Hidden gems at auction

Attending an art or collectables auction is a once in a lifetime opportunity to bid on incredible pieces of history of bygone eras with an opportunity to find a gem and stumble on an investment of a lifetime.

SA Institute of Auctioneers vice-chair and auctioneering expert, Philip Powell, says there is a rich culture of comradery and competition within the industry and for new comers it can be an enriching and addictive experience that combines investment with the thrill of the auction process.

Art auction history

Art auctions have a rich history worldwide with the first modern art auction houses established as far back as 1674 in Scandinavia.

Since then the industry has grown to become the first choice for collectors with major players such as Sotheby’s and Christie’s dominating the global stage.

South Africa too has a significant presence in the international art market with local auctions showcasing a wealth of artistic talent and presenting a fine market for other unique collectables.

“The perception of art has evolved from being merely an aesthetic asset to being a valuable investment.

“Historically, wealthy buyers purchased artwork simply for its beauty, but because of rarity these pieces became investment-quality items. Today owning a valuable artwork is a cultural statement and an asset that can appreciate in value over time,” states Powell.

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Art auction networks

“Art auctions are sophisticated operations that rely on a network of experts. You have curators, valuers, consultants and auctioneers who all play a crucial role.

“These professionals assess the authenticity, condition and origin of artworks before they go under the hammer to ensure that buyers can bid with confidence.

“Our auctioneers in particular have a vital role to play. They know the buying vibe and inspire competitive bidding. This ability to create excitement and urgency is what makes live auctions so electrifying,” says Powell.

He encourages those who are interested in art and collectables to attend adding that there is always the possibility of discovering hidden treasures.

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