Buying and selling art can be a lucrative profession as well as an enjoyable pastime. Attending art auctions can be profitable, entertaining, and a great place to meet fellow art enthusiasts.
There are tips and tricks to enhance your buying and selling experiences in the art world. Not only are there several types of auctions, but there are also several types of art buyers. Whether you are an art collector, investor, or dealer, art auctions give you the opportunity to procure pieces that will appreciate over time.
You can also opt for an online art auction in Australia.
Types of Art Auctions
Auctions can be broken down into three types: estate, consignment, and mixed. They can be held at a person’s residence, which is usually the case with small estate auctions, at a person’s place of business, in the case of consignment auctions, or in storage warehouses where items are often sold in lieu of unpaid rent. Interesting art pieces can be found at any one of those events.
The goal of an estate auction is to sell all remaining items of a former residence. An estate auction will normally not place any reserves on items (a reserve is the minimum amount for which an item will be sold). Hence, estate auctions are ideal for finding bargains as everything must be sold no matter how low the offer.
Conversely, at consignment auctions, fixed minimum prices are set on specific items, and if an item does not recover the set price, it will not be sold at that particular time. Consignment auctions will usually hold weekly sales, with the lowest prices being offered mid-week. Mixed auctions will sell items from smaller estates and will accept consignments as well.