Whichever method an artist chooses to sell their art, they must consider both advantages and disadvantages and come up with the best-selling method that will not cost them more money. Art can be sold through auction houses or in an art gallery.
When you compare auctioning vs selling art in a gallery, it might be difficult to figure out the best method. This guide will help you consider the best strategy.
Auctions involve bidding on a specific artwork that you want to get your hands on and if you have the highest bid, you get to keep the art after paying. Auctions can be conducted anywhere but there are specific houses dedicated to auctioning.
Each piece of art in an auction is given three prices. A pre-sale rate is the estimated price the house is expected to sell at. A reserved rate is the lowest price set by the art owner or the auction house so that it can sell. It cannot be sold if the highest bid doesn’t reach this amount.
The opening bid in an auction is normally set below the minimum presale rate. It is the starting bid that the auctioneer announces and the buyers start to bid. There are condition reports on each piece of art with their history that buyers should read before the auction starts.
A comparison of auctioning vs selling art in a gallery in today’s market shows that auctions especially over the internet have become very popular and skyrocketed at a huge rate.
Benefits of auctioning
When we compare auctioning vs selling art in a gallery, auctioning has proved to be the most affordable means to start a collection especially if you are looking for vintage pieces. You might need a bit of luck when more than one buyer is interested in one piece, but most paintings are sold a little above their reserved prices.
You can also be able to control your budget according to the information on the recent auction history of the artist. Also participating in an auction is a unique experience and fun for new buyers.
Selling art in a gallery is easy because all you need is room to display your work and buyers come in, enquire about the pieces, and if they are interested, they purchase them. Most galleries act as middlemen between artists and buyers. The gallery also sets the selling price.
Benefits of galleries
When we look at auctioning vs selling art in a gallery, Buyers in a gallery can take their time in decision making. They are allowed to be selective too. Selling art in a gallery ensures the prices of pieces are fixed and no haggling is involved.
At the end of the day, the only question artist should ask themselves when comparing auctioning vs selling art, is which method is better? Auctioning ensures fast and profitable sales while selling in a gallery, the seller knows exactly how much money a piece will go for.
Toronto auctions by Waddingtons offers the most diverse range of auctions, including works by renowned artists, in diverse genres, items from important estates, and from cultures around the world.