This path was created by Daniel O'Rear. The last update was by Heather K. Monroe.
Online Art Auction – All you need to Know
The advantages of Online Art Auction
It is the best way to participate in an auction all around the world without traveling. No doubt it is h best way to get the inaccessible art to your fingertips. So online auction has more attraction for collectors. There is an immense increase in the purchase of art online as compared to purchasing it directly from the gallery. The sale increased to abut USD 3.27 billion last year and it is estimated that at the end of the year 2020 it will increase up to USD 10 billion.
The Disadvantages of Online Art Auction
As mentioned earlier that there are many risks associated with it and they are substantial. The bidders have to buy the item or art piece without being seeing it. Another disadvantage associated with it is that very limited information is provided about the item and you have very few options to research it. Also, there are very limited resources so that they can expect a lot. There are also many chances of overpaying and sometimes there are a lot of legal complications regarding the ownership of the art piece. Many bidders also experience or they fall victim to fraud.
When there are Lesser Risks
There are many sites on which bidding is less risky as compared to other sites. Some sites provide more information about the art piece and this information is available before the auction date. These sites are providing more protection if there is any damage to the art which the collector is going to buy. If the bidder found that this article was not made by the real artist then these sites give the bidders a refund up to four years after the sales. They will also make a refund if the bidder finds it difficult to transfer the ownership of the painting. Some sites do not provide quarantine and protection related to the material and the condition of the item being auctioned.
There are many risks associated with purely online auction sites. Sometimes the operators of these sites sell a digital print of a valuable painting which is illegal and collects the price of the real painting.