Auctions Can Be A Way To Acquire Art, If You Follow These Guidelines

As a professional art consultant, I’ve often attended auctions as a way of acquiring  work for  my clients’ collections. More and more auction houses are including works by African American artists, so it can be a good way to acquire artwork. Although I can recommend this method for building your own collections, I urge caution.

Here are some tips to help you curb any trepidation you have, and insure you can make an acquisition you’ll be happy with in the long run.

• Sometimes sellers put less desirable works of art up for auction, or pieces that have not been well taken care of. If at all possible, go to the preview and examine the work carefully. You may discover some flaws that didn’t show up in the catalogue. This way, when you attend the auction or if you decide to bid online, you will have seen the work in person.  Just looking at the artwork in the catalogue, can be misleading. I can assure you, this visit may save you heartache.
• If you cannot attend the auction in person, call the auction house and ask questions about the condition, provenance, etc. That’s what they are there for. Get a “condition report” and learn ahead of time if there are problems that may influence the price or resale value. Do some research to determine what similar works of art by this artist have sold for in the past. You do not want to overpay!
• Learn about a “buyer’s premium,” usually 19% in addition to taxes, shipping charges, and other additions. These costs will add significantly to the final price.  Even though you may be excited about your selected item, try to be cool...don’t be the first bidder. Hold off until either the auction house or another buyer makes the opening bid.  Then pace yourself...stay calm and cool. If you have others bidding against you, keep track of how much you have bid. It’s seductive and easy to lose track of how much you are spending!
• Remember that any movement can be interpreted by the auctioneer as a bid. So don’t use your paddle, or wave to a friend unless you are bidding. And speaking of friends... if they are with you for the adventure, don’t allow them to distract you! Stay focused.

Hopefully, your auction experience will be successful and pleasurable. The images I’ve attached to this post are of a painting by John Wesley Hardrick and a sculpture by Richard Hunt which I acquired at auction. And trust me, I got them for great prices!