Business At A Glance
- Startup Costs: $10,000 – $50,000
- Home Based: Can be operated from home.
- Part Time: Can be operated part-time.
- Online Operation? Yes
Business OverviewOnce again, millions of professional and amateur artists are seeking ways to sell their artwork and this fact creates a fantastic opportunity to start an online art auction service.
The challenge with operating this type of venture will not be securing works of art to be auctioned, but promoting the site in such a manor that it receives a lot of visitor hits and interest. In terms of marketing and promoting the site, consider building an alliance with a major player on the web like a brand name site.
Revenues and profits will be created when artwork has been successfully auctioned and I would suggest retaining a commission in the range of 10 to 25 percent of the total selling value for providing the service.