How does a contemporary art auction work?

Contemporary art is one of the most fashionable artistic expressions of this century. It includes all the works of art that were created between 1945 and today. Thanks to this, you will be able to acquire new, aggressive, bubbling and abundant works. Indeed, contemporary art is of a boundless originality. You will be able to find it everywhere, whether in advertising, architecture, cinema or fashion. Its doors are open to all, and it is in no way reserved for a specific elite. In view of all its positive points, contemporary art is attracting more and more investors at the numerous auctions organized throughout the world.

Investing in contemporary art

Nowadays, there are more than 35 billion works of art exchanged in the world each year and contemporary art holds more than 70% of this market. Indeed, investing in contemporary art does not correlate with the present financial markets. In other words, the flows of this type of market do not influence the value of a contemporary work of art. It is rather the fame and the reputation of the artist that depend on it.

Investing in contemporary art

Secondly, you should know that an investment in this field guarantees you a long-term profitability. Indeed, many specialists compare the investment in a canvas to that of acquiring a bottle of wine, because with the passage of time, both increase in value. Indeed, it is necessary to count from 7% to 12% of annual revaluation.

Add to this, that contemporary works are masterpieces to display in your home. Indeed, they will allow you tooptimize the decoration of your dining room. Finally, investment in contemporary art shows the advantage of flexibility in terms of of taxation since they are tax exempt. In addition, this type of asset is very easy to transfer.

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The principle of a contemporary art auction

In general, the auction is an organized process of negotiation that puts several economic agents in competition, during a defined period, for the acquisition or sale of goods with the most favorable conditions. In order to ensure this mediation, an auctioneer presents each work, with its initial price, and raises the bids as proposals are received. The sale price is then set when there is only one bidder left.

It should be noted that in most cases, the identity of the seller is never revealed. Exceptions are of course made. This is notably the case when the contemporary works sold are very prestigious, or during a judicial liquidation. Add to this the fact that the seller is rarely an employee of the auction house. On the rare occasions when this is the case, the latter is obliged to mention it.

Then, to the authenticity of the works During a contemporary art auction, an expert as well as the operator in charge of the sale indicates all the information related to the works sold during the auction. However, it is essential to be vigilant, as the latter have the right to make last-minute changes to the specifics of the works. This can also be done during the sale itself orally.

The principle of a contemporary art auctionNevertheless, in the case where a buyer realizes that the work, after acquisition, is a copy and not the original, the latter has the right to ask for reimbursement and compensation. Furthermore, it is essential to understand that an auction does not follow the same rules as an auction. sales principles than those of a joint or consumer sale. Therefore, when the word "sold" is pronounced by the auctioneer, the contemporary work is transferred to the owner. As a result, the person with the last hand will have to pay the announced price. Thus, it is almost impossible to change one's mind once the sale has been established. Finally, for sellers who cannot attend the auction, other remote means are available, such as bidding by :

  • Phone;
  • Internet ;
  • Firm order.
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Indeed, it is necessary to know that several websites are intended for that. We can mention Auction, Interencheres or Invaluable.

Participate in a contemporary art auction

In order for an artist or an individual to sell their work, a specific process must be put in place. The first step is to find a house or an auction operator, preferably specialized in contemporary art. All the auction houses are listed in a directory put online by the sales council.

Once you have found a suitable home that is interested in your work, you will need to prepare the sale. To do this, you will bring them to the house so that an estimate can be made and a starting or reserve price set. After that, you will agree on the various fees that arise from this service. The auction session will be conducted by the auctioneer. Finally, your funds will be returned to you for each work sold.

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