North American Fine Art Auctions Explained

Writer John Rushkin once said, "Fine art is that in which the hand, the head, and the heart of man go together." There are few things more breathtaking than a well-composed painting - one where all the right colors, brush strokes and open space just dazzle the eyes and capture the imagination. A fine art auction is a great way to buy and sell fine art.

"Fine art" is considered as "Art created for purely aesthetic expression, communication, or contemplation." It can include paintings, sculptures, dance, printmaking, comics, theater, digital photography or music. Generally, artists sell fine art through galleries, stores or a fine art auction. Going to an auction will give people the best selection and often times a better price than an individual seller may offer.

Christie's, Sotheby's and Heffel House are a few North American choices when it comes to attending a fine art auction. One needn't travel all the way to England to find that next masterpiece. Despite a shaky economy, Americans are proving that their love for timeless art pieces has not diminished at all. The trends, in fact, are au contraire!
 
The stakes are high in the world of fine art auctions. Fine art auction houses often guarantee artists a set amount, regardless of whether or not the paintings sell. In November 2007, Christie's and Sotheby's guaranteed artists and owners of contemporary art for sale an amount close to $2 Billion, which could be very risky business if the market's not hungry.

Despite the credit crisis, most purchasers who attend a fine art auction, aren't affected by the middle class squeeze or imploding housing market, as 6,000 to 7,000 eager bidders appeared at many of the fine art auctions this year. British abstractionist John Cecil Stephenson and American graffiti artist Shepard Fairey are expected to sell very well at prices from 7,500 British pounds to 150,000 pounds.

The fine art auction thrives today, despite the emergence and subsequent popularity of online auctions on eBay. Many bidders still love the wine samples, the dressing up, the perusing a physical gallery and the social aspect of attending an auction in person. Many of Christie's North American fine art auctions reel in 6,000 to 7,000 eager participants and finish with millions in net gains.

A recent Christie's art auction in New York City reeled in close to $395 million in net gains, despite having not sold a few of the reserves. Big sellers included Matisse's "L'Odalisque, harmonie bleu" (1937) which went for a record $33.6 million dollars, following a bidding war. Also, Pablo Picasso's "Femme accroupie au costume turc (Jacqueline)," painted in 1955, sold for $30.8 million dollars and his "Homme a la pipe" reached $16.8 million. "The enduring importance of works of art as a stable and consistent store of cultural and economic values was demonstrated in tonight's dazzling sale," said Marc Porter, the head of Christie's America. Hence proving that to buy original art, as an art investment, is alive and well.

Similarly, the Canadian art auction set for November 23, 2007 is expected to draw a large crowd and record breaking sales. There were encouraging signs at Heffel's fine art auction last May: a Lawren Harris painting ("Pine Tree and Red House") sold for $2.85 million, an Emily Carr fetched for $1 million, and the total sales reached $22.8 Million, which nearly doubled the previous Canadian record! At the next auction, Heffel will be selling 19 other works by Lawren Harris and 8 rare pieces done in 1912 by Emily Carr, in addition to seven Tom Thomsons, three E.J. Hugheses, five Maurice Cullens, four Jean-Paul Riopelles, seven Frederick Varleys and eight A.J. Cassons. Just this November, a woman discovered that a painting she had salvaged from her grandmother's estate sale decades earlier, was actually a rare Tom Thomson estimated at $250,000 to $350,000! This artwork will also be featured at the auction. The Heffel auction hopes to fetch $13 million to $18 million for its 236 lots.

While Canadian art is still undervalued, many people are buying in with the idea that these pieces will be worth a lot more in the near future, which is, of course, a reasonable assumption. American fine art and contemporary art for sale is skyrocketing, as more and more art bidders realize the value of living artists. While purchasing art into the millions may seem out of reach for many buyers, one shouldn't feel daunted by attending a fine art auction. Some pieces are in the low hundreds too!

Although 2007 hasn't been a particularly wonderful year for real estate or the economy, many art lovers still find ways of financing their art collecting hobby. This is great news for auction houses and artists alike! That perfect piece may be waiting at a fine art auction, whether it be a portrait of Native Americans by Emily Carr or a Matisse abstract.

Collecting art is a wonderful hobby that could cost a couple hundred dollars or a couple of million! A fine art auction is the ideal way to browse various artists like a museum, but also purchase the most fanciful. In addition to making a great conversation piece and creating ambiance in one's house, a good painting can make a great keepsake and art investment to pass down to future generations.