takeaway
If you are in the market for getting some great deals on art, or if you are an artist who wants to get their work out there to a wider audience, an auction might be a great option for you. There are a lot of things to consider when buying and selling art, but keeping in mind the simple guide above may help you in an auction.
