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

South African Institute of Auctioneers (SAIA) vice-chairman and auctioneering expert, Philip Powell says there is a rich culture of comradery and competition within the industry and for new comers or those attending for the first time it can be an enriching and addictive experience that combines investment with the thrill of the auction process.

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.

“Over the years 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 automatically became investment-quality items. Whereas today owning a valuable artwork is a cultural statement and an asset that can appreciate in value over time.

“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 in the process. 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 are just a bid-takers, they have to understand the market, know the buying vibe and inspire competitive bidding. This ability to create excitement and urgency is what makes live auctions so electrifying,” says Philip.

He encourages those who are interested in art and collectables to attend adding that there is always the possibility of discovering hidden treasures. Throughout history, auctions have witnessed staggering record-breaking sales from multi-million-dollar paintings to rare classic cars that fetch unprecedented prices.

In South Africa even lesser-known artists have seen their works soar in value due to the exposure provided by auctions. In one instance an artist valued his painting at R10 000 only for it to sell at auction for R50 000. That elevated the artist to a new level and has helped many other South African artists to gain international recognition.

Philip continues that there are some important caveats though such as first-time bidders need to do considerable research and establish a trust relationships with auctioneers first before leaping in. "Don't buy art thinking you'll sell it for a profit next month. Buy it because you love it. If it appreciates in value that’s a bonus."

The auction format also allows collectors to acquire valuable pieces at competitive prices. Whether bidding on fine art, sculptures or rare collectables, buyers have access to an extensive range of assets that may not be available through traditional galleries. Luckily, the digital revolution has transformed the auction industry where in the past researching an artwork’s history could take weeks, involving telexes and overseas correspondence. Now, with modern technology, that same information can be accessed in seconds. Online auctions have expanded the market, allowing global participation and making it easier than ever to discover and invest in valuable pieces.

"The atmosphere, the competition, the excitement—it’s a spectacle to witness. Whether you’re looking to invest in a masterpiece, support emerging artists or simply enjoy the experience, art and collectables,” he concludes.