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“I’ve put Jana Euler or Cassi Namoda in Leo’s sales when they were starting out,” she recalled. Schiff, who has organized environment-focused benefit auctions for the Leonardo DiCaprio Foundation, noted that such sales can be an ideal place to discover new artists. Major benefit auctions hosted by museums and nonprofit organizations typically feature some of contemporary art’s most renowned living artists, as well as emerging artists you may not know yet. However, as Schiff noted, “Buying from a charity auction is not a donation, so you are not getting a tax deduction.” Brodie provided an example of the opportunities charitable auctions can provide: “You’ve been eyeing Nicolas Party, who is hard to get, and one of his paintings appears in the New York City AIDS Memorial’s charity auction-go for it or, you’d love to support this organization, so why not also leave the benefit with an artwork?”
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“Damage in a work from 2019 is unlikely, but if you suddenly start looking at an older work in a fragile medium, I’d wait to see a condition report before making any decision,” she said.īy buying from a benefit auction, you can support a social cause while expanding your collection at the same time. But when a collector makes an impulse purchase, “there is no prep time, but you have potential for regret,” Schiff added.īrodie agreed that “spontaneous acquisitions” are risky, though she noted that “if a similar work with little risk and a modest price point excites you, go for it.” If an artwork does speak to you at the last minute, Leonard advises going to the condition report. In the lead up to auctions, Schiff presents her clients with a spreadsheet that breaks down sales tax, her fee, buyer’s premium, and management fee for specific works.
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Schiff certainly doesn’t think so: She refers to impulse buying as “a disaster situation.” She also pointed out that, especially with online sales, “you may think you will not get the piece and keep clicking, but in the end, you might!” She notes that a last-minute purchase doesn’t allow for the buyer to understand the full breadth of what a work will cost. This may include sales tax and a buyer’s premium-the fee an auction house charges for facilitating the sale. This will give you a sense of the work’s value trajectory and can help gauge how it will sell in the forthcoming sale.Īs you estimate the total cost of buying the work you’re eyeing, do also keep in mind that additional fees may be added to the hammer price (the winning bid). “You need auction history research, which may or may not be provided in the provenance,” she said. Schiff advises looking into whether the work has been sold at auction before. This can be especially useful as a collector considers what budget they might need in order to place a winning bid. Tools like the Artsy Price Database allow collectors to freely review millions of past auction results to get a sense of the market rate for a given artist’s work coming up for sale.
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Yet often, even more telling is an artist’s past auction results-a key resource for evaluating the value of a work and predicting what it might sell for. One of the advantages of buying at auction, rather than at a gallery, is that artworks for sale are always listed with a starting bid and price estimates.