How to Buy Works of Art at Auction

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Before you buy works of art at auction, it is important to do your research. Most auction houses have online catalogs with images and information about artists and artworks. However, these catalogs can be confusing, especially if you aren’t an art expert. In these cases, you should seek advice from a knowledgeable art dealer.

Grisebach prepares its auction catalogues with great care. It bases the information in the catalogue on the scholarly knowledge published to the date of auction. If a buyer is serious about purchasing a work, he can request an expert appraisal or a condition report. Grisebach also reserves the right to make changes or updates to the information in the catalog.

Auction houses are still the most popular places to buy works of art. While bidding competition can be intense, auctions are often the best place to find quality artworks at affordable prices. A notable example is the sale of the Murillo painting in London in 1852. This work was sought after by both the National Gallery and the Louvre, and sold for PS24,600. Even today, records fall more frequently, but the auction process is still a desirable and profitable way to purchase a piece of art.

In some cases, an auctioneer can refuse to accept a bid. However, if no other bidders have made a bid on the work, the auctioneer can knock it down and take the money. In that case, the purchase price is equal to the hammer price plus the buyer’s premium. The auctioneer may also charge lump sum fees or statutory turnover tax on the purchase.

While there is no guarantee that a work of art will have a particular characteristic, the descriptions of each work in the catalogue are often useful. A work’s condition report and an expert appraisal are important tools in determining its value. In addition to the descriptions, pictures in the catalogue may help you in evaluating a work’s worth.

Some auctions focus on hot art, including the work of emerging artists. These are artists that are making waves online and are gaining a following in the art world. The art market is a competitive field, and speculative buying is a common practice. Therefore, it is important to make sure that your art is worth the price that is paid for it.

After the auction, the buyer must pick up the work of art within a month, or give instructions for the work of art to be shipped. If the buyer fails to pick up the work of art within this period, the buyer is deemed to have defaulted. The seller cannot return the works of art to you before they have been paid in full.

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