collaborative post | Exciting, engaging and always evolving – online art auctions are the ultimate event for those looking for their next investment and adventure. In the highly competitive and dynamic online bidding space, the best way to master it is to learn strategic tactics that help you come out on top. Here, we’ll break down how you can win an online art auction with 11 expert tips and tricks.
Photo: Charleston’s Fine Art Auctions
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Play by the Rules
Before you begin, it is important to research the specific rules governing the action with your chosen auction house. Every website and platform will carry slightly different guidelines, so it is key to read the practice terms before the bidding starts.
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Curate your Wishlist
Many high-quality auction houses, such as Charleston’s Fine Art Auctions, will preview upcoming artworks and items for auction in digital catalogues and newsletter forums. Keep an eye on items that catch your eye and curate a list of pieces you plan to bid on to shape your budgeting and your schedule.
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Plan your Schedule
Auctions are hosted in scheduled time slots that vary throughout the year. The duration of the auction is the time from the first bid to the final winning bid; therefore, it is essential that you become familiar with the time frame you are working within and that you pencil in any auctions you plan to participate in on your calendar. Set alarms, set budgets, and set yourself up to win!
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Determine your Budget
Setting your budget is one of the most crucial steps in your bidding strategy. Determine your base number and ceiling number, and don’t forget to factor in additional costs such as shipping or duties. When you have a set budget, you are less likely to bid beyond your means.
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Check your Connection
Whether you are planning to bid from your smartphone, tablet, laptop, or desktop, you will need a reliable data or internet connection to stay in the game. Double-check your network so that you can bid with confidence.
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Do your Research
Before you bid, make sure your chosen item suits your lifestyle, environment, or financial goals. Look into the artist’s background, medium and market value to inform your bid.
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Explore your Options
If you are hunting for your next piece but aren’t sure exactly what you are looking for, there’s merit in exploring different art forms, time periods, and options that could fit your tastes and preferences.
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Compare Like for Like
If your artist of interest has sold previous works (which is likely), research how much their items sold for to help shape your budget strategy.
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Consider your Portfolio
Maybe you’re starting your collection from scratch, or you’re a highly experienced curator – either way, it is key to consider your existing portfolio or space to see whether the item will harmonise with your items and your lifestyle.
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Stay Updated
When bidding opens, you’ll receive bid status updates on your device of choice. Make sure your notifications are on so you can stay on top of the action during the bidding window.
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Enjoy the Process
With the best online art auction platform, a set budget and plenty of research under your belt, you are ready to navigate the dynamic world of digital auctions strategically. Don’t forget to enjoy each step!