Charitable auctions have many benefits. While free wine is one, more serious motivations include supporting an organization you respect, networking within the art community, and discovering emerging artists. That being said, it’s not uncommon for experts to warn against charitable auctions. As they are not run by members of the art market, the art could be damaged or misrepresented—also, the deals they tout are rarely a market bargain.
If you are aware of the risks and have done your research before an art auction, they are a great opportunity for collectors. Here are five ways to prepare for a charitable art auction:
Only Attend Charitable Auctions Held by Organizations You Support
When searching for charitable auctions, it’s best to work with organizations that you personally care about. The main idea is to benefit a charity, and not to find the best deal. Contrary to an auction house such as Sothebys or Christies, this isn’t only about the art. Additionally, the art for sale at a charitable auction is generally donated, meaning there could be restoration needs or issues that aren’t known to the charity, therefore not listed. It’s best to keep the idea of donating to a nonprofit at the forefront of your motives.
Research the Art for Auction Before You Arrive
Review the catalogue of art for sale. Although the main idea is to benefit a charity, you want to be sure you’re aware of what you’re buying. The sellers are not necessarily art experts, which means you need to be extra cautious in reviewing the provenance available and the state of the piece. “The earlier that you can inspect the item(s) that you are interested in the better, because this allows you more time to do your homework or research,” according to Fine Art Appraiser Dr. J. Darragh M. Elliott, M.Sc., Ph.D.
Like any purchase you make, always inspect the provenance documents before you buy. If an auctioneer tells you that the provenance documents are not available, take this as a serious warning sign. Something might be fishy with this piece. Consult our guide on the legitimacy of provenance documents.
Don’t Assume You’re Getting a Bargain
Auctions tend to advertise the art as a can’t-miss deal. Don’t let the bargain blind your judgement. First, consider whether this piece is worth bidding on and if it fits in with the overall goals and themes of your collection. With the festive atmosphere, it’s not uncommon for bidders to get carried away by a price tag that might be lower than usual for a specific artist. That’s when your research comes in. Ask yourself: What era was this created? Are there proper provenance documents to prove its authenticity? Is this truly a good price?
Try to Meet the Artist
Some artists donate their best work to charitable auctions in an attempt to increase exposure. In those scenarios, the artist will often attend the auction to meet collectors and bidders. This is a great opportunity to get involved in the art world and get to know the creator. Whenever possible, you want to meet the creator of your works. Knowing the inspiration and story behind a piece always strengthens your provenance and sometimes can increase the value of the artwork. This is a great way to meet up-and-coming artists as they gain popularity, as well.
ARTWORK ARCHIVE NOTE: All of the Artwork Archive artist members are listed on our Discovery page. The option to contact them and learn more about their work or inquire about a specific piece is always available. Knowing the artist behind a work adds a personal touch to the piece, and, as mentioned, including the story behind the piece in the provenance documents could increase the value of the work.
Understand the Strategy of Bidding
Starting from where you sit, there is a strategy to bidding. Let’s say you position yourself at the front of the audience, so everyone will see when you bid. You could also sit a bit farther back to remain more discreet. One strategy is to bid early to intimidate others, and hope they assume that you will outbid them. Another strategy is to wait until later in the bidding process, when the price is nearing your limit, and hope that you are the person that places the last bid. Entering the auction having done your research, you should have a set price you’re willing to pay for each piece you are interested in. Be careful to never share this information with auction attendees or the auctioneer. You will find the style of bidding that makes you feel most comfortable. The most important thing is staying within your budget.
Don’t let the auctioneer manipulate your bidding. They have tactics like lowering the price when bidding is slow, which might ultimately result in a higher final price. You might catch them raising the intensity level by lowering the price and bringing more bidders into the race. As the intensity builds, bidders get carried away and lose their set budgets. Although the auctioneer can sound like a sports commentator at times, it’s not a race or a competition. As an experienced collector and bidder, you will know when and how to make a strong purchase. By doing your research and approaching the auction with your goals, and lived or read experience, you will be proud of what you bring home.
