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Selling Banksy's through an auction house, by House of Arts on Sept 23, 2020 20:21:08 GMT 1, So I own a few unsigned Banksy's. The latest auction results have made me a bit nervous - I bought them a few years ago for 1/10th of what they seem to go for now. I might be interested to sell a few of them as they seem to represent an almost equal value as my entire house.
Can anyone, either here or in a PM, that has sold a Banksy at an auction before, tell me a bit about the process of doing so? Like how did you pick the auction house, what steps did you go through after deciding where you were going to sell them, does an auction house guide you through the process, etc, etc.
I have only sold a few low value items before so I don't really have a clue. Also I don't live in the UK so I'm a bit worried about transport etc. Any help or stories are much appreciated. And if there already is a topic on this I apologize in advance.
So I own a few unsigned Banksy's. The latest auction results have made me a bit nervous - I bought them a few years ago for 1/10th of what they seem to go for now. I might be interested to sell a few of them as they seem to represent an almost equal value as my entire house.
Can anyone, either here or in a PM, that has sold a Banksy at an auction before, tell me a bit about the process of doing so? Like how did you pick the auction house, what steps did you go through after deciding where you were going to sell them, does an auction house guide you through the process, etc, etc.
I have only sold a few low value items before so I don't really have a clue. Also I don't live in the UK so I'm a bit worried about transport etc. Any help or stories are much appreciated. And if there already is a topic on this I apologize in advance.
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Neate Michael
Junior Member
Posts โข 1,008
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September 2007
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Selling Banksy's through an auction house, by Neate Michael on Sept 23, 2020 20:23:56 GMT 1, Can you share with me any info you get.
Clearly selling through an auction house has pluses and minuses... Would be interested to see how people make a decision.
Can you share with me any info you get.
Clearly selling through an auction house has pluses and minuses... Would be interested to see how people make a decision.
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Selling Banksy's through an auction house, by Jonny Wednesday on Sept 23, 2020 20:40:32 GMT 1, Same. I'm interested as well.
Also thoughts on selling via the forum or selling at an Auction. Always my worry about selling through here is if there are any issues or comeback. At an Auction, you are in effect anonymous to the buyer.
Same. I'm interested as well.
Also thoughts on selling via the forum or selling at an Auction. Always my worry about selling through here is if there are any issues or comeback. At an Auction, you are in effect anonymous to the buyer.
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marquis
New Member
Posts โข 67
Likes โข 50
January 2020
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Selling Banksy's through an auction house, by marquis on Sept 23, 2020 20:52:54 GMT 1, I'd be interested to hear about negotiating seller's fees: if you're selling a print with Christie's or Sotheby's (for the first time) at what expected price for the print could you have a chance of negotiating 0%? What sellers commission percentage could you get on a print that'll hammer for, say, ยฃ50 - 60k? Cheers
I'd be interested to hear about negotiating seller's fees: if you're selling a print with Christie's or Sotheby's (for the first time) at what expected price for the print could you have a chance of negotiating 0%? What sellers commission percentage could you get on a print that'll hammer for, say, ยฃ50 - 60k? Cheers
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sfnyc
Junior Member
Posts โข 1,110
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August 2017
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Selling Banksy's through an auction house, by sfnyc on Sept 23, 2020 21:00:24 GMT 1, If you have a few prints to place then PM me I can refer you to an old school advisor that will get lower seller fees and placement in top auction houses (sothebys/christies/phillips). They re paid by the auction house for bringing in their clients so you can get much better terms than approaching auctions as a new seller.
If you have a few prints to place then PM me I can refer you to an old school advisor that will get lower seller fees and placement in top auction houses (sothebys/christies/phillips). They re paid by the auction house for bringing in their clients so you can get much better terms than approaching auctions as a new seller.
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Selling Banksy's through an auction house, by Love Is In The Air on Sept 23, 2020 21:20:23 GMT 1, I'm definitely not an expert but happy to share my limited experience in general on here and you can PM me if you want to know anymore houseofarts.
