Ten Insider Tips for a First-Time Art Auction Buyer
Art can seem a tad bit overwhelming for someone who is new to it. Subsequently, it may even be intimidating for a novice buying art at an auction. To help a new art-auction buyer sail through the buying process, Luxpresso asked Deepanjana Klein, senior specialist and International Head of Department for South Asian Modern + Contemporary Art, Christie's, to chart out this guide. Read on.
Now, it is true that one must buy art for the love of it, and, in Klein’s words, “One doesn’t have to follow anything.” With the art market so mature and buyers paying such a high price for works, it is important that one must know what one is buying. Highlighting the importance of asking for details like a condition report, a criterion that has also made it to her list, Klein adds, “One needs to know what the condition of the work is and whether restoration has been done. When people come to us to buy a work it is our duty to show them the condition of the work. Ten years later when one tries to sell the work a condition report will be asked for.”
Also, someone comes in for the first time they may not know that a buyer has to pay buyer’s premium, an addition sum amounting to 20 to 25 per cent over the hammer price. A buyer may also not know that he or she has to pay for shipping, or that a work doesn’t always come with the frame. Drawn keeping such factors in mind, here are ten insider tips to help you buy at your first art auction.
Works accompanying the tips are chosen from the lot to be auctioned at the 4th Christie’s Indian Art Sale to be held on 18th December 2016, at the Taj Mahal Palace Hotel in Mumbai.
Image via Christie's