Some common mistakes to avoid when buying art at auctions

Buying art at auctions can be a thrilling experience, but it's important to avoid common mistakes that can lead to buyer's remorse. Here are some mistakes to avoid when buying art at auctions: 1. Not being educated about art: Before buying art, it's important to do your research and learn about the artist, the artwork, and the art market. This will help you make informed decisions and avoid overpaying for a piece. 2. Rushing to purchase a piece: Don't be impulsive when buying art. Take your time to consider the artwork and make sure it's something you truly love and want to own. 3. Ignoring what you truly like: Don't be swayed by what others say is valuable or trendy. Buy art that speaks to you and that you will enjoy having in your collection. 4. Misunderstanding how art is valued: Art is valued based on a variety of factors, including the artist's reputation, the artwork's condition, and its provenance. Make sure you understand these factors before placing a bid. 5. Not setting a budget: It's important to set a budget for yourself before the auction and stick to it. Remember to factor in additional costs like buyer's premium and shipping. 6. Buying art just for investment: While art can be a good investment, it's important to buy art that you love and will enjoy having in your collection. The art market is fickle, and there's no guarantee that a piece will increase in value. 7. Not asking questions: Don't be afraid to ask the auction specialists questions about the artwork you are interested in. Ask about why the owner is selling, ask for a condition report, and with a painting ask to see the back to see if there are any clues to the history. 8. Not understanding quality work: Just because you like a piece doesn't make it fine art and worthy of a hefty price tag. Make sure you understand what constitutes quality work before placing a bid. 9. Avoiding auctions or fairs where you may be pressured to buy on the spot: Until you are confident of your ability to make a quick judgment call, avoid auctions or fairs where you may be pressured to buy on the spot.
Not working with an art professional: If you are new to the art world, consider consulting with an art advisor or an art brokerage. They can help you navigate the auction process and avoid making costly mistakes.
Remember that buying art at auction is a learning process, and it takes time to develop an eye for quality and value. By avoiding these common mistakes, you can make informed decisions and build a collection that you will enjoy for years to come.