If you aren’t acquainted with the art world, the prospect of attending an art auction can be quite daunting. Deciding on what to bid on, how much to bid, and the rules governing a painting auction can be confusing and challenging.
Fret not because this article provides all the help that you, as a beginner, will need. Follow the tips in this article, and you will have covered most of the grounds and principles for attending such auctions.
1 Conduct Thorough Research Before the Auction Begins
Look for things that interest you and check the average prices of similar items. This will allow you to define a budget for the painting and prevent you from overspending.
Research the items being auctioned at the event. Most auction houses host websites with a catalogue of the things that will be auctioned. Look for the artists and some of their other works. Seek advice from your acquaintances who understand art and market trends.
Once you have a better understanding of the paintings to be sold, go on to set your budgets. In most auctions, the buyers must pay a premium to the auction house on top of the bidding price of the items bought.
2 Attend the Preview
Most auction houses host previews the day before the actual auction begins. Attending this will be of great interest to you, as you get the chance to behold all the pieces in real life and see if certain items are worth it or not and if the budgets you have set for them are apt. This also provides you with an opportunity to clear any doubts that you may have through the staff of the auction house.
You can find a wide variety of items displayed during the preview of the painting auction, including the ones you’ve previously decided on buying or ones that may have yet to see your eye. It is worth your time, as you can examine all the items up close to determine whether to bid on them and how much to spend on each. You can also get a picture of the estimate the item would sell at and decide if it may sell at a higher or lower price.
3 Which Bidders are in the Race and How High are Their Limits?
A bidding war could occur at any time if various parties are interested in a particular piece. If someone else seems interested in a piece you have your eyes on, try estimating how high they are willing to go for an item. Avoid getting caught in a bidding war at all costs, as bids usually wrap up with the item being sold at an astronomical price.
4 Do Not Shy Away From Asking Questions
The staff at the auction house is always there to assist you in case you have any doubts or need help. You may be the best art connoisseur, but ignorance never benefits anyone. It’s better to be safe than sorry, so in case you have something to ask, don’t be shy.
A painting auction isn’t like buying paintings at an exhibition or store and has several rules that one must adhere to at all times, so enquire with the staff if you are unsure of the dress code, the seat allocations, or even the location of the restrooms.
These tips will suffice to help you through the painting auction. Although it may seem a tad tedious for most beginners, this can be a fascinating process to venture into.
If paintings are your newfound interest, attending such events will help you gain a lot of experience. So, enjoy the process and learn something from your experiences every time.