Art auctions are thrilling. There’s nothing like being in a room filled with people frantically trying to get a great deal on a beautiful piece of art. Even if you’re bidding on the phone it’s easy to get caught up once the adrenaline starts flowing. However, these events can also be overwhelming for those that are new to auctions. If you’re new, here are a couple of helpful strategies for an auction.
Do Your Research
You cannot go into an art auction blind. You’ll end up paying way more for a piece than it’s worth. Do your research before you attend such an event. Investigate other artwork produced by the artist and see how much it sold for. Study specifics as well. Does a painting’s size play a role in how much people spend? Also, look up the artist’s older work to see if any of their paintings have increased in value over time. It’s good to know if you’re making a wise investment.
Pay Attention & Set a Maximum Bid
It’s easy to get caught up in the hoopla of an art auction. Things can be very fast-paced and energized. Since things move so quickly, it’s easy to continuously up your bid without realizing where you’re at. Soon enough, you could place a bid that’s much higher than what you wanted to spend. That’s why it’s essential to pay close attention and set a maximum bid for yourself at an auction. Don’t get swept up in other bidders’ escalating bids. Instead, stop bidding once the price goes over the limit you’d set for yourself. It’s easy to think just one or two more bids may force other bidders to drop out, but it’s a very slippery slope. Don’t forget, there is normally a buyer’s premium that you must factor into your bid. A buyer’s premium is the amount that is owed by the winning bidder to the auction house (in addition to the bid amount) after the bidding is over. It’s normally a percentage, but at some auction houses, this percentage varies depending on the final price.
If you keep these strategies in mind when you’re at an art auction, you’re one step closer to leaving the auction with a beautiful piece of art. After you’ve placed the winning bid, bring your art to the best custom frame store in Denver: AUM Framing & Gallery. Our expert team will choose a frame that enhances the beauty of the art you worked so hard to obtain. We’ll keep your art secure during the entire process. Your investment is safe with us.