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If you are an artist who is just starting out, online auction sites are a great way to sell your artwork and gain exposure. If you are a collector or small gallery owner, online auctions are also a great way to profit from your collection. It is best if you have an appraiser look at your artwork, but this can get expensive, especially if you're an artist in the early stages of your career. You should compile a list of effective keywords that describe your art, in terms of look, medium, and size.
Try out a few searches at a large auction website with these keywords -- if art similar to yours comes up in the search, then you're on the right track. A keyword search will also give you an idea of the prices that art similar to yours is commanding. Compile a description of your work (BE TRUTHFUL), include some high quality photographs, and write a punchy title line for your piece.
Set the starting price for your art at a slightly lower price than that of your competitors, and try and time your auction so that it ends at a time when most people will be home -- either on the weekend or in the evening.