Art is present everywhere. It can be found in the patterns on a butterfly’s wings to the minimal aesthetic of a line of grey buildings. Art is a means of pleasure to the eyes and the soul. Luckily, there is a way to collect and store this pleasure for humans to enjoy for many generations. Like any other investment, such as houses, gold, and shares, art can be an excellent investment when purchased correctly. One great way to acquire good art is through auctions. An Australian art auction provides a level playing field for experts and newbies.
Winning the bid on a precious work of art requires research, concentration, and practicality. A novice collector may leave empty-handed in an auction, while a newbie with the proper research and target may land a prized possession. The Australian art auction industry is booming, with an approximate turnover of 107 million dollars in 2020 alone. Participating in an auction for the first time is confusing and daunting. One may not know the proper etiquette or may end up making an impulse buy. Luckily, with the world switching to virtual modes, art auctions have also started taking place online. An online art auction is not as overwhelming as an in-person one; it is more accessible to everyone.
Here are some tips for art enthusiasts looking to participate in art auctions:
Look for a Reputed Online Auction
When buying art online, it is very important to look for auctions that are authentic and trustworthy. One great way to check the authenticity of the auction house is to look for its terms and conditions. Most reputable auction sites have their terms and conditions stated rigidly with no space for doubt. Also, check the site’s online reviews before investing in an art piece. Authentic auction sites are well-established with years of experience selling precious art to bidders.
Take a Close Look at the Starting and Estimated Price Ranges
Unlike a regular retail store, the price of art at an Australian art auction is not fixed. It depends on the starting price range set by the auctioneer and the offers made by the bidders. There are a few terms that first-time bidders should be familiar with:
Starting Price
The starting price is the price of the art set by the seller. Bidders can bid as much money as they want above the starting price. This price is decided according to the value and condition of the art. Art priced higher at the start may hold more value than pieces with a lower starting price.
Estimated Price
This price is set to give the buyers a fair idea of how much the art would typically sell for. These prices are based on past statistics such as sales of similar works, art conditions, market trends, and the artist. Industry experts statistically and carefully determine these price ranges. There are two kinds of estimated prices that these sites provide: a low estimate and a high estimate.
The estimated price is a tool for the bidders, but the actual winning bid sometimes is very different from the listing on the website. There is no fixed price at an online auction. If a bidder plays their cards right, they can win a bid and win at big margins, even if the estimated price is very different. Australian art auctions help art enthusiasts collect art at much lower prices than the market value. So a bidder must research and decide what pieces they are interested in before bidding in the auction.
In Conclusion
A study shows that 75% of people in Australia are interested in art. With the right mindset and budget allocation, anyone can acquire good pieces at a fraction of the market price.
