How to Prepare for an Art Auction

Like any other type of auction, art auctions can offer their share of excitement for both buyers and sellers. For sellers, of course, there is the added bonus of potential profit. Buyers, meanwhile, may find a piece of artwork that completes their collection or just adds some beauty to their home.

Before you venture out into your first art auction, though, there are some important things you need to know.

Do your homeworkChoose an established firm with a good reputationComfort for buyersComfort for sellersRead the sales listings carefullyHave your paperwork in orderBe prepared for paymentPayment for buyersPayment for sellers

Find out what the type of artwork you are planning to buy or sell is worth, and look for any particular concerns or issues that may relate to those particular pieces of work. This way, you will be aware of any factors that may affect the possible selling price.

For both buyers and sellers, it is crucial that you only deal with auction firms that have a long track record and have earned good reputations in the industry.

Doing business since 1995We are experts at putting sellers and buyers together

Buyers know they can trust the accuracy and honesty of the information provided in the auction listing. They can also feel comfortable providing payment or personal information to the personnel running the event.

Sellers know they can trust the firm to treat their property with the utmost care.They can also feel comfortable that all transactions will be handled properly and processed efficiently.

The more you know about a specific piece of artwork, the better you will be able to make an educated estimate of its worth. You also want to study the listings carefully so you are aware of any unusual factors that may affect the item’s value, such as condition issues.

Be prepared to provide copies of all documentation related to your items, including proof of ownership and anything that shows the background or provenance of the artwork.

It is helpful if you have an appraisal or valuation report to show what the item is worth.

In most cases, payment is usually due immediately when the sale concludes.In cases involving very expensive items, there may be other terms available to allow buyers to secure the funds to pay for their winnings. If you aren’t familiar with the policies at this particular sale, be sure to ask prior to making a bid.

Find out about any additional charges that may be assessed to your bill on top of the amount of your winning bid. If they must be shipped, inquire about the cost for that service.

Make sure you know exactly what percentage of the sale price the auction firm will get, and if there are any other charges you will incur.

You will also want to know how long the payment processing process will take, and when you can expect to see your part of the proceeds.

Art auctions can be a rewarding and enjoyable experience for both buyers and sellers, but there are some critical steps that should be taken before the sale takes place.

American Auction Co. conducts all kinds of auctions on a regular basis. To learn more, visit our website or contact us. Or, check our auction schedule for upcoming auctions. www.americanauctionco.com

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