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1. Artworks are often sold at auction, a situation that involves competing bids. We see from the research that if two or more people are bidding on something, the final price might well exceed the estimated top price. Case in point: the recent sale of Edvard Munch‘s “The Scream“, which – at approx. $120 million – set a record for the highest work sold at auction. If you have two or more parties interested in your work, play it to your advantage.
2. Artists may want to try re-structuring some of their works from “for-sale” items to auction items. Consider trying it at an art fair or gallery opening. The internet offers numerous possibilities for that, as well.
3. Beware of this human tendency when you are the buyer in a competitive bid situation. Before you start bidding, be sure you have a top price in mind, and don’t let your emotions cause you to exceed that price when the bidding begins.