Auction works of art are works of art sold at an auction to generate money for the artists or the gallery that represented the artist. These works of art are catalogued and offered for sale in the online auction catalogue. Each auction lot has a presale estimate (the lowest and highest possible bid amounts) and an opening bid. Pre-sale estimates are used to help sellers determine what the work is worth before the sale takes place.
When you buy an auction work of art, it is important to do your research. Each auction house has an online catalog featuring images, price ranges, and other information. These online catalogs make it easier for buyers to understand the value of a piece of art, but you should still consult an expert before making your purchase.
Auction works of art are presented in a variety of ways, from the simplest to the most extravagant and expensive. The condition of a work of art is extremely important and can greatly affect its value. Before the auction, the works of art are presented to potential buyers at a preview. During this time, the buyer can look over the works of art and ask for a condition report if they have any questions.
After the recession, the art market began to rebound and prices rose again. Sotheby’s, Phillips, and Christie’s have adapted their marquee evening auctions for the modern era. The three auction houses dominated the evening sales last year, with works of art reaching jaw-dropping amounts. In June, Sotheby’s led an evening sale featuring a Francis Bacon triptych. And in July, Christie’s staged the relay-style auction “ONE” and brought works of art by major artists to the public.