The first of the Salmagundi Auctions, held last Friday, was definitely a buyer’s market! Many excellent works went for the minimum bid, and many others did not sell at all. Why? Well I’m sure the economy had something to do with it, also, having watched the process online (this year they have a live audio visual feed, which is really great!), it was obvious that attendance was down.
As an artist, it is always a risk to put your work in a fundraiser auction. I only participate in the Salmagundi Auctions and in the Blank Canvas Event at the Visual Arts Center of New Jersey. I choose these venues because they are highly curated, and therefore I can be assured that my work is hanging next to other works of professional quality. I also firmly believe in the mission of both of these venues and want to support them in whatever way I can.
So, from a collector’s perspective, these events can be an opportunity to acquire a favorite artist’s work at a below market price. For new collectors, or collectors who find themselves on a budget these days, it’s the perfect way to acquire pieces that might otherwise be out of range. If you are thinking about bidding, don’t hesitate! Offer an amount that you feel comfortable paying if you win, don’t over stretch your budget, but don’t not bid because you think you won’t win. As noted, professional artists don’t take these auctions lightly and don’t offer their work at below retail value very often. Not bidding is like not signing up for a workshop because you are not sure it will run, if everyone takes that attitude, it won’t, just as the painting won’t sell and it turns out to be everyone’s loss.
My painting, “Work Horse”, is offered in the second auction which takes place on Sunday, March 11 at 2 p.m., click here to bid online, or join in the fun live at the Club. They have a fabulous Sunday brunch before hand, visit their web site at www.salmagundi.org or call 212-255-7740 for more information.