15 Essential Terms to Know When Art Auctioning

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15 Essential Terms to Know When Art Auctioning

Auctioning can sometimes resemble a sporting match in terms of competitiveness and intensity. Understanding the most basic principles of art auctioning will allow any individual to excel once provided with the opportunity to bid on artwork. Here are 15 terms to keep in mind as you participate in this process. 

Appraisal- The market value assigned to an item by the house specialists.

As is- The item is sold in its current condition, with imperfections and faults at the time of auction.

Auctioneer- The conductor of the auction, usually a trained professional, can be a man or woman. They are usually known for their ability to fetch outstanding prices for items, even in the stingiest of crowds. Auctioneer’s use many different styles that are catered to specific demographics.

Bid- The amount a prospective buyer signals he/she would like to pay for the item currently being auctioned.

Bought In- Art that fails to sell and gets returned to the consignor.

Buyer’s Premium- The fee that the auction house adds to the hammer price of an item, usually a percentage from 10-20%.

Conditions Report- Description of the item up for auction, usually prepared by a specialist.

Consignor- The party responsible for putting the piece up for auction. Can stem from the three D’s known as Divorce, Death and or Debt.

Exhibition History- A complete history of all exhibitions in which an item as appeared. Exhibit history may affect the value of the item.

Hammer Price- The final and winning bid, gets its name from the gavel when it comes down upon completion of an auction.

Increment- The amount by which the next bid must surpass the previous bid.

Protecting a Market- When a dealer places a bid on behalf of an artist to assure that the market value of an artist does not fall. Major artists usually expect this type of financial protection from dealers.

Reserve- The minimum price that a consignor will allow the item to be sold for. If the reserve is not met then the work will be bought in.

Sell Through Rate- The percentage compiled to assess how the auction performed. Rates below 75% are considered to be underperforming.

White Glove Sale-  An auction in with a 100% sell through rate. A party usually ensues after.

Even with basic knowledge of these terms, any beginner can approach a sale at the auction house with confidence and ease. 

Upcoming Picasso Exhibition at the Vancouver Art Gallery

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Qingxiang Guo from the Wanda Group art collection has agreed to loan Picasso’s famous “Claude et Paloma” painting to the Vancouver Art Gallery.

China’s Wanda Group purchased Claude et Paloma for $28.2 million US, including fees at Christie’s November auction in 2013. The oil on canvas work depicts two of Picasso’s children born as a result of his long-term relationship with Françoise Gilot, which will be on display at the Vancouver Art Gallery.

Moreover, Qingxiang Guo oversees the Wanda Group art collection, which is owned by Chinese billionaire Wang Jianlin. Wang Jianlin is known as the richest person in China with a net worth of $31.5 billion US.The Wanda Group is known as one of the largest world property owning companies, as seen by their recent acquisition of the American media company called Legendary Entertainment.

Guo said he agreed to loan the painting to the Vancouver Art Gallery due to his familial connections in the area, with both son and granddaughter born in this city.

Guo also reaffirmed a notion about the “art experience” by stating that he wanted to offer this painting a space where it could be appreciated by the public eye, not only his personal use.

With over a $1.6 billion value, the works owned by the Wanda Group consist of over one-thousand paintings ranging from Pollock to Picasso.

Around 30 years ago, Guo founded the art collection that fueled his lifelong passion for all different types of art. To mark his first purchase, he gladly invested in a painting by Guanzhong Wu, who is a Chinese artist known for finding a balance between western and oriental artistic styles.

vancouver art galleryThe gallery has works by Impressionists and Modernists from not only Western tradition, but also from Chinese culture. Throughout this process, Guo has worked with a team of around 10 professionals to grow and expand this collection to what it is today.

This painting, which was crafted in 1950, depicts a brother and a sister in their everyday lives. Claude et Paloma exhibits all the visual forms of a children’s world including fat stubby fingers and the decorative ornaments from an adolescent’s perspective.

This work by Picasso lets viewers into the children’s playful, imaginary world in relation to the various patterns and playful visual components that highlight Picasso’s artistic versatility in his field. Instead deriving from historical or political subjects, this Spanish cubist chose to draw from the simplicity from a child’s gaze.

As well, Guo said what is not as widely known is that the painting is more than a portrait of two children: The painting depicts both Claude and Paloma as well as Picasso and Gilot, which provides an interesting visual dynamic for onlookers to view.

What You Need to Know About Art Authentication

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Although it can be a bit difficult to decipher whether or not a certain individual is deemed as a “qualified authority,” when approaching a conversation with this kind of individual, be sure to make note of the following:

Generally speaking, individuals who are known as qualified authorities are people who have extensively studied the artists, published scholarly papers about them and Also, another important attribute of a qualified authority is if this certain individual has sold a mass scale of anywhere between twenty to a hundred works by the given artist, or has previously written or is currently writing a piece highlighting the artist’s life work.

art authenticationQualified authorities may also be the artists themselves, relatives of artists, employees of artists, direct, individuals who have legal, formal, or estate-granted entitlements to provide their professional opinions on works of art created by particular artists. Among the rest of these important attributes, qualified authorities are those recognized throughout the art community as the professionals who are able to provide in depth analysis of a particular artist and their work.

Before purchasing art, be sure to look out for these traits that indicate the individual is not a professional qualified authority in the art community.

