How Art Auctions Work

An art auction or fine art auction is the sale of art works, in most cases in an auction house. Normally, an auction catalog, that lists the art works to be sold, is written and made available well before the auction date. Some of the best known auction houses are Christie’s and Sotheby’s.

Do artists get money from auctions?

Materially speaking, artists only benefit from sales when their works are sold on the primary market, meaning a collector purchased the work from a gallery or, less frequently, from the artist himself. When a work sells at auction, the artist doesn’t benefit at all.

How much do art auctions make?

How much does a Art Auctioneer make? The national average salary for a Art Auctioneer is $74,879 in United States.

How do I get my paintings into an auction?

How Does It Work? Enter the name of the artist to find out if we are accepting their work. Submit basic information and images of the artwork you wish to sell. A team member will review your submission and respond within 10 business days. Receive guidance from our team before, during, and after the sale.

Where does the money from art auctions go?

The idea didn’t get any traction then, but now there’s a bill in Congress, called ART — American Royalties Too — that would mandate that 5 percent of every auction sale go to the artists or their descendants, with a cap of $700,000.

What happens to artists when their art is resold over and over again?

The Ninth Circuit ruled that US Copyright law trumps a California law requiring payment of royalties to artists. The decision brings to an end a seven-year legal battle over resale royalties, which offer visual artists a piece of the profits when their works are resold by galleries or at auction.

How do I get my art in a gallery?

Introduce yourself to gallery owners and curators. Familiarize yourself with the local success stories as well as the up-and-comers—they make great conversation-starters. Be friendly, but remember: you’re there as a spectator at someone else’s showcase. Connect with fellow artists, and be supportive of their work.

Who pays the auction fee?

The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer’s premium. It is charged by the auctioneer in addition to the seller’s commission, which had always been charged by auction houses to consignors.

Can anyone go to an art auction?

While many view art auctions as exclusive events reserved for the elite, they’re actually public events. Anyone can stroll in and attend (to get a bidding paddle requires a little more effort, but more on that later). It’s important to note that auction houses are almost the biggest drivers of the art market.

What percentage do art auctions take?

Typically, a seller might pay about 10 percent commission on a $100,000 artwork. A buyer would pay about 25 percent. But for some works of art — commonly those worth $1 million or above — sellers don’t usually pay anything.

Does Etsy have auctions?

You can sell almost anything on eBay, but on Etsy, you are limited to the handmade and vintage. eBay has popular brands, but Etsy’s buyers enjoy the uniqueness of the products; No auction format.

How do I set up an art auction?

Twelve Steps to Preparing a Successful Fundraising Auction Set Goals for Participation, Procurement, and Earning. Plan a Budget. Set a Date and Location. Choose an Auctioneer. Send Out Invitations. Solicit Donations of Goods and Services. Prepare Written Materials. Promote and Publicize the Event.

How do auction houses make money?

Auction houses earn their money through commission on sales, so it is in their interest to realise the best price. Some auctioneers will hold a sale at the property, usually a house, where the items are located, while more valuable lots are entered into more specific sales targeting collectors worldwide.

Do auction houses buy art?

Auction houses are still some of the best places to buy art, but you need price guidance, because the bidding competition in the room can be exciting and seductive. That was the highest price paid for a work of art for more than half a century.

How much do artists make for paintings?

National estimates for Fine Artists, Including Painters, Sculptors, and Illustrators: Employment (1) Employment RSE (3) Mean annual wage (2) 11,070 7.3 % $ 65,020.

What do auction houses do?

An auction house is a company that facilitates the buying and selling of assets, such as works of art and collectibles. An auction house may sometimes refer to the facility that an auction is taking place in, most commonly refers to the company running the auction.

What is the artist resale right?

Artist’s Resale Right gives creators of original works across their lifetime, and for 70 years after their death, the right to a payment when their work is resold in the secondary market with the involvement of an art market professional.

Is it legal to resell art?

The California Resale Royalty Act (Civil Code section 986), which went into effect on January 1, 1977, entitles artists to a royalty payment upon the resale of their art if the transaction takes place in California or the seller is based in the state.

Do artists get royalties on paintings?

The higher the sale price for the artwork, the lower the overall royalty rate. Your royalty is worked out according to a sliding scale from 4% to 0.25%. Royalties are calculated on the sale price for galleries and dealers and the hammer price for auction houses, excluding VAT.

Do art galleries pay artists?

Commissions. Every gallery is different, but most galleries take somewhere around a 50% commission from pieces you sell. Some take 40%, but rarely do any take more than 50%. Some galleries take a very small percentage in exchange for a monthly payment.

How do galleries find artists?

The primary way that galleries choose artists is through relationships. That means that either someone introduced them to the artist’s work or they met the artist first and then were introduced to the work. If you’ve identified an art gallery that would make a good fit for you, develop a relationship with them.

What do galleries look for in an artist?

Let’s talk business. Simply put, galleries prefer that the artists who they work with have some knowledge of the business and more importantly, an appreciation of what a successful business partnership or relationship involves and how it grows over time.