If you’ve ever wanted to try your hand at becoming an art collector, you might wonder where to begin. While new collectors may find the process intimidating, it does not have to be as difficult as you think. Art auctions are an excellent way for either new and experienced network of art collectors to grow their own collections. This article will cover some pointers for participating in online art auctions in Canada. We hope you’ll be better prepared to bid on the right art at the right time to maximize your investment by having some background on how online art auction sites work.
How Do Online Art Auctions Work?
Collectors bid on specific items at online auctions. Many of the best online art auction sites have hundreds of bidders hoping to obtain the painting they desire at the lowest possible price. Some fine art online auctions have various requirements, so you should be sure to read the conditions of sale prior to registering. Before you begin bidding, you should also be aware of the types of art for sale and the reserve price.
Research the Artwork Prior to the Auction Online
It’s always wise to research the artwork before you start bidding. This will enable you to make a more informed estimate regarding how much the work is worth. This is critical to determine whether you should reserve your bid ahead of time. You can learn what other collectors expect for similar pieces by conducting research. Assume you discover that other collectors are expecting high bids on specific pieces. If this is the case, you might want to consider waiting until that specific piece comes up for auction again and try to outperform those expectations.
Narrow Your Bidding Focus
It can be overwhelming when you first begin bidding. Make sure you have a plan and familiarize yourself with all of the necessary auction details. However, it will benefit your wallet if you focus only on the art you are genuinely interested in. Make a list of three items you want to buy, or make your own. Next, investigate the item’s worth and current market value by visiting websites such as Artprice and Artnet (the most comprehensive resource for art investment). This will provide you with an idea of how much the piece is worth and where it fits in the market. Then, narrow your focus even further by considering market trends and what might happen in the near future. Consider a new exhibit that includes a painting similar to yours. In that case, you might want to postpone the painting until further notice. Following this process, decide which item will be your top priority and pursue it while keeping in mind anything else that may come up later in the process. That way, if you come across an item that appears to be a good investment but has a lower upside potential than those already prioritized (meaning it has less potential for gain), you can set it aside for later when it may become less valuable overall.
Participate in the Art Auction Live If Possible
Participating in a live art auction is one of the first things you should do. If you can do so, it will be easier for you to bid on the right art pieces. When there is a launch event or a promotion period, it is best to participate in a live art auction. Another advantage of attending a live auction is seeing how other collectors bid and what works of art they are looking for. After attending the live auction, the next step is to create an online bidding account. You can set up notifications, track your bids, or perhaps set up absentee bidding. Since most sellers will not send invoices for their work until after the online sales are finished, having an account will allow you to track where your money is going.
Buying at Online Art Auctions
While many attend art auctions to sell their own pieces, others use them to buy. Whether you’re searching for an affordable piece or want to add some luxury to your home, buying at art auctions is an excellent opportunity. When you start shopping for artwork, we recommend focusing on quality and authenticity. Invest in a piece that will last and won’t look outdated in the years to come. You can also choose from a wide selection, so there is something for everyone’s taste. If you’re new to the concept and want to level up your skills, we recommend you take a look at our tips on how to win an online auction. Art isn’t the only item we offer in our weekly sales, we also specialize in RV auctions online!
Selling Art at an Online Auction
There are numerous methods to sell art in an online auction. You can use a popular platform such as eBay to sell your art, but you may be more likely to see a better return in an art dedicated auction. Suppose you choose to list your painting online. In that case, you’ll also want to ensure that your artwork has a high-quality image to show well and retain as much value as possible. Make sure you also familiarize yourself with the consignment process. This helps the auction site recognize that it’s a unique piece of art, not just another item for sale. To increase your chances of selling an art piece, be sure to list it for sale around the same time every year. When you decide to list something, prepare it with care – this will help ensure its success at the auction house.
Bid Quickly, Confidently & Patiently
For new collectors, the auction process can be intimidating. You can, however, maintain your cool by following these simple guidelines. First and foremost, bid quickly. The auctioneer will not wait indefinitely for you to choose your number. If the bids become too high or the auction closes, they will begin to reduce the goods up for auction. It’s important that you don’t let this happen because bidding at the last minute may result in spending far more money than you intended to spend on a specific piece. Second, bid with confidence. If you have no idea what an artwork is worth, it’s best to wait until you’ve seen some pieces similar to what you want to buy before bidding. This way, when the time comes to place your bid, you’ll know how much it’s worth and won’t be outbid by someone who had less information but was willing to take a chance. Finally, be patient and look for good deals! You don’t want to spend too much money on art while you’re still learning how auctions work or trying to build your own collection. When independent artists create undervalued pieces in future auctions that have never been sold in Canada or elsewhere, take advantage of your knowledge and buy them up quickly!
Compare as Many Art Auction Websites as Possible
When participating in online art auctions, you should try to compare as many websites as possible. If you’re just starting out, it’s best to concentrate on a full-service auction company in your area. When it comes to art sales, the major auction house options in Calgary – Hodgins Art Auctions and Levi’s Fine Art Auctions are a couple of the more prominent ones. However, you might want to look into different types of auction houses because they each have their own set of advantages. Similar to many jewelry auctions online, you can also request a catalogue to determine the artwork that interests you and use it to help you select a few pieces that match your preferences.
Types of Online Art Auctions
There are several types of auctions for art that serve as a platform for many Canadian artists. Physical art auctions are typically the most expensive option, and you’ll need to commute in order to attend. Internet auctions are convenient in the sense that bidding takes place online through a website or application. The common similarity between the two is that you’ll only be able to bid on what’s available during the time frame specified by the organizer. They may only be open for limited periods of time, which could significantly lower the value of your winning bid.
Finding Trustworthy Online Art Auctions in Canada
There are dozens of auctions to choose from, but finding a reputable, trustworthy art auction is the first step toward maximizing your investment. The only way to ensure that you’re buying from a reputable dealer is to do some preliminary research. Begin by researching the art auction’s reputation on Google, Yelp, and other online directories such as Artnet or Auctionata. These online listings will give you an idea of how experienced a company is and what its best-selling items are. Determine whether the company has been in business for a long time and whether they provide guarantees on their work. If you are at ease, ask for references from friends and associates who have purchased from them. If you’re interested in learning more about a specific online art auction house, we recommend going to the Better Business Bureau (BBB) or the art auction website. You can also use other aggregated online reviews to assess their dependability and reputation based on previous customers.
Buying art is always a fun experience, but it can also be confusing. We hope this post helped you make the right decisions when searching for new pieces of art. There are many resources to learn about art, discover what is trending in the market to help you bargain, and choose a quality Canadian painting that is just right for you. If you got value out of this post, you might enjoy our guide covering everything you should know about online auctions in Alberta. Did we miss any crucial tips? Let us know in the comments below!