Bidding for Beauty
Not all the lessons learned from lockdowns are harsh ones. They taught us that we need to take more time to beautify the spaces we live in. Additionally, they taught us that we need to look at alternative investment vehicles in a market vulnerable to myriad pressures. Ultimately, the result for many was to turn to art to solve both problems. This evidently saw online art auctions booming.
A new future for art auctions
“Lockdown pushed everyone into the digital sphere and made bidding and buying artworks online the new norm. As clients have successfully purchased artwork online and witnessed the benefits of being able to bid remotely, there has been more confidence amongst our clients in using it. I do believe this is the new future for auctions,” says Strauss & Co. specialist, Arisha Maharaj. “Strauss and Co. started online auctions in 2013. The platform gradually gained traction, but there was an increase in interest in online auctions throughout and after the lockdown period. Lockdown also prompted us to take our live auctions to a virtual platform which proved to be very successful. It is a platform we have continued to use.”
Maharaj says that art is recognised as an asset and investment class in the financial world, but cautions that not all art is an investment. “A work’s investment value depends on the artist and the artwork. So, it’s essential to always get professional advice if buying art for these purposes,” she says.
Technology and art
The technological influence on art auctions has allowed auction houses to increase the number that can be held. In the end, this helps to build the market for established artists and to bring the works of new artists to the secondary market. “Being able to host more auctions has allowed us the luxury of having more focused sales around specific artists and themes,” says Strauss & Co. Chairperson, Frank Kilbourn. “In 2016 Strauss & Co. had a total of 10 auctions and in 2022 we have had a record total of 55 auctions, with 6 381 lots being sold at a value of R354 million.”
Read more about how online art auctions are making the art world less intimidating in our Easter Issue. We also touch on perceptions of original art being very expensive and the chances of picking up a bargain at auction…
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