Art Advisor, Dane Jensen, founder of Dane Jensen Fine Art LLC is an expert at bidding / buying at auction for collectors, museums and other organizations. His advisory is client-first and considers ALL the factors throughout the process from lot/artwork selection, condition vetting, predictive value modeling, interest intelligence, guarantees, bidding strategy and post-auction administration and logistics. Reach out and experience the confidence and advantage that comes with working with Dane Jensen and his 25 years of insider expertise that puts an auction buyer in the position to win.

Identifying your selection

It is important to pre-determine fundamental acquisition questions--what artists are ones that fit with your collection, which artists have good markets, and which artworks represent advantageous opportunities. This can require often looking at upwards of 1,200 lots in each season. There are always great opportunities but in a crowded field they may not be easily visible. A work can look a certain way in the auction catalog, but “feel” different in person. Doing an initial selection with an advisor is collaborative and can open new pathways for a collection to expand or add important works.

Digging into the details of your short list

It is important to understand the condition, strength of image and understand the estimate versus the expectations for each lot (or artwork). One needs to not only be able to analyze the condition but also understand the context for condition for each artist (i.e. are all the canvases for this artist lined?). Other factors such as guarantees also can come into play here. Does it make sense to try to negotiate a guarantee a lot one is interested in acquiring? There will always be some works that need to be crossed off the list due to poor condition and others that one will/should pass on for other factors such as fit with the collection, strength of image and final hammer projections.

Creating your bid strategy

Establishing a clear bid strategy on the works you plan on bidding on before the auction is advised. Determining the market value of each lot of interest helps a collector see if their budget matches the market. This is done through examining past data and tracking interest in the days or hours leading up the auction. This preparation gives a buyer confidence of what level to bid to and when to push or not. An estimate, in theory, is where an artwork will sell but, as an expert, will tell you, some artworks will be known ahead of time to far surpass their estimates. Don’t waste your time with works outside of your budget and expectations. Focus on opportunities that check all the boxes.

Registration

A client will need to be registered for specific lots or sales which can vary from client to client and their history with the house. With high value lots some clients will need to be prepared to produce financial documents in order to complete their registration. Various options exist as to how to bid—from placing an absentee bid, to phone bidding, online or live in the room (or a combination). Certain strategic advantages such as splitting bids can only implemented in specific bidding platforms so selecting the right option can be the difference between winning and losing.

Bidding

Bidding at times (with the proper preparation) can be free of surprises. Other times it can be incredibly important to understand the timing to allow one to be on the proper “footing”, ensuring that your top bid is delivered. Do you want to get into the action early or late? Various bidding techniques can be employed to speed up or slow the bidding that can be employed to one’s advantage. The important thing is to be prepared and implement a strategy with some flexibility built in.

Post Auction

The goal during the post-auction process is to ensure that a winning bidder receives their artwork in a timely and safe manner while mitigating costs such as shipping and insurance. Shipping quotes can vary widely, and some shippers are not as safe or reliable. Ensure you are not cutting corners and receiving a damaged work or paying too much for a service that can be half the cost.

Acquired at auction for a California collector

Frida Kahlo (1907-1954)
Self Portrait (Very Ugly), 1933
Fresco on Celotex board
10 ¾ x 8 ¾ in. (27.3 x 22.2 cm.)

For more on how to buy at auction and how Dane Jensen can work with you on the process, please reach out to 1-818-732-5804 or dane@danejensen.art

How do I bid on Art at Auction with an Expert?