Buying and Selling art at Auction

Sotheby's Institute of Art

Sotheby's Institute of Art

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About the course

What does it take to buy and sell successfully at auction? This course offers an insider’s perspective on the thrilling, fast-paced world of art auctions, taking students behind the scenes to learn from top professionals at one of the world’s premier auction houses. The course will examine such questions as, who are the key players in an auction house and what do they do? What are the different factors that determine the price of art, and how are values assigned? How has the internet changed the role of auctions in today’s art market? By the end of the course, students will master such concepts as commissions, reserves, guarantees, and irrevocable bids. Perfect for aspiring collectors, dealers, or the simply curious, this course will enable students to approach art auctions with the knowledge and confidence necessary to succeed.

You will learn:

  • To evaluate the opportunities, challenges, and risks present at auction houses as well as the legal, financial and technical aspects involved in buying and selling works of art at auction.
  • To identify and describe how values are ascribed and prices are determined for works of art sold at auction.
  • To analyze and evaluate published auction results.
  • To assess the changes introduced by e-commerce and evaluate how digital platforms are transforming the auction business.

Sample Topics

Week 1: An Overview of Art Auctions

  • A brief history of art auctions
  • The key terminology and concepts associated with art auctions
  • Understanding different ways of bidding
  • Global and regional markets
  • Who’s who in the saleroom: the auctioneer
  • Auction House interview

Week 2: Inside the Auction House

  • Selling the sale: tips for buyers and sellers
  • Attracting consignments: sourcing and the famous 3 D’s
  • Pricing: authenticity and other factors that determine price
  • Understanding reserves
  • Inside the catalogue
  • At the preview
  • Who’s who behind the scenes: the specialist
  • Auction House interview

Week 3: Understanding the Art of the Sale

  • Buyer premiums and vendor commissions
  • Guarantees, irrevocable bids, & hammer share
  • Art as an asset class: loans
  • Who’s who with the contracts: the art lawyer
  • Auction House interview

Week 4: The Internet Revolution

  • Benefits and challenges of the online revolution: what is the future?
  • Different models: buying online at traditional sales
  • New companies: buying online only
  • New technologies: blockchain
  • Who’s who online: the digital market
  • Auction House interview

Experts

Maria Sancho-Arroyo

Maria brings over 25 years of international experience in the art world, first at museums – National Museum of Catalan Art, MNAC, in Barcelona and at the Louvre in Paris- then at Sotheby’s Auction House in London. During her time at Sotheby’s, she gained experience in all aspects of the auction w...

Buying and Selling art at Auction at Sotheby's Institute of Art

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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