To some, art auctions seem like senseless gambling. To others, it’s an exciting game resulting in an opportunity to buy original art. While the danger of being overcharged is always there, unexpected surprises can be positive too. Take, for instance, those people who discover that the painting they’ve had on their wall for forty years just so happens to be worth millions of dollars! Before attending an auction, there are a couple things to consider, such as categories and bidding tips.
One category is the estate sale. You can often find great bargains here since purchases are made directly and most of the items from a deceased person’s estate must go. Recently, a woman in Canada found out that the painting she had selected from her grandmother’s estate sale, when she was ten years old, was actually a $300,000 original painting! Now you see why they sometimes refer to art as “treasure.”
At consignment art auctions, artists showcase fine art for sale in a gallery atmosphere without the pressure and high stakes of a bidding war type auction. Many people enjoy this because it reminds them of a Sunday stroll through a local museum. Only, in this case, if you find it, you like it, then you can buy it too! Sometimes the consignment fees may be high or the commission isn’t fair, although generally it’s not a bad place to dig.
A third category is the art auction house. These established buyers and sellers at fine art auctions wheel and deal pieces for a living. They’re the middle man connecting art lovers and artists. Patrons attend these swanky events in big cities around the world, dressing up, sipping wine and schmoozing with fellow art lovers. In addition to perhaps finding a famous oil painting for sale, some rare works and getting a great selection, you’ll love the social aspect.
Lastly, you can participate in an art auction online. At iCollect.com, you will see a list of all the upcoming eBay auctions. If you’re fortunate enough to live in a big city, like New York or Paris, you’ll have no trouble finding a local auction to partake in! For everyone else, the online auction is a cost efficient solution with a wide selection. On your home computer, you’ll be entering bids on your keyboard, while the auctioneer reads them aloud in real time off a computer screen.
Before attending art auctions, it’s a good idea to plan in advance. Be sure you know the day and time - and attend the preview events! At the preview, you can be first in line to see which items will be bid on. If you’re going to an online auction, be sure that you’ve not only signed up to the website you’ll be watching on, but also that you registered as a bidder for that particular auction as well. Find out about auctioneer commissions. Bring a note pad and decide on a maximum offer before you engage in bidding because it’s rather easy to get swept away with the tide once the real bargaining begins!
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