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   A recent story in the New York Times questioned the legitimacy of art auctions at sea. The story referenced Luis Maldonado, a businessman from California who sailed on a Mediterranean cruise in 2006 and bought two “museum quality” Picasso prints appraised at more than $35,000 each and three Salvador Dali prints valued at $35,000 for the set. When he returned home and had the artworks independently appraised, he found that they were worth far less than what he had paid.

So what’s the deal with art auctions at sea?

For the uninitiated, most cruise ships invite passengers to attend art auctions, which are usually held on sea days. The auctions are run by reputable art galleries who pay the cruise line to sell art aboard their ships (Princess Cruises is one of the few that runs its own art auctions). The auctions can be good fun and passengers have the opportunity to learn about art and discover new artists. Champagne is usually served at the auction, and the event is considered to be just one more of the many onboard activities that passengers can choose from for entertainment.

The issue that has arisen is whether the “appraised value” of each piece of art put up for auction on cruise ships is actually a legitimate value, or whether it’s an artificial value created to encourage bidding at the auction. In addition, some passengers have claimed that onboard sales agent have used deceptive selling practices and pressure tactics to sell high-end items. Given the limited supply of certain pieces of art, the fragmented market for resale, and the motives of different appraisers, it’s difficult to conclude that every piece put up for sale at sea is over rated and over priced.

But Mr. Maldonado appears to have paid more for the pieces he bought during his cruise than he would have paid on land. According to the New York Times, Mr. Maldonado paid $24,265 for a 1964 numbered “Clown” print by Picasso that Sotheby’s had sold for just $6,150 in 2004. And our reluctant art lover is not alone: residents in Florida and California have filed class action suits against one of the galleries running auctions at sea for misrepresenting the value of its artwork. (The class actions suits have not yet been certified, and even if they eventually are, they may not be successful.)

I’ve participated in several art auctions at sea aboard Crystal and Regent cruise lines, and I’ve purchased six numbered prints. I’m happy with my artwork – numbered and signed prints by Fanch Ledan, Linda Lekinff, Emile Bellet and Itzchak Tarkay – and I was delighted to discover these artists and their work while at sea. Their prints are now proudly displayed in our home.

The difference for us is that we bought economical pieces of art that cost us between $100 to $250 per print. And we bought them because we liked them, rather than as a great investment that would make us money.

The lesson here is that cruise ships are not the best place to buy expensive pieces of art at auction, especially if you have limited knowledge of how to value art work. First of all, you have little or no chance to comparison shop; second, most sales are final; third, you are probably too relaxed to ask the right questions; and fourth, if it was as valuable as the vendor claims, someone more knowledgeable than you would have bought it a long time ago.

So if you are looking to make a good investment, my advice is to put your money somewhere else other than art auctions at sea. And if you do find some art aboard a ship that is irresistible, don’t bid more than you are happy to pay regardless of what the auctioneer may say it’s worth.