Popular art auction houses set up online-only auction platforms or prioritize their online branches; a movement catalyzed by a post-millennial obsession with all things digital. Auction houses like Invaluable and John Pye are highlighting this growing trend, with the three-hundred-year-old Dorotheum in Vienna shifting 70 percent of its auctions to online-only this year. Also in the UK, Bruun Rasmussen achieved its highest growth following the transition to online bidding.
Bruun Rasmussen's introduction of a different type of online art offering, direct auction, is an example of how quickly digitalization is changing the face of how auctions work. Bruun Rasmussen's adoption of direct and online art auction practices allowed them to enter the world of 24/7 auctions.
Online Art Auction
Bruun Rasmussen's introduction of a different type of online art offering, direct auction, is an example of how quickly digitalization is changing the face of how auctions work. Bruun Rasmussen's adoption of direct and online art auction practices allowed them to enter the world of 24/7 auctions.
Old Masters
Similarly, Dorotheum, the world's largest auction house in Central Europe, has paid off for the move to digital auctions.
Digital Purchases
52 percent of those who purchased art online said they were more likely to purchase more art over the next 12 months. Additionally, millennial art buyers who purchase art digitally increased from 14 percent to 29 percent in 2018. The increasing preference for purchasing art online was further accentuated by the fact that 29 percent of millennials have never purchased a piece of art within the walls of a gallery, auction, or art fair.
A complete return to online art auctions could be the new future for auction houses and collectors, as the option to purchase art online is becoming more popular and mainstream.
Don'ts at an auction
1- Don't wait until you win to check the pickup and delivery options. In some auctions, you need to seize property immediately. Others charge a storage fee if you can't take your purchases with you when you leave.
2- Do not show excitement. When you find the items you want to buy, stay calm during the preview. You do not want to announce your intentions to other bidders. You can increase your competition if you draw attention to certain parts. If they didn't notice your favorites at first glance, don't give them a reason to go back for a second look.
3- Don't get into a bidding war. If you're caught beating the other bidder, you can wish to lose when the auction ends and commit to a high price.
4- Throw one's hands up in the air Don't shout your maximum bid as soon as the bid starts. The auctioneer will gradually increase the price until there are no more bids.
5- Do not bid if you are not sure you want to buy. If the winning bid is your bid, you are making a commitment to purchase. You can't change your mind after the hammer has fallen.
