Buying and selling art can be a well-paid and rewarding profession as well as an pleasurable pastime. Attending art auctions can be entertaining, profitable, and a great place to meet fellow art aficionadoes. There are tricks and tips to augment your buying and selling experiences in the art world. Not only are there numerous types of auctions, but there are also quite a few types of art buyers. Whether you are an art dealer, collector, or investor, art auctions give you the opportunity to acquire pieces that will appreciate over time.
Mark Borghi is an artdealer and enthusiast, owning three art galleries that feature collections of Contemporary, Post-War American, and European Modern art.
Types of Art Auctions
Auctions can be broken down into three kinds: consignment, estate, and mixed. They can be held at a person’s dwelling, which is generally the case with small estate auctions, at an individual’s place of business, in the case of consignment auctions, or in storage warehouses where items are often sold in lieu of unpaid rent. Fascinating art pieces can be found at any one of those events.
To sell all remaining items of a former residence is the goal of an estate auction. An estate auction will as a rule not place any reserves on items (a reserve is the least amount for which a piece will be sold). Therefore, no matter how low the offer, estate auctions are ideal for finding bargains as everything must be sold.
In opposition, fixed minimum prices are set on specific items at consignment auctions, and if an item does not pull through the set price, it will not be sold at that exacting time. Consignment auctions will generally hold weekly sales, with the lowest prices being presented mid-week. Mixed auctions will sell items from smaller estates and will accept consignments as well.
The gallery program of Mark Borghi features exhibitions of contemporary art, byJean-Michel Basquiat, Richard Prince, and Christopher Wool.
Finding Art Auctions
The easiest way to locate art auctions in your region is to do a search online. Simply type in your city and your topic and you should be able to find a list of the auctions being held in your locality. Another avenue is to check the local dailies and newspapers. Nearby art or antique stores can be functional resources as they often carry fliers or pamphlets advertising local art auctions and sales. Finally, survey online auction sites, where you can acquire articles without leaving the placate of your home.
It is wise to confirm the place, date, and time before attending an auction. Be especially savoir-faire by attending the preview, where impending bidders can scrutinize the items to be sold at their leisure. A few days prior to the auction, some auction sites will have previews while others open their doors only for a few hours foregoing the auction. Upon onset at the preview, you may chronicle as a bidder. In order to avoid paying more than you bargained for, it is significant to know which policy will be used. Art auctions can be fast-paced, and one can simply get caught up in the exhilaration, so decide in advance what your top offer will be on your chosen items, and do not allow yourself to go above those set amounts.