A Simple Guide To Getting Started With Art Auctions

Investing in art is a great way to save money for a rainy day or pass down something substantial to future generations! Once purchased and affixed to a wall, an art investment painting will require little maintenance in order to appreciate in value. It’s hard to predict trends, but one thing is for certain, no matter what the country’s economic situation may be, people’s love and appreciation of art and attendance at art auctions have not diminished. However, one should understand a few rules of the game, such as bidding practices and categories.

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.”

Secondly, consignment art auctions sales operate under strict guidelines and set minimum prices. As an informed buyer, you’ll want to check out the commission on these before you buy. For example, Swahn Galleries & Design operates on a 40% commission!

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!