The art market shrank by 22% in 2020, down from $64.4 billion in sales in 2019 to $50.1 billion from that last year. That enormous impact of COVID-19 forced much of the art world to shift online only almost exactly one year ago.
If you have any interest in modern art, you might be mulling over the idea of purchasing a new piece to hang in your home or office.
But many prospective buyers are wary of purchasing something they’re not familiar with at an online auction site. We’re here to break down the process for you.
Keep reading to learn everything you need to know about how to buy modern art at auction sites.
Set a Budget
When you buy an online art auction, it’s important to set a budget and stick to it. With so many tempting options available, it’s easy to overspend.
By setting a budget ahead of time, you’ll be less likely to make an impulsive purchase you may later regret. It can be easy to get caught up in the excitement of the auction and end up bidding more than you intended.
Do Your Research
Before bidding on any piece of art, it’s important to do your research. If you’re not familiar with the artist or the artwork, take some time to read up on them before making a purchase. Read up on the different styles and movements within modern art.
Familiarizing yourself with the artist’s background and body of work will help you make a more informed decision. This will give you a good idea of what to expect when it comes to bidding at an online auction for art.
Check out https://insights.masterworks.io/art/irl/what-are-some-alternatives-to-artnet/ to learn more digital art market.
Know the Condition of the Artwork
When buying premium art, it’s important to be aware of the condition of the piece. Make sure to read the item description carefully, paying close attention to any mention of damage or repairs.
If you have any questions about the condition of the artwork, be sure to contact the seller before making a bid.
Check the Seller’s Reputation
If you’re buying art from an online auction site, it’s important to check the seller’s reputation. Look for sellers who have a history of positive feedback and take the time to read through their customer reviews.
Have a Backup Plan
There is always a possibility that you may not win the auction. Have a backup plan in place so that you don’t end up disappointed.
Remember to have patience, like with any auction, there may be times when the bidding is slow. Don’t get discouraged – just be patient and keep an eye on the items you’re interested in.
Be Prepared to Pay Shipping Costs
When buying art online, be sure to factor in the cost of shipping. Many auction sites will allow you to calculate shipping costs ahead of time, so you can factor them into your budget.
Keep in mind that larger or fragile pieces may incur higher shipping costs.
Ready To Buy Modern Art Now
If you’re looking to buy modern art at an online auction, there are a few things you should keep in mind. Familiarize yourself with the artist and their work.
Do your research on the piece you’re interested in, and be sure to set a realistic budget. Don’t be afraid to place a bid – you might just get lucky. Good luck and happy bidding!
Find this post helpful? Check out the rest of our blog for more valuable content.