Art market: how does an auction house work?

Published on : 08 September 20213 min reading time

The sale of works of art can take place in a specialised house. It can be done through auctions or otherwise. Nowadays, it is possible to find this practice online. However, you should make sure that the house is reliable and reputable to avoid unforeseen circumstances.

What do you need to know about how an art auction house works?

The art market encompasses the various transactions that take place in works and objects of art. This is done by the main players such as dealers, artists, galleries, antique dealers, brokers, amateurs or collectors. Nowadays, this market can take place on the internet. Indeed, the auction houses proceed in this kind of approach. Indeed, the transactions are done in a dematerialized way. You can also opt for galleries that sell online, appraisal sites, private sale sites or even sites for living artists that sell directly on the internet.

Understand how an art auction house works

In some cases, the sale of a work of art is done by auction. This is a way to acquire a work of art at the best price. On the other hand, there are a few conditions that you should be careful about. As a participant, you will have a small numbered sign. This is intended to link the lots together. Then the auctioneer will open the sale. He will announce a starting price. This is set at a low estimate. Then, the participants can raise the bidding according to the fair value and the interests of the object. You should note that the lot is given to the highest bidder. The hammer will close the sale.

All about the art market

You should know that the hammer price does not depend on the buyer’s fee. In fact, an invoice will be issued. Then, after the payment of the amount, the buyer can acquire the item. Furthermore, if the auction is held on the internet, you can follow it on video streaming. With a click of the mouse, you can bid higher.

In some cases, you can use applications for smartphones or tablets. You should make sure that the structure is transparent to avoid inconvenience. If you plan to sell your art, it is advisable to contact an auctioneer. It is best to go to a reputable auction house.

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