An art auction is a sale of artwork, typically in an auction house. In an art auction, buyers have the opportunity to bid on works by famous artists. They can choose from many different works of art, including paintings and sculptures. There are several different types of art auctions. Some art auctions are held in museums, while others are held in auction houses.
When buying at an art auction, buyers should do their research. Most art auctions publish online catalogs that include images and descriptions of available pieces. These catalogs also include information about artists and exhibitions. However, this information is not sufficient to evaluate works of art, so it is recommended to consult an art expert before making a purchase.
A professional auctioneer will appraise each piece of artwork and determine an estimated selling price. The auctioneer will conduct the bidding, which may include telephone bids. Before the auction, each piece will be exhibited in an auction catalogue and may even have a presale exhibition. When the auction begins, each piece is bid on individually. If no one bids on a work, it is bought-in by the auction house. The buyer will be responsible for paying the hammer price, buyer’s premium and taxes.
Art auctions are a great way to find an artwork at a low price. Many famous artists have sold their works at auctions. Pablo Picasso’s works remain among the most sought-after artworks at auctions.