Art auction

An art auction or fine art auction is the sale of art works, in most cases in an auction house.

In England this dates from the latter part of the 17th century, when in most cases the names of the auctioneers were suppressed. In June 1693, John Evelyn mentions a "great auction of pictures (Lord Melfort's) in the Banqueting House, Whitehall", and the practice is frequently referred to by other contemporary and later writers.

Normally, an auction catalog, that lists the art works to be sold, is written and made available well before the auction date.

Some of the best known auction houses are Christie's and Sotheby's. The oldest auction house is Stockholm Auction House (Stockholms Auktionsverk). It was established in Sweden in 1674.

History

Early days

Before the introduction of regular auctions the practice was, as in the case of the famous collection formed by Charles I., to price each object and invite purchasers, just as in other departments of commerce. But this was a slow process, especially in the case of pictures, and lacked the incentive of excitement. The first really important art collection to come under the hammer was that of Edward, Earl of Oxford, dispersed by Cock, under the Piazza, Covent Garden, on 8 March 1742 and the five following days, six more days being required by the coins. Nearly all the leading men of the day, including Horace Walpole, attended or were represented at this sale, and the prices varied from five shillings for an anonymous bishop's "head" to 165 guineas (gns.) for van Dyck's group of "Sir Kenelm Digby, lady, and son".