The auction of art is a highly lucrative market. Several recent auctions have broken records. Christie’s, located in New York City, sold more than $1.1 billion worth of artwork last year. This amount is up 54 percent from a year ago. Several notable pieces, like Andy Warhol’s Elvis image, have also sold for several million dollars.
The auction of art tends to favor classic works that target the rich. This season’s auctions are filled with works that are priced in the hundreds of millions of dollars. However, you can still see some of the most spectacular works in the world for free. Many museums and galleries are open to the public.
Auctions can also be a source of anxiety. These events can destroy the relationship between an artist and a collection. Even for prospective collectors, experiencing an auction can leave them pondering the fate of their own collections. Whether or not their objects were purchased at an auction may influence how they view the art market.
Before attending an art auction, it’s best to know a bit about the artist and their market. Most auction houses have catalogues that can provide detailed information on each piece. You can also speak with art advisors at the auction house to learn more about the process. In addition to this, you should try to see the artwork in person, whether at the presale exhibit or at a separate time. This way, you can see if you like it and bid accordingly.
When art auctions are done correctly, the process will run smoothly and produce millions of dollars. But the auction houses need to be very careful and responsible in order for the process to be successful. For this reason, auction houses must follow strict procedures in conducting these auctions. In fact, the process of the auction can be risky if you don’t know what you’re doing.
Many collectors are now choosing to buy their works through auctions rather than through galleries. This makes the process easier, and the prices are more affordable. In addition to the lower prices, the auctions can also offer high-quality works. Hong Kong restaurateur Alan Lo, for example, missed out on a painting by Nigerian artist John Madu, but found a great painting by the artist at an auction.
Many art collectors are used to selling their works on a regular basis. Some even sell items monthly or weekly. Because of this, they are familiar with the process. They don’t have to travel to Europe to participate in art fairs anymore. Besides, they can return an item if they find it unsatisfactory.
Many auctions include works by artists from all over the world. For example, DESA Unicum in Poland sold almost 200 works of art from Grazyna Kulczyk’s collection. The company’s staff develops the collection and prepares daily auctions, and its coordinators have extensive experience valuing similar works.
