Buying art at an auction can be a great way to own a work of art at a very low price. Before bidding, it’s important to do your research. Most auction houses publish an online catalogue with images and information about the artwork. The catalog will also include information about artists and exhibitions. Before making a bid, it’s a good idea to consult a professional art advisor.
The art market is largely determined by public perception of an item. The auction process plays a pivotal role in solidifying that perception. The auction catalogs and scholarly studies help establish the value and status of artwork. A single auction can sell hundreds of items, raising millions of dollars in a single afternoon. It can change the face of the art world.
Auctions are organized by specialists who have specialized knowledge of the works. These specialists acquire the works, assess their value, and contextualize them within the history of art. These professionals are highly trained and often jettison around the world to research private collections. This ensures that the works in the auction are in the best possible condition and are worthy of their high prices.
Recent results from auctions show a growing diversity of artists. The auction results of young artists are notably higher than those of established blue-chip artists, with the average price nearly eighty-seven percent higher than the value of similar artworks at galleries. However, the market for emerging artists is much more fragile and can be impacted by auction results. If an artist’s work does well at an auction, it may cause price inflation in galleries, which can lead to an unsustainable speculative market.
There are many different ways to place a bid at an auction. A person may bid in person, by phone, online, or through a surrogate. But in order to win at auction, the bidder must surpass the previous bid. Regardless of the method chosen, it is necessary to remember the rules of auction art.
Many collectors choose to purchase works of art at an auction instead of at galleries. This method allows them to access high-demand works without having to go through a long and complicated buying process. They can also obtain free secondary market data, which allows them to make informed purchases. Buying from an auction can be a great way to purchase a high-quality work at an affordable price. Hong Kong restaurateur Alan Lo is one of those collectors. He missed an opportunity to purchase a painting by Nigerian artist John Madu. He found it at an auction, but was too late to buy it at the primary market.
Those interested in purchasing auction art should look for an online site that has a strong community of artists. Many auction sites provide discussion boards and chat capabilities, which helps artists get to know each other and get feedback. Some even have featured artist pages. Members can also share information about their work, techniques, and styles.
