Paintings are among the most popular types of art, and they can change the mood of a room. They can also reflect a person’s personal taste. With an array of styles and artists available, there’s a painting to suit every taste. Paintings at an auction can be works by Picasso, Chagall, Dali, and many others.
When buying art, it is important to do your homework. Research the artist’s background and previous auction results, and subscribe to databases like the Frick Art Reference Library. These databases are invaluable to help you make an informed decision. You can also learn about a work’s provenance through the internet. A subscription to the Frick Art Reference Library can help you determine which paintings have sold for the highest price.
One painting that broke the $1 million mark was the work of artist Maud Lewis. Her painting Sugar Shack, which evokes the style of Thomas Hart Benton, was featured on the television show Good Times (1974-79). The original version was used as a cover for a Marvin Gaye album. The auction price shattered the previous record of Barnes, which was $550,000 for a painting she sold in 1978.
In addition to the Hammer Price, auction reports also include the buyer’s premium. The premium is the amount that an auction house adds to an artwork that has sold for more than its reserve price. Generally, the buyer’s premium is around 10 to 20 percent of the total price.