Auctions are a means of conducting trade that dates back centuries, with the roots of the institution being traced back to antiquity. Already from the 5th century BC. the Greek historian Herodotus was the first to mention the auction process, which had taken place in Babylon around 500 BC.
During the period of the Roman Empire, auctions were used to dispose of property through a mechanism known as the "Atrium Auctionarium". In the 1st century AD the Pompeian auctioneer Lucius Cecilius Iucundus took a commission of 1%, while there is evidence that the Romans invented the buyer's commission.
Art auctions seem to have developed in parallel in the major European cities over the centuries, but there is no uniform process until the 16th century, when auction systems are introduced in the main art markets, Paris and London. In 1556 France legalized the profession of appraisers or auctioneers, who had been given the exclusive right to appraise and auction private property to be bankrupt, with whatever objects and works of art were included in it.
In England, the oldest and basic method until the 17th century was the sale by burning candles, in which a successful bid was the last to be given before the candle was extinguished. Another interesting method was called "Mineing", in which the auctioneer would start by calling out a high price and successively lower the amount until someone shouted "Mine!" and thus sealed the deal. However, after various experiments with the candle method, the system of incremental and successive bids prevailed, which became known as "The English Method" and is still used today.
Also in England, Christie's and Sotheby's were created in the middle of the 18th century, which are the two largest auction houses in the world. James Christie was the first popular auctioneer and chiefly responsible for conducting art auctions as celebrity events. His success was largely due to his polite manners, which elevated him to the British aristocracy, thus legitimizing art auctioning as a socially acceptable activity.
Samuel Baker, publisher and bookseller, founded the house later renamed Sotheby's on commission to auction the books and manuscripts of Sir John Stanley's library. The house's first auctions were exclusively for rare library collections, which highlighted and established them in the field of books and manuscripts.
The establishment of the first auction houses in England coincides in time with the Georgian Era (1714-1830) and arises due to the significant economic boom of Great Britain. Large collections were auctioned in their entirety by heirs or divorced spouses, in sales lasting up to 40 days, often at the estates themselves, for which buyers were readily found from Britain's nobility and gentry, as well as royalty other countries. The huge demand for paintings in England at the end of the 18th century led the houses to collect large numbers of increasingly rare and expensive lots, and to categorize the auctions based on the style of the works as well as the interests of the public.
In America, in the late 19th century, auctioneer Samuel P. Avery acquired works directly from the artists in order to be sure of the authenticity of the lots. In addition, it motivated collectors to invest in art. On the other hand, the specialist dealer Ernst Gambart bought a large number of works by living artists at auctions, paying exorbitant prices, thereby attracting attention and raising the economic value of the works. In 1885, Thomas Kirby turned an auction into a public spectacle, having guards protect the paintings, even wearing silk gloves, and a ticket to enter the auction house, highlighting the importance of the event. The atmosphere was one of pretentious luxury – “The porters, now dressed in the formal garb of the Second French Empire, placed each painting on an easel covered in purple velvet” – and the auction was a complete success.
After the Second World War, the big houses held auctions of prestigious works, bringing famous personalities to the room. By 1970 the houses had acquired a prestigious profile and had become the major force in the modern art market. This dynamic has prompted them to create numerous branches in the world's major metropolises, giving rise to local auction houses to develop significant activity, often specialized in the local market and the interests of the respective country.
In Greece, the first auctions appeared after the end of World War II. The first comprehensive auction was organized in Athens in 1984 by the publishing house Spanos and it concerned rare books. 15,000 books were auctioned during 6 days! The example of the House of Spanos was followed by others, while in 1989 the House of Vergos was founded, which established open exhibitions to the public, making works of art accessible to everyone.
Today, Vergos House is a leader in the secondary Greek art and rare books market, while several other auction houses are active in the Greek market, covering a wide range of categories: from works of art, books and engravings to historical objects, coins and stamps.
In the global market, through various categories of auctions and prices that reach three to nine figures, the general public is given the opportunity to acquire unique goods, dispelling the theory that high art and collecting activity only concerns the financial elite. The collectibles include a wide range of items: from designer furniture, musical instruments, jewelry and wine to comics, sportswear, clothing and even cars. The latest addition to the list is that of NFTs (Non Fungible Tokens), which entered the auction market in March 2021, with the aim of attracting collectors who use cryptocurrency as a medium of exchange.
At the same time, new operating trends, such as online auctions or live-streaming auctions, have emerged in the digital age, keeping the interest of the public, which interacts even through electronic devices, undiminished. In fact, during the Covid-era, the internet was the main tool of the houses, which immediately adapted to the new data. During the pandemic period, a large number of sales took place and prices often exceeded all expectations.
It is now taken for granted that prestigious auction houses have a particularly important role in the art market, as they influence fashion and market trends and largely define the values of works of art and collectibles. The publication of prices, the selection of works of great artistic and historical value, the extensive catalogs often accompanied by scientific research, the presentation of the works in exhibitions preceding the auction, create confidence and security in the collectors to acquire works of historical, artistic and investment character.
Source: a8inea.com