How to Dive Into Auctions
Twice a year, the biggest auctions in North America happen in New York.
They happen during spring in May, and in the fall in November. Of course, there are countless sales in between across every category - photography, wine, jewelry, Latin American Art, single-owner sales, and the list goes on - but the biggest auctions, or “Marquee Sales”, include 20th and 21st century works sold at Christie’s, Sotheby’s and Phillips that together sell for billions of dollars.
The seasons for Marquee Sales are short but intense, and getting involved comes with a thrill. Here are a few ways to dive into the market for the auction-curious.
image courtesy of Sotheby’s
First: Mark your calendars. Exact sale types and dates vary year to year, but some key timelines are:
Late March/Early April: Christie’s, Sotheby’s, Phillips release their sale dates and viewing schedules for the major May 20th and 21st century sales.
Approximately 10 days before each sale, viewings start. These happen each of the ten days, through the weekend, during business hours of approximately 10am - 5pm EST and they are always open to the public.
Late September/Early October: Christie’s, Sotheby’s, Phillips release their sale dates and viewing schedules for the major November 20th and 21st century sales.
Approximately 10 days before each sale, viewings start, and the same information applies as stated above.
Second: Go to a viewing, regardless of whether you have any interest in buying.
It is the perfect marriage of a hallmark New York City and blue chip art world experience. These viewings are packed with people who are actively seeking to buy millions of dollars worth of art, together in a relatively small area. There is lively discussion between these people, their advisors, and auction specialists, around price, quality, provenance, demand, auction guarantees, and more. It creates a buzz, and it’s similar to going to a museum where everything is for sale with a crowd of ready buyers. Prices are clearly labeled, and you can get up close and personal with any of the works, have them taken off the wall, and talk to any specialists that are frantically scurrying around because they struggle to even keep up with the number of eager buyers all in one place.
Third: Watch the sale. This can be done in person or online.
For the evening sales, tickets are required. They are free but reserved for actual bidders or auction house groupies. That said, watching the sales online is still exciting, and the houses have stepped up their videography to convey sale room sentiments - drama, surprise, disappointment and more - to those viewing from all over the world. Seeing it is an illuminating experience that brings the ark of the sale season together.
These three steps clearly outline how to gain an understanding of the auction process. From there, those who are excited by buying within the fast-paced, less certain auction structure, can identify works for potential acquisition either at the next Marquee Sales, or any of the countless other sales that happen globally year-round (except August). This process is not for everyone, and when advising our own clients on auction options, we certainly manage their expectations to ensure the process aligns with client comfort zones. When it does, we help identify top artwork options, work with our auction contacts to understand the demand for the piece and what ultimate sale price we can expect, perform diligence on condition and assess how it works within a client’s collection. We also bid on our client’s behalf, choosing phone, online, or in-room bidding depending on various factors of the client, sale and artwork.
All in, the auction market is a huge and ever-changing sector of the market. It operates so differently from retail, and there’s an intoxicating energy that lures people in. It’s easy to get involved in, with no commitments, and doing so only enhances your understanding of and exciting for the always-dynamic art world.