The best way to find high-end art bargains is through buying at auctions. This is how I’ve found my most precious pieces of art.
Don’t bother with the pre-packaged artworks like those found in home shopping catalogs; you should strive to get items that are unique and collectable. It’s important to attend as many auctions as possible before making a big commitment.
Getting used to viewing items before the sale and checking items for any damage is very important. Here are expert tips in buying auctioned art.
A Trial Buy
When feels that they have the confidence to buy art and how best to bid, try buying an expensive item.
It’s an exciting experience, try to control your nerves and excitement. Once the thrill is felt, you’ll be hooked, but it’s important to set a price limit and to stick to it.
You should always keep in mind that the auctioneer’s job is to keep the crowd in a frenzy mood. This is done in order to create a bidder war between two or more bidders.
Never be tempted to go overboard since the auctioneer wants to get the highest price possible. Always listen carefully to the description of the item and the conversations that is going on around.
This helps in determining the value and authenticity of a piece of art. Note the selling prices so that you review them.
Understand The Catalog Estimates
The estimates that are given are always valued by an expert of the auction house and the sellers. They are designed to achieve the highest possible prices just the way house prices are set.
In some cases, they are set at low prices in order to attract buyers who thought that they can’t buy the pieces. This low pricing helps to generate the pushing of the bid price.
Estimates are also influenced by the previous sales of the same type of art but many factors can change the pricing.
The concern should always be buying the art at a fair price no matter the auction. No one wants to significantly overbid the work unless one wants it so much.
Buying art is also an investment, especially those old pieces and so you should be careful. If the art is well maintained, it’s possible the art value will increase.
Bargains Are Hard To Find
If a price is deemed too good to be true, in art auctions, it’s probably not worth that price. Always be suspicious and try to know what other bidders know about the art that you don’t.
You should check thoroughly the provenance of the work piece. The piece should always be accompanied with a letter of authenticity preferably from the Certificate Of Authenticity COA.
This is an added advantage in case one wants to insure the piece. You should inquire whether the artist is still around in order for the artist to produce the authenticity letter.
This is in addition to the signature of the art piece as well as the letter. When bidding, find out when the auction house adds premiums to the piece. This increases the selling amount by 10%. Find out the mode of payments the auctioneers prefer.
First, online bidding poses huge threats and is extremely risky. However, legitimate sites are available and they are preferred since there are huge savings to be made.
Auction art websites are devoted to tracking and selling rare art pieces. There is easy communication since there are no middlemen involved. The buyer has different choices to choose from.
The artists who are selling their own work are unlikely to manipulate prices.
There are secure payment modes which makes it easier to buy art online such as PayPal. You should always check the size of the location where the artwork will be hung.
Consider the requirements for framing and also shipping cost depending on where to buy art from. Check some of the reputable online galleries such as eBay, mybestcanvas.com, Art.com just to mention a few.