Tips to sell or buy artworks

Have you ever thought about buying artworks or selling pieces that you already have in your collection? Before you start this adventure, it’s important that you know how to do it. For this reason, today we offer you several tips that will help you to not make any mistakes. If you keep in mind what we will tell you below, it will be easier that those works which you feel connection at first sight will be yours; if on the contrary you are thinking about to get rid of some creation, now you will know what are the steps you should follow:

1.- Know the places where you can buy and sell the artworks

Nowadays there are three different types of market for art trading. On one hand we have the galleries, the fairs and on the other hand we have the auctions. Besides you can buy or sell art online.

We have to recall that fairs are the most importat places to buy and sell art. However, we shouldn’t forget about the galleries, where the career of an artist is really promoted.

We have to have in mind that to attend an auction you must be registered as a participant. There are some of them which are open to the public and anyone can go and bid, but they are unusual.

  • Galleries and fairs:

Purchase: First of all, you have to find what you like and then you have to talk with the gallery team. When you decide, they give you the documentation to fill. These requirements consists of a certificate of authenticity —even if the work is signed, it is important—, catalogs or texts about the artist and the invoice, which works as a proof of ownership.

When we formalize the documentation, we pay for the work and the gallery organizes the framing, when necessary, and the delivery of the work at the buyer’s address.

Sale: for sale it’s different. We must know that each gallery is sorted by specialty. For example, some of them only sell abstract and modern art, and there are others which specialize in figurative art and great masters artworks. Thus, we have to consider what kind of work is what we want to sell and choose the most convenient gallery for us. Art galleries reach an agreement with the seller to receive an amount of money when he sells his work.

Famous fairs to mention:

artworks

  • Auction:

Purchase: In order to buy at an auction one or several artworks you need the catalog to know that convenes you. There are three ways to participate at: in the room, physically; by phone, making an appointment with the auction house that organizes the bid previously; or in writing. You must set a maximum bid, a fixed price that you can’t exceed. Understandably, to buy the artworks you must make the highest offer.

Sale: In the auctions the works aren’t only sold by the market price: you can receive much more money, not only for pictures of some famous artist but also for any auctioned work there.

The Auction Houses makes the appraisal of the work and if you agree with the price, they proceed to auction it. If you finally sell the art piece , the auction house charges a percentage of the final sale price.

Famous Auction Houses: Sotheby’s/ Christie’s / Bonhams / Phillips de Pury & Company / Dorotheum

  • Buy on the Internet. 

Purchase: On the internet, we can participate in every singles market above described to buy artworks. In addition to allow participation in auctions, some websites offer the possibility of buying in galleries too.

For example, Artnet, Paddle8 or Artsy are the best known websites. The biggest problem of online shopping is that you can’t see physically the work. Thus, you can not appreciate what is its state.

Sale: In the case of artworks sales on the internet, there are many sites where art can be sold. The most important thing is to take a good pic to check the entire piece from all perspectives. Besides you should explain carefully the characteristics of the work. Thanks to that, potential customers can trust on the type of work that you offer to him. In general, Internet sites earn a percentage of the value of the sold work.

2.- Know the price of the work

To know the price of a work, it is essential to know:

Who is the author?

At best, the work has a  signed, the artist is known and your research is restricted only to verify that the work is authentic. The problem comes in when the work is not signed or, despite of being an original work, the signature of another artist has been added. In this case, you must investigate to figure out who the true author is or, if you can’t find it, at least being able to place the work in a particular time and specific school.

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What year does the work dates from?

Even if we don’t know who the author is, the painting can have a value for belonging to an artistic movement and be representative of it; or to a specific historical period or have value as an antiquity. We must also have this point in mind.

Finally you must prove that the work is good and check which is its legitimate origin and investigate how much similar works are being sold for .

You can also ask for advice from experts or, if we are lost we can learn much more by going to exhibitions, reading about art, etc.

For further information about this subject don’t hesitate to contact us to mailto:iluxenio@iluxenio.com.

iLuxenio, leaders in exclusive and sustainable construction

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