How to buy and sell antique paintings at auction- Beginner’s guide
The most expensive antique art of the era is Salvador Mundi, painted by Leonardo Da Vinci, which was auctioned and bought by the crown price of Saudi Arabia’s Mohammad Bin Salman. As per the local art dealer, if you are new to the world of dealing with antiques through auction, you must know some useful traits about how to be proficient at bidding.
Moreover, if you want to obtain a great price for your painting, then you are choosing a fantastic choice. Apart from this, there are a few important things to consider in order to be proficient at bidding. In this article, we’ll discuss every key point to make you understand everything about the auction world. Let’s explore the topic.
What is an auction?
An auction is a place where buyers and sellers arrive to bid for the highest price for American art or other paintings. In this process, the seller will quote his selling price, which will be fixed by focusing on market value. Then, buyers will bid for the maximum amount, and whoever bids for the most sky-high amount will win the piece. He/she will then receive the item and offer the auction sale price to the seller.
A beginner’s guide to bidding on antique art at auction
Here, we have penned down a few useful points about auctions and how to do a safe and secure bid and receive the best amount for your precious artworks.
1. Investigation, Investigation, and Investigation
In today’s generation, it is very mandatory to do proper research about everything before you proceed. If talking about the bidding process, acknowledge everything about the auction house, your inherited Victorian style artwork, the current market price of the piece, when it is to be held, and by what time.
Research means everything should be covered so that whenever you go for either buying or selling your item, you should have the knowledge to give your best at auction and obtain a successful bid and happiness.
2. Meet a trusted local art appraiser
The next thing you’ve got to do is go to an art buyer near you and then get your estate Guernica painting appraised. What happens in the appraisal process? In this process, after an inspection, the expert will inform you about the item’s condition, history, origin, and craftsmanship. This lets the appraiser evaluate an accurate price for the item. This meeting can make your sale even more successful by knowing the complete information about your canvas art.
3. Request an old canvas painting ‘quality report’.
Always remember when you are going to bid, i.e., to buy a rare painting from the auction. Ask the auctioneer about the quality of the artwork. In the condition report, you will be informed of what items are being auctioned and what their conditions are. This will help you figure out whether it is your area of your interest or not. The better quality with some rarity marks can be bid for a higher amount.
4. Let’s go to the auction house.
Now, you are completely ready for the auction sale. If you’re a seller, you have to quote a price which you want to bid for. And if you’re a buyer, you have to compete with your opponents in terms of higher bid amounts to have the chance to win the rarest treasure.
4. It’s time to wind up!
When you bought(auctioned) the old painting from one of the dealers who was auctioning the piece, It’s time to hand over the winning bid amount to the seller. Also, when giving the amount either through cash, credit, debit card or online transaction, the buyer’s premium includes the auction sale amount + VAT. It’s up to you which payment process you choose. And, for sellers, the process is vice-versa.
After giving the auction price for the item to the seller, it’s time to collect your treasure. And, keep it safe and move ahead to your home. Rest, whenever you feel it’s time to auction the item, you can proceed to the next step.
The two types of auction
Yes, there are 2 types of auctions: those that are held locally at a particular place or those held through a digital platform. The points mentioned above are all about physical auctions. And for the online bidding process, there are too many reputed auctions held by local art buyers near your area for the people who cannot visit one place to another.
In the online process, you have to schedule your presence by registering yourself as a bidder, and then you can bid by telephone or by showing your bid presence as per the process of the auction house.
If you are searching for an art dealer nearby, you can contact us. We are experts in appraising antique oil paintings and other rare ones. Also, if you want to sell your inherited item, you can get in touch with us. We offer the best price for the item. Our organization also holds an auction locally or live.
Hence, uncover our other articles and gather information about antique artworks.