Buying Artwork | Part I: Auction
A pair of planes by artist Julian Trevelyan that I acquired at a summer auction hang over the crib in my daughter’s bedroom.
Since launching CLG three years ago, I have spent countless hours comparing and contrasting the benefits and challenges offered by the multitude of platforms we have for purchasing artwork. Online access to galleries, auction houses, artists and shops has somehow made it easier and harder than ever to fill your home with things you love. Today, I am introducing a four part series on some things you may want to consider when you’re on the hunt for a special art purchase. My first topic is (1) buying at auction, and future posts will address: (2) commissioning and/or purchasing directly from the artist, (3) buying via a gallery (primary vs. secondary––I will discuss the differences), and (4) shopping at a retail enterprise (home goods store and other).
Benefits of Auctions
Arguably, I believe that within the last decade, buying at auction has shifted from something only industry “experts” (dealers, buyers, advisors, gallerists, premier connoisseurs, etc.) enjoyed to an opportunity for lots of people to gain access to something that they otherwise may not have seen. An added benefit of today’s auction landscape is that you can access many auctions across the country from the comfort of your own home, rather than needing the auction house to be a local place that you could visit in person. A physical barrier between you and the auctioneer allows you to have things that so many of us crave, including privacy, time to think without the pressure of eyes on us, and an opportunity to evaluate and/or recalibrate our emotional connection to these wonderful pieces. Technology allows you to set a maximum online bid and walk away. You can even get pinged when your lot is up, so you’re not waiting around (literally) all day for a single piece to hit the auction block. A major benefit of buying at auction is that these works have been vetted by a trained specialist, who has knowledge of accurate estimates, the condition of said pieces, and information on a work’s history and provenance (transfer of hands). Auction house specialists have their hands on tons of art all of the time and are extremely knowledgable about who has what and when. All of us want to find something exciting and special (and at a great price, we hope)––and that’s why auctions are so darn tempting.
Challenges of Auctions
Increased access to auctions has also made it more difficult than ever to win. Furthermore, my personal experience (on behalf of clients and for myself) at auction is that deals on sought after items––whether they are pretty good pieces by a well known artist or wonderful discoveries by an artist who is relatively unknown or overlooked––are not common. My Dad defined value to me when I was teenager in these terms: "Something is worth what someone is willing to pay for it.” The challenge with auctions is you don’t know who is bidding against you on the other side and what value means to them; or how high they are willing to go. Coupled with your own emotional investment, you may be tempted to raise your bid beyond your set limit. Furthermore, if your plan to decorate relies largely on winning pieces at auction, then be prepared to be patient. Finding something in the correct colors, dimensions, proper condition, and the right price point (not to mention that other necessity: winning it) is hard, but access to a star piece can be worth the wait depending on your needs.
Tips for Buying Artwork at Auction
Some of my most beloved artworks were purchased at auction: an Alex Katz print from the now-closed Paddle 8, a large-scale photograph from a contemporary art museum’s silent auction in Texas, and several other pieces that have become integral to the style of my home. Many of these were opportunities to acquire coveted artists whose works I may not have had access to otherwise. If you love something, I believe you will always find a place for it in your home. Embracing the unexpected also keeps your house from looking too “designed.” A somewhat unplanned decorative accent provides layers, character, personality, patina, and, almost always, an exciting story to tell! And it can also jump start the entire creative process.
Here are CLG’s basic tips for navigating auctions:
Ask the specialist if they can share a range/estimate for the lot
Review the condition report carefully. While you might be able disguise damage on a piece of furniture, it is very difficult to conceal imperfections on a work of art.
If possible, preview the artwork before the auction. Sometimes condition reports may include jargon that you don’t understand. Your eyes will recognize if something doesn’t look quite right.
Make up your mind before the auction begins about whether or not you will stick to a certain number or range. I promise that you will be tempted in the heat of the moment!
Setup your credit card well before the auction starts and complete any necessary paperwork so you can participate. Note that sometimes certain credit cards are excluded.
Remember that if you win, auction house fees and shipping are added on top of your final bid. Review payment policies for exact structure.
Have you purchased an artwork at auction before? What was the experience like for you? Do you still own the artwork? What meaning does it have to you? Email me at tara@cobblestonelanegallery.com and share your thoughts! As always, if you need assistance with your decorating plans, feel free to peruse my services on my website.
Tara