# Any thoughts on auctions?



## Mockingbird (Apr 29, 2009)

I'm contemplating about purchasing some paintings at the auction houses. I've always bought them at the reputable galleries, but never thru the auction.

Does anyone have any experience attending auctions? Is it a good way to go? My immediate concerns are about fakes, reliability of provenance, buyer's premiums, regulations, etc. Any insight or thoughts would be greatly appreciated.

MB


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## humble_pie (Jun 7, 2009)

how very interesting. I hope you will tell us about these activities.

not too long ago a friend - the couple had just bought a new house - developed an intense interest in a living local artist. His works are sold through a few galleries in eastern canada, ranging roughly 3000-7000, and also through a local well-known auction house where they might be about 1000 less.

but my friend wanted to meet him. She said she'd only be interested to buy if she liked him as a person. The couple didn't have much art - it was their first house & they were only beginning to have extra income for art purchases for the first time - but somehow or other they had always personally met the artists who had created the few works they already owned.

from a curator at the local museum of fine art i learned that, although artists are usually restricted by their galleries from selling their own works directly, nevertheless a common way around this is to "commission" a work of art directly from the artist. And who is to say that such artist might not have a few "commissioned" works already standing around in his atelier, if you go to see him, if you get my drift ...

they felt a bit shy, but eventually this couple did get in touch with the painter. They found him to be very warm & welcoming. He had a considerable number of works for sale directly out of his atelier. The prices were about half the gallery prices, and therefore considerably less than the auction house as well.


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## Plugging Along (Jan 3, 2011)

When we first started collecting our art we would get it through auctions. My tips are know what you want, know the normal price and determine the price you want to pay and stick to it. I also remember week days auctions were better as there were less people. Also, you can sometimes find our I'd they have more than one item from the artist. Sometimes you can buy an item that has already sold for the same price as the winner purchased it for, but you have to do it right away.

Don't get caught up in the bidding wars or go against rich people.

I never had problems with authenticity as the auction house would provide me a certificate and appraisal.


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## Mockingbird (Apr 29, 2009)

@HP: Thanks for the input. I wasn't aware of the restriction that the galleries impose on their artists. Indeed, the "commissioned" root is an interesting way to pursue some of their work. Unfortunately, my artists are long dead. 

@PA: Thanks for information. I experienced first hand why it is hard not to get caught up on a bidding war. 

__________________________________________________

Anyways, here are some of my thoughts on the first ever auction that my wife and I attended.

First of all - LOTS of people. Hate to say it, but I was pretty intimidated. We noticed some dealers and many well dressed folks. With all seats taken, we ended up in the back sitting/standing on the ledge. (Note to myself - come a bit early next time or bring a cushion. )

The viewing time was set up a few days before the auction. Aside from the existing provenance, this specific auction house did not truly authenticate each items. Disclaimer was given that the items were known to be genuine - to the best of their knowledge. So we ended up doing our own research.

As PA suggested, we had a budget, and we knew how much we were going to spend on each lot. That was a good thing as many items were sold way above the estimated prices. During the auction, we had to be VERY careful with the movement of our hands. Some people inadvertently bid on the items and they had to apologize for their action. The auctioneer did make the price adjustment, but with the look of disapproval and warning. I learned quickly that the bidder must make an eye contact with the auctioneer and visa-versa. With so many people, he did not see one of our bid. Also, being timid did not help the cause.

Lastly, we were surprised with the number of phone and absentee bidders. One of the painting we wanted had one absentee, 4 floor, and 2 phone bidders. With my wife's delight, we did end up with the paining. But poor me with all that anxiety and nerves (yes.. pun intended). At the end we had 2 successful bids out of 6.

Also, depending on the auction house, the buyer's premium of 15-25% is added on top of the hammer price. And of course, the taxes on top of that.

MB


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## humble_pie (Jun 7, 2009)

lovely story. I'm impressed that you got not just one but 2 paintings.


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