It is crucial to know where you will sell the Artwork when you have it or buy it if you wish to own it.
This article will highlight the differences and advantages of Auctioning and using other markets.
How an Art Auction Works
An Art Auction is a public event where Art is sold to anyone who bids the highest, which means the buyers determine the price.
To determine whether Auctioning vs Selling Art in other markets is better, you must consider the three parties involved. The seller, the buyer, and the auction house.
The choice of the auction house to use to sell or buy your Art will be determined by
The Auction House Reputation matters. The number of artworks not sold at auction may affect your reputation if your work does not sell.
The Auction house will usually take commissions between 25% to 50%. The popular collectors have the best negotiation power on commissions
The Audience What kind of Audience do you want to show your Art to, and does it match the type of Audience the auction house attracts?
The auction house offers a guarantee. That means they will pay the collector or artist a minimum amount whether they sell the Art or not. Only the big auction houses can afford to do this.
How Art Gallery and other Markets work
Other markets for selling Art include Art galleries, Art dealers, public museums, commercial galleries, art shows, and, more recently, online.
In these markets, there is no time constraint. Therefore, the buyer and seller have more time to research the Art and find the right buyer at the right price for both parties and Canadian art auction pricing. However, this may take longer for the Art to be sold.
As a buyer, it’s essential to research the market and know the current value of the type of Art you want to buy because the market value prevails.
The art gallery or dealer commissions are usually lower than an auction at 20% to 30%
The art gallery is the best venue for an artist because the art gallery promotes the Art to specific collectors. They act as the link between the artist and the public.
The unknown artist can start their career and develop it by placing their Artwork in art galleries, having exhibitions, scheduling interviews with local media, and organizing art fairs or shows.
Depending on your preference, both auctioning vs selling Art through other markets have a place in the art community.
If you are a collector looking to sell your Art quickly to the highest bidder, the auction is your best option. However, if you are an artist interested in selling your Art to the right person at the right price, art galleries or dealers will work better for you.