Auctions are a unique way to buy art and can be an
exciting and challenging experience for collectors. It's important to properly
evaluate the value of your artwork and carefully strategize to ensure a
successful auction experience. Below are some key principles and tips to keep
in mind when bidding at auction.
1. Check the condition of your art carefully and
thoroughly
The condition of your artwork is one of the most
important factors in determining its value.
- Get professional help
It is essential to have a trusted dealer verify the
condition of the artwork. Auction catalogs often omit the condition of the
artwork, so don't rely on photos in the catalog to guess the condition.
- Get a second opinion from a restoration expert
If there are concerns about the condition of your
artwork, a restoration expert's analysis and recommendations can point you in
the direction of a safe restoration. This is crucial to protecting and
maintaining the value of your artwork.
- Recognize the report's limitations
Condition reports provided by auction houses are often
written by company employees and may not be independent, so it's best not to
rely on this information alone, but to do additional verification.
2. Don't get too hung up on estimates
A pre-sale estimate is simply a reference and does not
guarantee the final value of the work or the fairness of the market.
- Estimates are the result of negotiation
Estimates are the result of negotiations between the
auctioneer and the consignor, and reflect the expectations of both parties.
Sometimes they are intentionally low to encourage bidding.
- Get an accurate sense of market value
With the help of a dealer who is knowledgeable in your
specific field, you can compare the estimate to the actual market value and
make a more informed decision.
3. Be wary of overly low prices
A piece that sells for far less than its estimate doesn't
always mean it's a “good deal.
- Analyze the reasons for the low price
An excessively low bid could be a sign that there's
something wrong with the condition of the artwork, or that it's out of favor in
the market. It's also possible that other bidders have already spotted the
flaws.
- Don't bid without doing your research
We recommend that you never buy an artwork that you
haven't fully researched its condition or value. Impulsive bidding can lead to
disappointing results.
4. Expensive artwork is not always good artwork
A high price does not guarantee the quality and value of
an artwork.
- Don't get caught up in the auction frenzy
When auctions get overheated, even relatively low-quality
works can sometimes fetch unusually high prices.
- Time can be the solution
When the price of a particular artist's work skyrockets,
it can be tempting to fear that you'll never be able to buy it again. However,
if you wait, the opportunity to buy it at a reasonable price will surely come
along someday.
5. Set your bidding limits in advance
Controlling yourself during the enthusiastic bidding
process is an essential strategy for successful auction participation.
- Set limits and stick to them
Set bidding limits in advance and keep a cool head to
avoid getting caught up in the heat of the auction.
- Get expert help
Experienced dealers can keep track of bidding in real
time and suggest the best timing for bidding. They can also attend previews or
bid on behalf of collectors if needed.
Auctions are more than just a transaction, they're a
unique experience. Thoroughly checking the condition of the artwork, accurate
analysis of market value, and careful bidding strategy are key to successful
auction participation. Above all, avoid making impulsive choices and approach
the auction with a planned and rational approach, and you'll be well on your
way to a satisfying outcome.
We hope this guide gives you the confidence to choose the
artwork you treasure.
