Online art auctions – The future is digital

The nature of art auctions has changed considerably in recent years. Initially, it was possible to participate in auctions via live stream.

More and more auctions are now taking place exclusively online. For whom is this format ideal, and what advantages does online art auctions offer? Online auctions sometimes incorporate the gavel of traditional auctions. However, participants are guaranteed excitement even without the gavel.

The trend towards digitalization is also affecting the art market. Art is increasingly being sold online. Many original works by artists from various eras can be found online.

The major auction houses initiated the trend toward online auctions. To facilitate participation for international clients, they offered live streams of their auctions. Collectors who could not or did not wish to be present in the auction room could thus follow the proceedings anonymously and at their leisure, and place bids at the appropriate points. This offering marked the first step toward online auctions .

The number of artworks auctioned online doubled last year. Around 22 percent of all artworks offered for auction were sold online. The price of 71 percent of these was under US$5,000. Only five percent of the artworks auctioned online fetched a price higher than US$50,000. Purely online auctions still play a relatively minor role in the upper price segment.

The next few years will show how much the market opens up in this direction, or whether sales in the upper price segment will continue to be auctioned primarily at live auctions.

What is an online auction?

In a purely online art auction, such as on Kunst-auktion.de , the artworks are displayed in high-resolution images. Especially with sculptures 3D renderings are sometimes used. This is the only way for potential buyers to get a realistic impression of the artwork. The process of a digital art auction can vary.

Many vendors allow interested parties to easily log in via their website and bid directly online. If the minimum price is exceeded, the highest bidder wins the auction. The duration of the auction varies and often depends on the level of interest in individual items.

Easier entry for art enthusiasts

Although art auctions are generally public events, they are less of a mass-market affair. Online auctions offer an ideal entry point for art enthusiasts who are hesitant to attend an auction in person or simply live in the wrong location. Instead of traveling to another city, they can conveniently participate from their home or office computer. This is much easier and less complicated for most people to plan.

Such an approach has further advantages, as it's easier to keep a cool head in an online auction. After all, the prospective buyer isn't distracted by the surroundings and can concentrate on the information. Moreover, this information is much easier to verify online.

With just a few clicks and without any strangers looking in, information about the artwork can be checked online in seconds.

This also allows for quick and easy tracking of important factors, not just for the most expensive artworks . After all, price trends at art auctions have been published for almost four decades.

Experts are just a click away

When you visit a gallery, you're presented with a particular viewpoint. Online, you can not only verify facts more easily, but also gather different opinions simultaneously. A wealth of information is readily available online, and thanks to search functions, the selection on a portal is often clearer than in a traditional auction house.

This is especially helpful when looking for a sensible investment. Having a lot of information is crucial for any prospective buyer. Online platforms already offer diverse expert opinions and often very comprehensive information. But beyond that, every interested party can quickly find further relevant facts and assessments about their desired item.

Who are online auctions interesting for?

Online auctions are considerably more relaxed than in-person auctions. Attending an online auction requires less effort, and those who simply want to browse feel less pressured to reward their "excursion" with a purchase. It doesn't matter whether someone wants to beautify their living space or is looking for an interesting investment for the future. Online auctions are appealing to all those who art and prefer to enjoy it privately.

Those who are relatively new to bidding, especially in art, should first try an online auction. Auctions follow certain patterns, and most prospective buyers can discern specific sequences. Someone who has never experienced the adrenaline rush of an auction might make less informed decisions live.

In an online auction, it is much easier to stay true to yourself and your previously set financial limits.

Broader portfolio possible

Physical galleries often focus on a specific era or movement – ​​frequently due to space limitations. Online galleries offer greater flexibility and a much wider selection. This is particularly beneficial for art lovers who may not yet be fully aware of their own style or who are interested in a variety of styles.

Besides well-known artists like Jeff Wall, exciting new artists can often be found online. This is because online auctions offer more opportunities for unknown artists. For those interested in many styles, such as Pop Art , Art Deco , Magical Realism , or New Objectivity, fascinating artworks by both established and lesser-known artists.

Emotions are being addressed more and more

Online auctions are by no means lifeless and stiff events, but rather have the character of a happening. Sellers often come up with witty extras to keep bidders emotionally engaged. This could be a special gong or a gavel that signals the end of the bidding. Even in an online auction, the emotions of the interested party should be addressed.

Interactive features via apps are also increasingly becoming a focus for providers, further simplifying participation for interested parties. In the coming years, online auctions will undoubtedly develop further unique characteristics and evolve into more and more of a special event.

Therefore, the rule is: try it out today and be able to join the conversation tomorrow.

Joachim Rodriguez y Romero

Owner and Managing Director of Kunstplaza . Publicist, editor, and passionate blogger in the fields of art, design, and creativity since 2011. Graduated with a degree in web design from university (2008). Further developed creative techniques through courses in freehand drawing, expressive painting, and theatre/acting. Profound knowledge of the art market gained through years of journalistic research and numerous collaborations with key players and institutions in the arts and culture sector.

www.kunstplaza.de