The auction of art is a special event that brings together art lovers and collectors alike. During the preview and artist reception, guests can enjoy wine and appetizers while listening to the music of local musician Phil Alley. Proceeds from the auction benefit local conservation organizations, including the Appalachian Trail Conservancy and Asheville GreenWorks. The Mountain Club and MountainTrue are also beneficiaries.
Although the auction of art is rooted in tradition, it is evolving in the digital age. As the market has become a multi-billion-dollar global industry, art auctions continue to be a key point. News reports cite new auction records and sell-outs. The NFT artwork sold for $69 million at Christie’s, making it the third most expensive piece of art sold at an auction by a living artist. This represents an unprecedented price for digital artwork.
The art market has grown exponentially since the nineteenth century, with the development of global trade and colonialism. During the twentieth century, Asian and African art began to compete with Europeans for the highest bids. After World War II, American industrialists began purchasing art, and art collectors started to look beyond Western Europeans.
Attending an art auction requires some preparation. Prospective buyers must register in advance and be fully aware of the works on offer. Some auctions require that buyers present identification and financial credentials, while others do not. In some cases, you can even bid by phone. If you’re unable to attend an auction in person, you can place an online bid, provided you register at least 24 hours before the auction.
Art auctions are exciting events. The thrill of the art work, the auctioneer’s sing-song chatter and the competition of bidders can be a thrilling experience. An online auction can be especially exciting, as the timer ticks down. When a buyer does not find what they’re looking for, they have the option to return the work.
Auctions are an essential part of the secondary art market. While the primary market is concerned with works sold immediately after their creation, the secondary market focuses on resales. They involve an increasing number of bids that must be accepted in order to sell the item. The auction process, derived from the Latin augere, creates a highly competitive sale atmosphere, which can result in astronomical prices.