Understanding how to bid and buy at an online art auction is essential. With the right preparation, you can head into the experience feeling confident and fully in control. Below, learn how to navigate the process with our top tips for bidding and buying at an online art auction for optimal success.
As a highly popular method for both buying and selling art in Australia, an auction offers an unparalleled world of excitement, convenience and comfort. Helping you to achieve access to some of the country’s most engaging artwork as well as.modern reproductions of classical styles and ornate homewares in a highly transparent purchasing process that benefits both the artists, and the collectors. Whether it’s your first time bidding at an auction or it has been a while since you last placed a bid for a piece, it is normal to feel tentative about throwing your proverbial hat in the digital ring.
Understand the Process
As a general rule, understanding both the auction process and the art market is key for buyers in Australia.
Familiarise yourself with different styles of artwork and different artists by doing your homework and educating yourself on the art and culture market at large. You can do this online via forums or digital newsletters, or in-person through galleries and social circle connections. By researching art and culture, you will have a strong sense of what a piece is worth while understanding the market demand for similar items. This gives you a significant advantage when it comes time for you to place a bid on your item of interest.
Set your Finances
Before registering to bid at an online art auction, ensure your budget is set. Having a pre-established price bracket means that you know what you can afford, and home much room you have for environmental fluctuations during the auction. You will know precisely how much you are willing and able to pay, as well as understanding what your absolute stretch price is should the amount be driven up during the bidding process. This will shape your strategy when the auction begins and prevent overspending on an item.
If you are successful at an art auction, you will also need to factor in any additional expenses that may appear due to shipping amounts or any potential taxes and duties that may need to be honoured. Make sure your maximum spend number reflects this consideration.
Plan your Strategy
It is key that you head into your online art auction with a clear strategy. You should have a good understanding of how much you are willing to bid, what your entry offer will be and how much you are able to pay at the close of the auction. Be clear about how much you want to spend and what your absolute limit is and stick to this.
Register for fine art and home contents auctions online to begin bidding today.
