The first “One Day Auction” online art sale

12 February 2016

On the 11th of February the sale, organized by the new Ukrainian art market ODA (One Day Auction) took place at the CCA “M17”. An ODA is an art auction, and at the same time – a social network. The event enjoyed great interest from the participants of the art market, as some of the items were sold for a sum, multiple times greater than the starting price. For example, a work by the British author Damien Hirst, depicting his famous skull, was sold for $800 with the starting point of only $50. The works of the contemporary Ukrainian artist Viktor Sidorenko also attracted high bidders. Two works from his “Levitation” series were sold for $1500 each.

The exposition of the One Day Auction sale

According to the format of the art-social network ODA, the sales here will be conducted every day, but each of the lots is only available for 24 hours. Additionally, a user can watch the bidding or simply “like” some of the works, comment on them, learn about the artists, galleries, and auction houses. Today the network has about 4000 active users, therefore the potential buyer can also estimate the popularity of the art piece.

Another feature of the ODE is an exceptionally low starting price, which is not always equal to the ending price. Each item, along with the starting price, has a reserve price, which is usually higher. If the reserve price is not met, the item can not be sold. The reserve is not known by the buyer, but the items with a reserve price not exceeded can be identified in the 'Feed' by a red dot near the price mark. If the reserve is met, the dot will be green.