Selling at Auction

Parting with an artwork is usually never fun, unless its to finance the purchase of another piece you have your eyes on. Some collectors never sell, and selling at the price you want to get for your Painting really comes down to market conditions. Do you go for a private sale, put the work with a dealer for an art fair, or put it at auction? Which route you go with really depends on the work and the artists market at the time, how fast you need to close, and at what price you can ultimately get depending on where it’s sold.

Choosing the Right Auction House: Research auction houses that specialize in your type of artwork or artist for better exposure. How will the auction house be marketing the sale? Do they have good results on this artist in the past? Will they guarantee the sale for at a specific price?

Provenance and Documentation: Gather all relevant documentation, including authenticity certificates and provenance history as this is needed with every art transaction.

Condition and Restoration: Ensure the piece is in good condition; consider professional restoration if necessary, but know that restoring will affect its value.

Reserve Price: Decide if you want to set a reserve price to ensure the artwork doesn’t sell for less than you’re comfortable with or need.

Timing: Consider the auction calendar and market trends; selling during peak seasons can maximize interest. Geopolitical events can also sway auction results.

Marketing and Promotion: Work with the auction house to effectively promote your artwork through catalogs and online platforms.

Fees and Commissions: Be aware of the auction house’s fees and commission rates, as these will affect your final proceeds.

Legal Considerations: Understand the terms of the sale and any legal obligations related to ownership and rights.

Starting with an advisor can help you manage your expectations for the value of your work, and help you navigate the auction houses so that you are well prepared before the big night.