Auction: essence, types, history, the most famous art auctions

An auction is a common method of publicly selling works of art, as well as various goods and services through competitive bidding among buyers. The winner of the auction is the participant who wins the competition in accordance with pre-established rules. The term "auction" comes from the Latin word "auctum," which means "to increase."

Auction

Auctions play a significant role in the legal trade of art masterpieces, antiques, collectibles, and historical rarities. Nowadays, a significant portion of works by old masters and the most valuable examples of contemporary art are sold through auction houses.

Types of Auctions

Auctions based on the method of conduct are divided into two main types: traditional and online auctions. To participate in traditional auctions, potential buyers must be present at the auction location. Online sales take place on internet websites (electronic trading platforms), and participants make bids remotely through a special interface.

There is also a classification of types of auctions based on other criteria:

• Based on price formation technique (ascending or descending from the initial lot price).
• Based on the initiative of conduct (compulsory or voluntary).
• Based on the openness of admission to participation (open or closed).
• Based on the scale of conduct (international, national, or regional).

In the field of art, most sales at auctions are conducted using the classic English auction principle (ascending). Participants take turns offering increasingly higher prices for the displayed lot. The buyer with the highest bid becomes the winner.

A Brief History of Auctions

The first mentions of auctions in human history date back to the 6th century BCE. Even then in Babylon, husbands had the opportunity to purchase a wife from among several candidates by raising the price in auctions. In Ancient Rome, the practice of selling war trophies at auctions was widespread, but it was later discontinued for many years.

The revival of auctions took place in late 16th century England, and shortly after in the Netherlands. This method of trade was then used for selling goods and services. In the late 17th century, the practice of conducting the first art auctions in taverns and coffeehouses emerged.

In the mid-18th century, the famous auction houses Sotheby's and Christie's were established, quickly taking leading positions in the art trade.

In the late 20th century, there was a period of rapid development of online auctions. The turnover of the modern auction industry is measured in hundreds of billions of US dollars per year.

The Most Famous Art Auctions

The names of the two most famous auctions, Sotheby's and Christie's, are well-known worldwide, even to people far removed from the art world. These houses account for over 90% of the turnover of the art market for masterpieces of painting, sculpture, and antiques.

In addition to them, other auction houses enjoy a high reputation:

• Bonhams (England).
• Dorotheum (Austria).
• Stockholms Auktionsverk (Sweden).
• Van-Ham (Germany).
• Phillips (USA).

Currently, all leading auction houses actively utilize the possibilities of the internet for conducting auctions. In the online mode, buyers can participate in an exciting competition for the right to purchase the most valuable masterpieces of world art.

Very Important Lot - a modern auction portal

The specialized online portal, Very Important Lot, is created with the aim of making it as easy as possible for collectors to purchase art and antiques. Every visitor to the website has the right to view the items up for auction without the need for mandatory registration.

Authorization will be required later to place bids online. The confidential information provided by the buyer is securely protected from access by unauthorized individuals.

The portal collaborates with dozens of auction houses around the world. Information about current events and lots is available in real-time. Visitors to the site can always purchase antiques through stores and showrooms and also read interesting articles in the art magazine.

Use the services of the Very Important Lot portal to comfortably participate in auctions for the sale of artworks and antiques. Buy art directly from contemporary artists on our website. A bonus for visitors is the rapidly growing open archive with prices and high-quality photos of auction lots. Such an archive is useful not only for novice collectors but also for experienced art experts to conduct quality artwork assessments.