With the 14th Annual Richard Schmid Art Auction coming up in less than a month, I thought it would be helpful to have a few pointers on purchasing art at an auction. Recently, I read an article on this very subject and thought that I could share some of the advice that it provided.
There are three types of auctions where art can be purchased. The first is an estate sale where items are being sold from a previous residence. This is a great place to pick up artwork for a good price, since most reasonable offers are taken. The second type of auction is a consignment auction where there are usually reserves (or minimum prices) placed on a piece of artwork. The last type of auction is called a mixed auction where items are being sold in lieu of rent payment. These can also be a great place to find good deals on artwork.
It is important to know what kind of art you are buying. Some artwork is generally more valuable than others. Some paintings depreciate in value, others may hold their value but generally won't increase, and then there are investment pieces which are practically guaranteed to increase in value over time.
I would suggest reading the article to find out more about purchasing artwork at auctions and how to know which pieces will be a smart investment. You can read the full article by clicking on the link below.