[JockoLad]

Forumites,

Please help me out. Lovely position to be in but I am going to sell one of my Banksy prints. I have numerous options but am struggling to make up my mind. Do I:

1. Aim to get a private sale arranged. Don’t feel offers I’ve received have been what I am looking for.
2. Consign to a gallery - they’ve promised me the World and have sold the same print about 6 months ago for higher than auction/private.
3. I am in discussion with Sotheby’s about consigning to the September Banksy sale. I’ve negotiated 5% flat fee with no other hidden costs.

Time is not really an issue so I have the luxury of being able to think things over.

What would you do and why?

Thanks for helping out, it’s much appreciated.

[NOLA]

I would go private sale with an auction house. Set a net amount you want and give them a period of exclusivity.
5% is high - most houses would offer 0% in this hot market. Also September is a long way away - market may have changed by then for better or worse.
All depends on what print it is. Just my 2c

[JockoLad]

Feb 17, 2021 11:48:32 GMT 1 NOLA said:

I would go private sale with an auction house. Set a net amount you want and give them a period of exclusivity.
5% is high - most houses would offer 0% in this hot market. Also September is a long way away - market may have changed by then for better or worse.
All depends on what print it is. Just my 2c

I didn't even know that this was a thing. I will look into it as looks like it might be a decent option. 

As for 0%, what is in it for the auction house to sell with no commission?

[trapnel1]

Feb 17, 2021 12:10:07 GMT 1 JockoLad said:

Feb 17, 2021 11:48:32 GMT 1 NOLA said:

I didn't even know that this was a thing. I will look into it as looks like it might be a decent option. 

As for 0%, what is in it for the auction house to sell with no commission?

They will still be charging the buyer....

[NOLA]

Maybe say what it is and what you want for it - you never know there maybe someone here.

[JockoLad]

Feb 17, 2021 16:04:45 GMT 1 @plurker said:

When I had the dilemma last year, I decided to go private.

Auctions can be hit and miss and, whilst your reserve is set, imagine if you waited till Sept and it failed to sell (unlikely but.....)

Dealers/brokers - when I was a yout the best advice I ever got was "anyone with the word 'agent'in their title is just an additional cost to cover you dont need"

If you can wait until Sept to sell, I'd consign to Sotheby's and the offer privately in July. That way you'll benefit from any price increase between now and then, and still have an opportunity to deal private.

Thanks Plurker.

I had thought that if I consigned to Sotheby’s and then were to withdraw the print I’d be liable to pay costs, or am I being naive?

[robo]

Feb 17, 2021 17:06:56 GMT 1 JockoLad said:

Feb 17, 2021 16:04:45 GMT 1 @plurker said:

When I had the dilemma last year, I decided to go private.

Auctions can be hit and miss and, whilst your reserve is set, imagine if you waited till Sept and it failed to sell (unlikely but.....)

Dealers/brokers - when I was a yout the best advice I ever got was "anyone with the word 'agent'in their title is just an additional cost to cover you dont need"

If you can wait until Sept to sell, I'd consign to Sotheby's and the offer privately in July. That way you'll benefit from any price increase between now and then, and still have an opportunity to deal private.

Thanks Plurker.

I had thought that if I consigned to Sotheby’s and then were to withdraw the print I’d be liable to pay costs, or am I being naive?

Yes you’d likely sign a contract with them that commits you.