With more and more people who have income available and looking for ways to spend it, Vintage fine art is becoming an increasingly popular medium to beautify the house. While many of these pieces are purchased in art galleries in cities around the world, the most prestigious works are sold at the fine art auction to the highest bidder. At the same time, if you are thinking of buying a work of art, it is important to understand the complicated process that continues behind the scenes.
The largest auction houses are Sotheby’s, Christies, Lyon & Turnbull, and Bonhams. In a given year, the billions of dollars of art can cross the counter in each of these famous institutions. Each house has several auctions a week, with inventories that go from furniture to random pieces of Americana to antique fine art. This article will serve as a basic primer for the process of purchasing the latter.
The first step is to find an piece in which you are interested. Most of the auction houses have online catalogs and schedules that you can order to determine when the items that you may want to offer. Once you have found something, you can buy it in person, through a proxy, or through an absent offer.
The most exciting way to buy that perfect piece of art is to attend the auction. There is nothing like the high octane offer atmosphere, and taking that second decision to raise your palette and, later, the price. This also guarantees that you complete the control over the process, and the ability to quickly react to other offers of bidders. Once the last offer has been placed, the auctioneer will allow a brief amount of time before granting the best bidder with the piece.
However, if you can not reach the auction house, other options abound, however. Most auction houses are holding online auction. Simply obtain a form of a catalog or website and return it through fax or publication with the maximum price that is willing to pay for a particular piece of art. You can also use these forms to register for telephone bidding, by which a representative of the auction house remains on the line throughout the auction that acts as the average man between you and the auctioneer.
Once it has been announced as the winner of the auction, it is time to pay for its new precious possession. In most cases, credit cards are accepted, although not all locations accept plastic. For higher price items, most auction houses request that you pay through your bank with a cashier’s check. You can pay immediately, or request an invoice, after which it gives you an assigned time to make the payment.
The purchase of art in the auction is an excellent way to explore the world of art. If you are lucky and you have your research, it is totally possible to find a robbery. The auction itself can also provide a great story to accompany the beautiful new piece hanging over its mantle place