Buying at auction is, at the moment, the most popular way of buying Irish Art. Despite there being many Art Galleries – trading very successfully – the proliferation of Auction Houses and the increased competition that exists between them is such that sellers feel that the place to achieve the best price for a work of art which they want to dispose of is at Auction. Thus prospective buyers are finding that most paintings coming on to the market for sale are being placed in auctions and the only way of buying anything is to bid the highest price for it. These are happy times for sellers. The demand for Irish Art is huge. The ‘buzz’ surrounding an auction is infectious, everyone wants in on the action, the atmosphere in the room can be intense. Expectation is the name of the game.

The internet has had an enormous effect. Almost every painting in every auction is now available to view worldwide: bigger audience + more interested parties + more bidders =  higher prices.

There are now many more Art Galleries in Ireland than ever before. And the Auction Houses are getting in on the act by hosting exhibitions of contemporary art as well. In some, they are even auctioning the paintings in these exhibitions.

Contemporary art has become almost as collectible and sought after as that of the past masters – in some cases even more so. But paying hugely inflated prices for contemporary art at auction in this country is a relatively new phenomenon and one which should be approached with due caution.  Manipulation of the market does happen and, unless you have a great deal of experience in the art market, can be quite difficult to detect.

Collecting paintings is for some a hobby, for others a serious business. But all types of buyers will tell you that they would like to see that they have invested their money wisely. No one will get it right every time. There is an element of luck and certain artists go in and out of fashion. There are many factors affecting the market besides supply and demand. Many who have bought purely for pleasure - but in the hope that they might one day be able to cash in their purchase – have been lucky enough to achieve huge profits when they do eventually sell. Others who have bought simply as an investment have been disappointed when they didn’t achieve the price they were hoping for when they sold their paintings on. 

There are no guarantees. But the single most important factor to be considered when buying paintings is seeking out the right advice. Simply expecting that buying anything that has a collectible artist’s name on it will be enough to ensure that you have bought well is not sufficient.

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