Sections:

"Fine art" is considered as "Art created for purely aesthetic expression, communication, or contemplation." It can include paintings, sculptures, dance, printmaking, comics, theater, digital photography or music. Generally, artists sell fine art through galleries, stores or a fine art auction. Going to an auction will give people the best selection and often times a better price than an individual seller may offer.

The stakes are high in the world of fine art auctions. Fine art auction houses often guarantee artists a set amount, regardless of whether or not the paintings sell. In November 2007, Christie's and Sotheby's guaranteed artists and owners of contemporary art for sale an amount close to $2 Billion, which could be very risky business if the market's not hungry.

A recent Christie's art auction in New York City reeled in close to $395 million in net gains, despite having not sold a few of the reserves. Big sellers included Matisse's "L'Odalisque, harmonie bleu" (1937) which went for a record $33.6 million dollars, following a bidding war. Also, Pablo Picasso's "Femme accroupie au costume turc (Jacqueline)," painted in 1955, sold for $30.8 million dollars and his "Homme a la pipe" reached $16.8 million.

"The enduring importance of works of art as a stable and consistent store of cultural and economic values was demonstrated in tonight's dazzling sale," said Marc Porter, the head of Christie's America. Hence proving that to buy original art, as an investment, is alive and well.

Similarly, the Canadian art auction set for November 23, 2007 is expected to draw a large crowd and record breaking sales. There were encouraging signs at Heffel's fine art auction last May: a Lawren Harris painting ("Pine Tree and Red House") sold for $2.85 million, an Emily Carr fetched for $1 million, and the total sales reached $22.8 Million, which nearly doubled the previous Canadian record!

At the next auction, Heffel will be selling 19 other works by Lawren Harris and 8 rare pieces done in 1912 by Emily Carr, in addition to seven Tom Thomsons, three E.J. Hugheses, five Maurice Cullens, four Jean-Paul Riopelles, seven Frederick Varleys and eight A.J. Cassons. Just this November, a woman discovered that a painting she had salvaged from her grandmother's estate sale decades earlier, was actually a rare Tom Thomson estimated at $250,000 to $350,000! This artwork will also be featured at the auction. The Heffel auction hopes to fetch $13 million to $18 million for its 236 lots.

While Canadian art is still undervalued, many people are buying in with the idea that these pieces will be worth a lot more in the near future, which is, of course, a reasonable assumption. American fine art and contemporary art for sale is skyrocketing, as more and more art bidders realize the value of living artists. While purchasing art into the millions may seem out of reach for many buyers, one shouldn't feel daunted by attending a fine art auction. Some pieces are in the low hundreds too!

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