Business Art News
RETHINKING ART AUCTIONS www.aspireart.net
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he South African art world has many misconceptions about art auctions and the so-called ‘secondary market’ in which auction houses operate. Perhaps the most important thing to realise is that auction prices are completely transparent and are set by precedent – that is, a work of art is priced against previous prices for similar works by the same or comparable artists, of a corresponding size, subject, medium and quality. This means that it is entirely possible, even likely – if done with the right knowledge or consultation and advice – to pick up an affordably priced work of art that will appreciate in value for its owner; something that is often overlooked when much of the focus is on the record-breaking prices achieved for works of art around the world. More than this, auction houses in the South African market are more and more stepping into the gap left by the lack of resources available to our public museums and art institutions – most importantly in the areas of art education, research, publishing and promotion. The continuing lack of government funding for public art institutions means that private collectors and collections have increasingly become responsible for maintaining a place for fine art in our national cultural identity. The newest of the South African fine art auction houses is Aspire Art Auctions, and in its almost three years of existence it has defined itself by a commitment to exactly those principals and functions in the art world. Auction houses are first and foremost businesses, and are motivated to do research, educate their markets and publish sales catalogues for business reasons. But Aspire has become known for the quality of the work that it does in these areas, with its catalogues in particular becoming highly respected and prized, and the knowledge and insight which they contain making them highly sought-after – from collectors to academics to art-industry professionals. Expertise in the art world is a market prerequisite. Serious collectors
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