► Individuals who have written about an artist’s work or experience, but are not the primary experts in the art field.
► People who in any way, shape, or form attribute their art to artists, but who have no concrete proof of attribution and who are not recognized authorities on those artists.
► During this process, individuals that believe or sell art on the fact since art is signed by a certain artist, there is no question that work or painting is authentic.
► People who say “that’s what the previous owner told me,” but who have no other forms of proof.
► Be sure to keep a lookout for individuals who may be self-proclaimed qualified authorities, but who are not recognized by their peers as authorities.
► Art appraisers who are not recognized authorities on the artists in question, but who appraise the art as
being by those artists anyway.
► Individuals who are unable to produce tangible first-party proof that their art is by certain artists. This lack of evidence therefore highlights that you should in fact not go through with the deal.

Along with these tips, it is important to utilize a fair amount of common sense before you purchase art from a certain person. In addition to being extremely careful under all circumstances, make sure you have concrete proof that everything you’re being told is true before you make the purchase. Also, if you have the time or resources, make an extra effort to look for a second opinion to reaffirm any lingering doubts or concerns you may have.

An Affordable Route to Art Collection

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An Affordable Route To Art Collecting (2)

 

Nowadays, most people can’t afford to purchase an original piece of artwork. Does this mean you’re automatically disqualified from indulging in an art collecting hobby? Absolutely not. There are ways for you to fill the walls of your apartment, office, or house with your favorite pieces of visual artwork without having to break your bank account. The main two alternatives are purchasing reproductions (also know as repro prints) or original prints.

Often times people confuse the two terms, so let’s break them down. An original print is considered an original piece of art because each print is made separately, hence the details in each work may vary. The way an artist goes about making original prints is by first creating an etching on a surface made out of limestone, wood, or metal. Then the artists applies ink or color to the etching and pulls on the matrix. The end result is a print of the original etching he or she created. According to Sheelah Molone from 2020 Gallery, you can only get a certain amount of prints from the etching, so usually original prints are limited to 10. On the other hand, a reproduction is a printed representation, a duplicate, or a copy of the original work. According to Sheelah, artists usually create repro prints when they want to have a limited edition of prints of an original work.

In terms of what this all means to you – what’s the difference in pricing? Ultimately pricing is going to be up to the artist, but to give you an idea, Sheelah represents print artists whose prices range from €90 up to €200. Usually print prices are calculated relative to the price of the original artwork and the number of prints the artist made (keep in mind that the print may be smaller in scale to the original). The larger the print run, the lower the cost of each print. The good news is that prints will always be more affordable than the original piece. Even though repro prints and original prints are more inexpensive, they are still valued as respectable pieces of art. In fact, many art collectors who miss out on the opportunity to buy an original choose acquiring a print as an alternative. Remember, not all artists make prints of their work, hence obtaining a print is still considered like a good art collecting investment.

So if you’re one of the luck ones that has some disposable income and are interested in starting their very own art collecting, go ahead and give repro prints and original prints a try. A great way to start is by visiting galleries you like and inquiring about prints. If you’re going to dabble on online print shopping be very careful, and perhaps stick to websites of galleries you are familiar with – you wouldn’t want to purchase a poor quality print.

New Chinese Art Collection to Showcase at the Guggenheim

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New Chinese Art Collection to Showcase at the Guggenheim

 

The Guggenheim in New York City is currently expanding its collection in order to focus more on the evolving, complex nature of Chinese identity. Richard Armstrong, who has previously worked for other prestigious American institutions, such as the Carnegie Museum of Art and the Whitney, publicly announced in Hong Kong that the New York Guggenheim will showcase seven Chinese artists.

While this white colored rotunda has had its fair share of exhibitions, this is a precious moment for this Guggenheim branch to further indicate their ever growing, eclectic global collections.

The various artists come from the Robert H.N.Ho family Foundation, which has an initiative that primarily focuses on guiding and cultivating the potential for Chinese artists. Based in Hong Kong, this foundation’s mission is centered around the notion of art development to be one of the main cornerstones in overall societal growth.

With less than a year for these artists to make their creative mark in the New York Guggenheim, the museum’s collection will actually be completed for the public during the beginning of November. Chinese artists such as Sun Yuan and Peng Yu have been chosen by Richard Armstrong to exhibit their work that focuses on their nation’s history, ever changing political atmosphere and specifically how these factors contribute to their identity.

Both Sun Yuan and Peng Yu are especially appealing to the NYC Guggenheim because they are currently at a very unique, transitional phase in their careers as artists who have not yet peaked in their professional field, but are not necessarily new to the scene. The expected work that will display this iconic, white spiraled museum will traverse a wide array of forms, ranging from visual clips to large installations throughout the gallery.

In addition to an exhibition focusing on the work from contemporary Chinese artists, the Guggenheim is also in the process of acquiring art from the 1980’s-1990’s. According to Alexandra Munroe, the museum’s Asian art curator, art from this era is experimental and outlandish in nature, offering a very different, more visually intriguing side complementing contemporary Chinese art.

Interestingly enough, this show is expected to be the most extensive art collection of this nature to have grace a US based museum. Although there are limited details as to when or what this exhibition would specifically entail, it is clear that Chinese artists will be on the rise on the American art scene in the years to come.