For representatives of creative professions, collectors, art gallery owners, and patrons, art auctions are a convenient trading platform where it is possible to sell or purchase an item of artistic value. Not all artists arrange exhibitions, while many valuable artifacts have long been in private collections, so it is easier to purchase them through the bidding system.
This is how paintings, books, figurines, antiques, and other cultural values are sold.
The subtleties of the work
Auctions of paintings are held in different ways. It is not uncommon to exhibit objects of a certain era (Impressionist or pre-Raphaelite paintings, for example) or thematic paintings. Sometimes auction houses hold auctions dedicated to the work of one artist or several painters. Employees of the auction house select valuable works, prepare a catalog, hold a preliminary exhibition, organize auctions and evaluate the results. For instance, for artists, the auction of paintings is an opportunity to sell paintings and interest connoisseurs, and for collectors and art lovers — to find rare lots of high value. There are several trading systems:
- English. A starting price is set for a work of art, and each subsequent participant increases the bid. If none of the participants gives the starting price, the product is considered unsold.
- Dutch. The owner of the lot sets the minimum value limit and the initial price. Bidding can go up or down, but the price should not cross the minimum mark.
There are open and closed auctions. In the first case, the participants know each other’s bids, in the second case, they pass their offer to the organizer, who chooses the maximum price. The second selling system is riskier, but it puts participants in equal starting conditions. Electronic auction platforms have become one of the modern innovations in this industry. Those who wish to place a bet online, do not need to go to another city or country to participate. In other words, such a system has made the works of world art more accessible to the general public.
Famous art auctions
Some art auctions of antiques and works of art have been operating for hundreds of years, and they have gained worldwide fame. Others are just beginning to gain popularity and attract connoisseurs of antique objects, sculpture, and painting. Let’s denote the most famous art auctions houses:
- Sotheby’s. This American house was founded back in 1744, initially it specialized in rare second-hand books. Today, Sotheby’s experts work in different countries of the world, and international auctions are held constantly.
- Christie’s. It started working in 1766, there are 54 offices and 12 halls in the world. This is one of the largest European auctions.
- Violity. This is a foreign platform aimed at lovers of ancient extraordinary artifacts. It offers to purchase antique decorative items of high value.
- Gelos (Gelos). This is one of the first auction houses in Russia. It is popular not only with Russian buyers but also collectors from Eastern European countries.
- Valley. One of the new Russian houses that have become widely known. This is primarily an auction of contemporary fine art, where works by young talents are offered. It is mainly focused not on foreign, but on Russian buyers.
How is the price formed?
The cost of a work of art depends on several factors: this is the fame of the author, the artistic direction, and the time of creation. The earlier the work was created and the further away that era is from modernity, the higher the value of the artifact. The place of sale is also important: on large foreign sites, the price of paintings, figurines, and other items is often several times higher than on Russian ones. Because of this, foreign collectors often come to Russia to replenish the collection at no extra cost.
The unique masterpieces of recognized masters are especially highly appreciated. Moreover, they evaluate the technical condition of the subject, its age, the artistic skill of the author, and other parameters. The authenticity of the lot is of no small importance, experienced experts are dealing with this issue.
The old system of auction bidding does not lose relevance all over the world. Until now, this is one of the most relevant ways to replenish a home collection or sell valuable artifacts for a large sum.