The Best Way to Navigate Fine Art Auctions

This isn't eBay, folks.

Fine arts are becoming an increasingly popular way of beautifying the home as more people have disposable income and are looking for ways to spend it. While many of these pieces are purchased from art galleries in cities around the world, the most prestigious works are sold at online art auctions to the highest bidder. Concurrently, if you're thinking about buying a piece of fine art from fine art auctions it's important to understand the complicated process that goes on behind the scenes.

Dane Fine Art, Sotheby's, and Christie's are the three largest art auction houses. In any given year, billions of dollars in art can pass through the doors of each of these famous institutions. Every week, each auction house holds several auctions, with inventories ranging from furniture to random pieces of Americana to fine art. This article will serve as a basic primer for the latter's purchase process.

The first step is to locate an item that piques your interest. Most auction houses have online catalogues and schedules that you can sort through to see when items that you might want to bid on become available. Once you've found something you like, you can buy it in person, through a proxy, or through an absentee bid.

Attending an fine art auctions are the most exciting way to acquire that perfect piece of fine art. Nothing beats the high-octane atmosphere of bidding and making that split-second decision to raise your paddle and, thus, the price. This also ensures that you have complete control over the process and that you can respond quickly to other bidders' offers. After the last bid is placed, the auctioneer will wait a short time before awarding the piece to the highest bidder.

If you can't make it to the auction house, there are plenty of other options. The majority of houses will gladly accept "absentee" bids. Simply obtain a form from a catalogue or website and return it via fax or postal service with the highest price you are willing to pay for a specific piece of fine art. You can also use these forms to sign up for telephone bidding, in which a representative of the auction house stays on the line throughout the auction to act as a go-between between you and the auctioneer.

Once you've been declared the auction winner, it's time to pay for your new prized possession. Credit cards are accepted in most cases, but not all locations accept plastic. Most auction houses require cashiers checks for higher-priced items. You can pay immediately or request an invoice, after which you will be given a certain amount of time to pay.

To the uninitiated, the prospect of investing in fine art can be as intimidating as being asked to paint the Sistine Chapel or build St Paul's Cathedral out of match sticks. A glimpse of the plush interiors of the major auction houses, or a visit to one of central London's sometimes intimidating galleries, can make the casual visitor reconsider purchasing a work of art.

Alternatively, the individual may be unsure about the value or authenticity of the painting or drawing they intend to purchase, but proceed with the transaction anyway on the basis that they may not know much about art, but they know what they like. And the gallery assistant has gone to all this trouble and appears to know what they're talking about, so it would be impolite to pull out now.

Being as objective as possible is the best way to make the subjective practice of purchasing a piece of fine art. In other words, in order to ensure that you get what you pay for, it is worthwhile to learn more about how the art market works and to gather as much information about the specific artist, style, or period that you are interested in as possible.

There are two main approaches to this. You can look up the artist's output and historical significance in art books and exhibition catalogues, read reviews by local and national art critics, and look through sales records available in most major public libraries and art galleries to find out how much their work sells for.

Buying fine art at fine art auction is an excellent way to become acquainted with the art world. It's entirely possible to come across a steal if you're lucky and do your research. The auction itself can also provide a great story to go with the lovely new piece on your mantle.