auction | Outside The Lines

Addie Wagenknecht’s ‘Asymmetric Love Number 2’ is in good company with Jeff Koons and Chuck Close as Lindsay Howard and the Paddles ON! crew gets a ‘le shout-out’ in this month’s Vanity Fair France! Digital art is captivating, provocative and out of the ordinary, but is it profitable? Even though some people are eager to spend millions of dollars to acquire fine art pieces from auction houses,

it is hard to imagine spending this kind of money and walking away with only a GIF or JPEG file. Nevertheless, demand for digital art continues to grow and even though it has a long ways to go before it reaches the steep price tags seen in the contemporary art marketplace, Phillips auction house recently proved that people are willing to pay big bucks for digital works of art.

Phillips art auction house, in partnership with blogging platform Tumblr and online art auction house Paddle8, recently put on an event called, “Paddles ON! The world’s first major commercial auction of work by digital artists.” On the Tumblr site, Paddles ON! is described as an exhibition and auction that brings together artists who are using digital technologies to establish the next generation of contemporary art.

The auction was a success. It drew a large audience and brought in nearly one-hundred thousand dollars in sales. According to an article in Complex Art+Design, some of the high sellers included:

$16,000 – Aymmetric Love Number 2, an angular chandelier made of security cameras
$15,000 – Pixel, a wall sculpture
$11,000 – Americans!, a software-drive animation

Seeing the profitable nature of digital art was not only exciting for the sellers. For Phillips auction house and others involved with Paddles ON!, it marked a defining moment in the evolution of contemporary art. Auction curator Lindsay Howard says, “For 20 years it’s been universities and non-profit organizations that have been the primary support system for digital art.” With great enthusiasm and high earnings, it is believed that the for-profit auction may be another place where digital artists can go to display and sell their work.

It looks like a new day is dawning for digital artists, as well as Phillips auction house. Phillips, which was founded by Harry Phillips who once served as senior clerk to James Christie of Christie’s auction house, is well positioned to dominate the digital art market. Being smaller than Christie’s and Sotheby’s allows Phillips to take on the risk of selling digital art. From the success of this first auction, it seems hosting digital artwork could come with great reward.

The future of digital art sales is uncertain but Phillips and Tumblr will continue to paddle on. The art auction goes to London next.

Read more Segmation blog posts about digital art

Inspiring Digital Art

“The Pixel Painter”

Marketing Art in the Digital World: An Introduction

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Anyone who’s ever visited a gallery knows how expensive it can be to purchase original art. Fortunately, there is a more economical alternative for fine art lovers who are on a budget. At an art auction, it’s possible to find a piece you love at an amazing bargain. Below are a few quick tips to ensure that your first auction is a smooth, successful experience:

Know which type of auction you’re attending. There are three main categories. Estate auctions (an upscale version of a “moving sale”) are held when a family or heir needs to liquidate everything in the house, regardless of price. Consignment auctions are usually held at an auctioneer house, with most sellers setting minimum reserves to ensure that their pieces don’t sell too cheaply. Mixed auctions are a combination of the two.
To find an auction, enter your location and “art auction” into a search engine. You can also check the newspaper and try calling antique dealers and auctioneer houses directly.
Once you’ve found an auction, call to make sure the location and time is accurate. Also find out when the preview period starts — this allows you to come a few hours (or sometimes days) early and get a look at the items that will be up for bidding.
When registering to bid, find out if the auction house adds a premium to your bids. In some cases, this can increase the total selling amount by 10% or more. Also find out what form of payment they accept.
At the auction, choose your seat carefully. Sitting toward the front will give you a close view of the items, but sitting or standing in the back will let you see who else is bidding on an item. Always have a maximum bid in mind for items you’re interested in. Resist the temptation to exceed it, especially in the heat of the moment during the bidding process.
Listen carefully to the auctioneer’s descriptions of items. Also pay attention to the conversations going on around you, as this may help you determine the value and authenticity of a piece of art. Write down the selling prices so you can review them later and recognize trends.
After winning a piece of art, be sure to get a receipt after the auction is over. If it’s high in value, you might also consider insuring the item.

If you do your research and resist getting carried away, an auction can be a fun and cost-effective way to enhance your art collection.
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