4 Reasons to Buy from Benefit Auctions
Through benefit auctions, you can donate to a cause you care about—and take home art you love. Now, that’s a good deal.
Whether you are bidding live at a fundraising event or online through your Artsy app, here are four reasons to buy at benefit auctions.
Support a Nonprofit
You can bid on artworks to support organizations that you find meaningful. There are benefit auctions for many different causes, from arts institutions to disaster relief funds to human rights foundations.
(This doesn’t necessarily mean that your bids are tax deductible. Typically, if you are bidding in the United States, you are only eligible for tax exemption if your winning bid exceeds the artwork’s market value.)
Discover Emerging Art
If you are interested in emerging art, benefit auctions are a great place to look.
Benefit auctions often feature works that are donated by the artists themselves—providing you with a unique opportunity to bid on pieces by up-and-coming talents.
Get a Good Deal
At benefit auctions, you can also buy art at competitive prices. Lots in benefit auctions are donated, not consigned—and this gives benefit auctions more flexibility when determining where to start the bidding for each lot.
Compared to commercial auctions, benefit auctions will often open the bidding at lower price points. This encourages bidder participation, but also makes it possible for you to win top lots below market value.
No Buyer’s Premium
Because benefit auctions support nonprofits, they do not charge you a buyer’s premium on top of your winning bid.
By contrast, most commercial auctions will charge a buyer’s premium to winning bidders. This fee can range from 10 percent to 25 percent of the winning bid and compensates the auction house for facilitating the sale.