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.”
Another category is consignment sales. These art auctions have a fixed minimum price and simply will not sell if you have a problem with it. It’s not as good a place to wheel and deal as the estate sale.
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 the art auctions begin, have a game plan in mind. How much are you willing to spend in total? Do not get caught up in the enthusiasm! Check web catalogs to get a basic idea on artist prices or styles that you’ve been eying. While many of these auction results lists or catalogs may be inaccurate, it will give you at least the ballpark figure.
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