Auctions are an important part of the art world. They attract wealthy collectors and art speculators, who compete for the best works. At the same time, they provide a lot of enjoyment for onlookers. A successful auction signals that the art market is on the rise, while a poor auction dampens confidence. These events are also great fun to watch – record prices are often elicited during the final bid, and the presence of famous bidders can cause a stir.
Auctions are different than traditional art sales, because they involve a series of bidding rounds. Usually, each bidder calls out his or her bid, which increases the price of the object until it sells for the highest bid. These auctions can be for any item, from antiques to rare objects and properties. Some auction houses have teams of experts that specialize in the field of art.
The process of buying art can be intimidating, especially for those with no experience. While most auctions are open to the public, buyers must register to bid. It’s also important to be knowledgeable about the artwork you’re interested in. Most auction houses have an art advisor on staff who can help you navigate the process. You can also try to view an artwork in person at a pre-sale exhibit.
Many artworks are pulled from auctions because there’s not enough interest. Sometimes, the auction house pulls the item out hours before the auction starts. For example, Egon Schiele’s Danae was withdrawn from a Sotheby’s auction in May 2017.