What to know about Art Auctions

In 2021, Sotheby’s resumed live auctions — three of them — for the first time since March 2020. The salesroom, newly designed by David Korins, offered Banksy’s “Love Is in the Air,” right, which sold for $12.9 million after fees. Basquiat’s “Versus Medici,” left, sold for $50.8 million. Image Credit: Nina Westervelt for The New York Times

Artists considering participating in art auctions should be aware of several key aspects to navigate the process effectively:

1. Market Research:

   • Understand the current art market and trends. Familiarize yourself with the type of artwork that is in demand and fetches higher prices.

2. Selecting the Right Auction House:

   • Different auction houses have different specialties and audiences. Choose an auction house that aligns with the style and value of your work.

3. Pricing Strategy:

   • Set realistic reserve prices and estimates for your artwork. Work closely with the auction house to determine a suitable starting bid and reserve price.

4. Building a Reputation:

   • Having an established reputation can positively influence the value of your artwork. Consider building your profile through exhibitions, galleries, and other platforms before entering auctions.

5. Documentation and Provenance:

   • Ensure that your artwork has proper documentation and provenance. Clear documentation adds authenticity and can positively impact the perceived value of your piece.

6. Promotion and Marketing:

   • Work with the auction house on promoting your artwork. A strong marketing campaign can attract potential buyers and increase the visibility of your work.

7. Understand the Terms and Fees:

   • Be aware of the terms and conditions of the auction, including any fees or commissions that will be deducted from the final sale price.

8. Attend Auction Previews:

   • Attend previews or exhibitions associated with the auction. It gives potential buyers a chance to see your work in person and can generate interest.

9. Networking:

   • Build relationships with collectors, galleries, and other artists. Networking can create opportunities for collaboration and increase the chances of your work being noticed.

10. Legal Considerations:

    • Understand the legal aspects, including contracts and agreements, associated with the auction. Consult with legal professionals if necessary to ensure you are protected.

11. Post-Auction Handling:

    • Be prepared for the logistics of handling the sale post-auction, including delivery of the artwork to the buyer and handling any paperwork or certificates associated with the sale.

Remember, successful participation in art auctions involves a combination of talent, market awareness, and effective collaboration with auction houses. It's important to approach the process with a clear understanding of your goals and the dynamics of the art market.