Specialist Sales Entice Art Buyers – artmarketblog.com
During times of crisis, art auction houses tend to get creative and start looking at new ways of encouraging sellers and enticing buyers. One of the tactics that the auction houses use to try and generate new business is to create new sale categories and types of specialist sales. Most importantly, specialist sales allow auction houses to take advantage of emerging markets and target specialist collectors. When work from a particular movement, of a particular medium or from a particular country appears to be in strong demand, it would make sense that an auction house would make an effort to target that niche and it’s collectors. If the auction house had not held a specialist sale of work from that particular movement, medium or country it would seem quite logical that the first step in taking advantage of that niche would be to hold a specialist sale.
History has shown that an art market correction encourages the dedicated collectors who were priced out of the market during the boom by the speculators to re-enter the market. It is also quite likely that there new collectors will be entering the market as well who have also been encouraged by the reduction in prices. Holding specialist sales is a way of catering to the specific needs of those collectors and developing new client relationships. New sale categories are also bound to generate buzz and attract attention which is particularly useful for an art auction house during an art market correction.
As shifts in buying patterns take place it is crucial for auction houses to be aware of those shifts and to take appropriate action to cater for those shifts. Time is of the essence when it comes to the art market especially in the current market where the trends and buying patterns seem to change at a continually increasing pace. Auction houses are already beginning to make efforts to take advantage of buying trends by adding new sale categories such as the Contemporary Turkish Art sale that is being held by Sotheby’s in March.
To be continued………
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.