https://thebusinessof-art.teachable.com/p/the-business-of-art

Troy’s Links

http://auctionsbyblack.net/
https://www.facebook.com/troy.black.737
https://www.instagram.com/auctionsbyblack/

Summary

In this episode of the Business of Art podcast, host Mark McKenna interviews Troy Black, a
seasoned auctioneer with over 30 years of experience in the art auction industry. Troy
shares his journey into auctioneering, the importance of building relationships with artists
and collectors, and the emotional dynamics of auctions. He discusses the factors that
influence auction success, the psychology behind bidding, and the role of energy in
creating an engaging auction experience. Troy also explains the compensation models for
auctioneers and the significance of setting realistic reserves for artworks. In this
conversation, Troy Black and Mark McKenna delve into the evolving landscape of art
auctions and their impact on artists and collectors. They discuss how auctions provide
opportunities for artists to reach a wider audience, the emotional highs and lows
experienced during auctions, and the strategic considerations artists should keep in mind
regarding the size of their works. The dialogue emphasizes the importance of auctions in
building an artist's career and the long-term benefits of engaging with collectors, even at
lower price points. In this conversation, Mark McKenna and Troy Black discuss the
dynamics of the art market, focusing on the importance of nurturing new collectors, the
impact of election years on art sales, and the trends that influence collector behavior. They
emphasize the need for emerging artists to adopt an abundant mindset, engage with the
community, and seek mentorship to navigate their careers successfully. The discussion
highlights the significance of relationships in the art world and the joy of creating art
without the pressure of market fluctuations.

Takeaways

• Troy Black is a second-generation auctioneer with extensive experience.
  

  
  



• Building relationships with artists is crucial for auction success.
  

  
  



• The emotional rollercoaster of auctions affects both artists and buyers.
  

  
  



• Not every piece of art is a masterpiece; quality varies.
  

  
  



• Setting realistic reserves is key to successful auctions.
  

  
  



• The psychology of bidding plays a significant role in auctions.
  

  
  



• Auctioneers must create excitement to engage the audience.
  

  
  



• Bid spotters are essential for enhancing the auction experience.
  

  
  



• Energy levels in the room can dramatically impact bidding behavior.
  

  
  



• Compensation models for auctioneers can vary based on performance.
  

  
  



• Art auctions provide a chance for collectors to find good deals.
  

  
  



• The emotional experience of auctions can be intense for artists.
  

  
  



• Smaller art pieces can appeal to a broader audience.
  

  
  



• Emerging artists can benefit from exposure at auctions.
  The auction environment can create excitement and competition.
  

  
  

• Pricing strategies are crucial for artists participating in auctions.
  

  
  



• Building relationships in the art world is essential for success.
  

  
  



• Collectors appreciate the story behind their art purchases.
  

  
  



• Art auctions can help establish a collector base for new artists.
  

  
  



• It's important for artists to consider the size of their works.
  

  
  



• Emerging artists should focus on nurturing new collectors.
  

  
  



• The art market can be influenced by external factors like elections.
  

  
  



• An abundant mindset is crucial for artists.
  

  
  



• Building relationships in the art community is essential.
  

  
  



• Artists should create accessible pieces for new collectors.
  

  
  



• Market volatility can lead to shifts in collector behavior.
  

  
  



• Collectors often follow trends set by their peers.
  

  
  



• Having fun in the creative process enhances the quality of work.
  

  
  



• Mentorship can provide valuable guidance for emerging artists.
  

  
  



• Patience and persistence are key in building an art career.