The world demands the work of well-known artists. Art auctions are a way of tribute to the paintings of famous artists and are the sale of artwork in galleries and other popularly known places. The origin of such auctions dates back to the 17th century in England. The auction list, price, and venue with the date are given to all the people invited.
In modern times, only selected people from the upper-class society participate since a piece of painting costs more than a month’s salary that an ordinary person earns.
The concept of auctions originated when Charles I, in the 1500s, wanted to check the highest price for the painting done by him. He invited people from his town and described the importance and effort he put into the painting. This became a thing and was named after an auction in the late 1700s when the Earl of Oxford conducted many such events. It then became popular in England and many British towns and cities. Many British museums take part in auctions and hang the best paintings. A painting for Leonardo da Vinci was sold at the highest price in the 1800s.
In the late 19th century and early 20th century, there was an increased public demand for such auctions. The concept and look of auctions have changed since the 1905s. It became an entire event. Complimentary drinks were given and sometimes followed by dinner. People celebrate with dance and music after the event. Photographs and autographs are taken with famous painters and are also themes for such auctions.
How do auctions work?
The auction generally occurs in five-star hotels, banquet halls, and art galleries. The invited people are seated, and a number is given against their table. Every person is assigned a holder to raise the number against the announced price. These people are known as bidders. A person on the stage sometimes announces the starting price and the painter’s name. People interested in the price raise their hands with the number allotted. The price goes up until the number of people willing to purchase comes down to one. The highest cost is repeated thrice, and if no one else is interested in the painting, the painting is given the title of “sold.”
Types of auctions
It is the most popular type of art auctions where individuals bid higher than others to seal the product. The highest bidder gets to take the product home. Such auctions are familiar in selling wine, antique, and art products. This is prevalent in most British cities and the United States.
This is the complete opposite of English auctions. The auctioneer starts with the highest price and goes down. Then, the cost of the item keeps getting lower until only one participant accepts the current price. These types of auctions are done for fish and tobacco products.
The first price sealed the auction.
This is done in the case of credit and government contract tendering. People give in the bids beforehand and are kept a secret from their competitors. The highest bidder gets the product. This is entirely based on luck.
The second price sealed the auction.
This differs from the first price auction as the first highest bidder gets the product at the price bid by the second highest bidder. This is advantageous because a person receives the product at a lower price than expected. This is done mainly in online advertising.