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Q: I bought a small sculpture by a contemporary artist about fifteen years ago when she was just starting out. I paid about $100 for it. Similar pieces now sell at galleries for $1000 to $1500. Can I sell mine for this much? Where would be the best place to sell it? I called up a couple of auction houses and they weren't interested in handling it.
A: Unless a contemporary artist is famous, the demand for her art is high, or the supply is limited, reselling older pieces is not easy and realistic asking prices are usually quite a bit below gallery retail. The two main reasons are that the artists are still alive and producing and the galleries that sell their art can get all the they need for no cash outlay artist-direct. Galleries take at least forty percent commissions on sales- the same amout they would take from you if you consigned your sculpture. That would leave you $900 under the most optimum conditions (assuming it's worth $1500 and the gallery takes a 40% commission).
Another factor that limits the resale prospects for contemporary art, particularly when the artists are in the primes of their careers, are that collectors tend to want the latest freshest pieces rather than older work. They also prefer the excitement of buying from and interracting with the artists and/or their dealers rather than dealing with collectors who bought long ago. A major aspect of contemporary art collecting is social-- collectors buy in order support and have access to members of the art community.
About the only way that you can make your art attractive to collectors is to price it well below retail. About $500 or so would be a fair sensible starting point. You can work your way down from there. If you really like the art, don't need the money and were just thinking of cashing in if you could get top retail, hold on to it. The prognosis for this artist is good. If she continues to produce, sell, and gain in popularity among collectors, the early works like yours will eventually become the most valuable and sought after.
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Q: I bought a small sculpture by a contemporary artist about fifteen years ago when she was just starting out. I paid about $100 for it. Similar pieces now sell at galleries for $1000 to $1500. Can I sell mine for this much? Where would be the best place to sell it? I called up a couple of auction houses and they weren't interested in handling it.
A: Unless a contemporary artist is famous, the demand for her art is high, or the supply is limited, reselling older pieces is not easy and realistic asking prices are usually quite a bit below gallery retail. The two main reasons are that the artists are still alive and producing and the galleries that sell their art can get all the they need for no cash outlay artist-direct. Galleries take at least forty percent commissions on sales- the same amout they would take from you if you consigned your sculpture. That would leave you $900 under the most optimum conditions (assuming it's worth $1500 and the gallery takes a 40% commission).
Another factor that limits the resale prospects for contemporary art, particularly when the artists are in the primes of their careers, are that collectors tend to want the latest freshest pieces rather than older work. They also prefer the excitement of buying from and interracting with the artists and/or their dealers rather than dealing with collectors who bought long ago. A major aspect of contemporary art collecting is social-- collectors buy in order support and have access to members of the art community.
About the only way that you can make your art attractive to collectors is to price it well below retail. About $500 or so would be a fair sensible starting point. You can work your way down from there. If you really like the art, don't need the money and were just thinking of cashing in if you could get top retail, hold on to it. The prognosis for this artist is good. If she continues to produce, sell, and gain in popularity among collectors, the early works like yours will eventually become the most valuable and sought after.
Buy art supplies, buy arts, buy clip art, buy fine art, buy modern art, buy original art, buy student art, canvas art for sale, clip art for sale, comic art for sale, contemporary art for sale, fine art for sale, fine art sale, fine art sales, folk art for sale, framed art for sale, framed art sale, garage sale clip art, graffiti art for sale, how to buy art, how to master the art of selling, how to sell art.
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