If you have never participated in an online art auction before, then you might be wondering just how they work and what is the best way to start bidding.
The general concept is similar to that of a live auction – where a piece is listed for bid and prospective buyers propose their price, competing until the auction ends. The winning bidder will secure their piece and take it home to place in their collection.
More and more individuals are choosing to engage with the online art auction space over traditional auctions. With better processes, optimised accessibility and higher levels of comfort and convenience, the digital art world offers a host of benefits for both buyers and sellers to enjoy.
Keep reading to explore the basics of an online art auction and discover how they work before you begin to bid.
Registration
Before a digital art auction starts, you have to register ahead of time. Choose your online auction of choice and register using your email address, name, phone number and payment information. You will then be asked to verify your profile via email.
Once you have completed this step and your profile has been approved, you will be ready to place your first bid.
Types of Bids
There are two types of bids that you will be able to place at a live online art auction. The first is a pre-bid which is an amount that you set ahead of time, where other people can also place pre-bids to start the process.
Once the auction goes live, the numbers are already set regardless of the movements made by those who are placing the other type of bid – live.
The other type of bid is more traditional, with preliminary bids placed once a piece is listed for bid – others will bid against you and the highest number present at the time of the end of the auction will be the winner.
The payment will then be processed and shipping will be organised by the auction house. Don’t forget to factor in a few budgetary elements such as shipping costs or any taxes or duties which may be charged if you are purchasing pieces from overseas.
Online Art Auction Tips
When you are placing your first bid at an online art auction do not begin with the upper end of your budget. Instead, begin by bidding the minimum amount you are willing to pay.
When you are outbid, then you can increase your amount to remain competitive. When you are placing a pre-bid, it is better to place your maximum number as you will not be partaking in the live action of an online art auction.
You can also take the time to study the terms and conditions of your online art auction of choice. Getting familiar with their processes and requirements will help you to remain compliant and competitive every step of the way.
Lastly, stay up to date with the status of your bid from your inbox to shape your strategy and improve your odds of coming out on top.
