Art as an Investment

With the art and antiques market very soft, my avocation as an "antique picker" has been put on hold till times improve. I recently was communicating with an individual from an auction house in Me and he was telling me that theyve managed to have some higher end art pieces move by using a technique called an :irrevocable bid". I was explained that this was a (Going in to the auction" guaranteed minimum sale bid for an item being consigned. How does that work? Who posts the irrevocable bid, the auction house?

High end decorative arts (my area of picking) includes art pottery like NEwcomb or TECO etc. The prices and the sales have really tanked in the recent 4 months. The real recession has sort of just caught up. Real high end art is still moving but at reduced volumes where the auction houses and a few galleries around the country are closing some of thweir specialty sections.

I think, that if one were capable and had some good advice, now may be a good time to buy (if someone wishes to sell).

If I'm not mistaken, unlike the late 80's and 90's recessions, the auction market for fine art has remained strong and some record prices have been brought at auction for the real thing. In that market, the profit margin has always been astronomical causing the amateur collector to gain the illusion they can buy any art and they will eventually make money.

Decorative arts usually take it in the shorts in a recession as, like many antiques, they do not have a record of appreciation like, say, a Monet or a Rembrandt.