Selling Investment Art: How To Maximise Your Return
Following on from last post I said that I would explain what the various costs for selling an artwork mean for you, the seller. Taking into account the various fees associated with selling at auction it is really only worth while selling at auction if the artwork you are selling is worth more than the £2000 threshold (or what ever the threshold is before the selling fees go down). There are other avenues for selling less expensive artworks most of which are based online.
For those that do decide to sell at auction here are a few tips that could make the difference between getting a good price and getting a great price:
1.Only sell with auction houses that offer specific, separate sales for artwork. Don’t sell at an auction which includes a bit of everything as the chances of a successful sale are much lower.
2.Don’t automatically assume that a smaller auction house will have lower selling fees.
3.Paying slightly higher selling fees at a larger auction houses may give you a better result than paying slightly less fees at a smaller auction house.
4.Make sure that you are aware of all the fees associated with selling such as image reproduction costs, catalogue costs, etc.
5.Do some research on the auction house online before you consign an item.
6.If you have a more expensive item (US$10,000+) you should try and negotiate on the selling fees remembering that the auction houses primary interest is to sell artworks for as much as they can.
7.Try and get your artwork into a sale with items of similar value or in the same category as the auction will attract buyers already looking for similar items.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectables for Pleasure and Profit and contributes to many other publications.