I sold two items at auction approximately 18 months ago in two separate auctions, both at Phillips.
Was happy with the process but you obviously have less control over your return compared to a sale on here or via a gallery on commission who fix a price.
The items sold for ยฃ10-20k(one did better than expected, one a bit disappointing).
Your Banksys would sell for a lot more than my items and I managed to negotiate down to 5% commission fee on hammer price with a few polite emails so you should be looking at less than that I would have thought (maybe 3-5%?).
Like I say was happy enough and felt very safe and no chance of any comeback from buyer with condition reports etc. Money took a few weeks then dropped straight in account.
Selling at a gallery guarantees you an amount.....going to auction is probably more of a gamble but you can put in some safeguards and if you get lucky on a good day you can walk away with a packet. Good example of variation at the moment is a Flags last week sold for ยฃ44,100 and then one this week sold at auction for ยฃ35,000. Appreciate they mat be in different condition but clearly one seller did a lot better than the other.
I'm definitely not an expert but happy to share my limited experience in general on here and you can PM me if you want to know anymore houseofarts.
I sold two items at auction approximately 18 months ago in two separate auctions, both at Phillips.
Was happy with the process but you obviously have less control over your return compared to a sale on here or via a gallery on commission who fix a price.
The items sold for ยฃ10-20k(one did better than expected, one a bit disappointing).
Your Banksys would sell for a lot more than my items and I managed to negotiate down to 5% commission fee on hammer price with a few polite emails so you should be looking at less than that I would have thought (maybe 3-5%?).
Like I say was happy enough and felt very safe and no chance of any comeback from buyer with condition reports etc. Money took a few weeks then dropped straight in account.
Selling at a gallery guarantees you an amount.....going to auction is probably more of a gamble but you can put in some safeguards and if you get lucky on a good day you can walk away with a packet. Good example of variation at the moment is a Flags last week sold for ยฃ44,100 and then one this week sold at auction for ยฃ35,000. Appreciate they mat be in different condition but clearly one seller did a lot better than the other.
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sondrer
New Member
Posts โข 69
Likes โข 28
July 2013
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Selling Banksy's through an auction house, by sondrer on Sept 24, 2020 14:21:31 GMT 1, Hi, Im also considering selling an unsigned Banksy. Is it realistic to negotiate the comission fee down to 5-10% at, for instance, sothebys or christies? Ive also contemplated using a gallery or some other artbroker. Does any of you have any experience dealing with Myartbroker or Banksy-value?
Hi, Im also considering selling an unsigned Banksy. Is it realistic to negotiate the comission fee down to 5-10% at, for instance, sothebys or christies? Ive also contemplated using a gallery or some other artbroker. Does any of you have any experience dealing with Myartbroker or Banksy-value? |
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alibear
New Member
Posts โข 140
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February 2013
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Selling Banksy's through an auction house, by alibear on Sept 24, 2020 14:59:47 GMT 1, OMGGGGGGGG Nearly fell off my seat!
OMGGGGGGGG Nearly fell off my seat!
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bob60
New Member
Posts โข 238
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May 2014
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Selling Banksy's through an auction house, by bob60 on Sept 24, 2020 15:24:32 GMT 1, OMGGGGGGGG Nearly fell off my seat! Hope you are ok Come back and join the conversation when you actually have something to say on the subject..
OMGGGGGGGG Nearly fell off my seat! Hope you are ok Come back and join the conversation when you actually have something to say on the subject..
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alibear
New Member
Posts โข 140
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February 2013
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Selling Banksy's through an auction house, by alibear on Sept 24, 2020 15:41:35 GMT 1, 
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Selling Banksy's through an auction house, by House of Arts on Sept 25, 2020 0:30:53 GMT 1, Thanks for the replies and PM's people, really helps a lot
Thanks for the replies and PM's people, really helps a lot |
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mrblast
New Member
Posts โข 494
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January 2011
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Selling Banksy's through an auction house, by mrblast on Sept 28, 2020 9:21:16 GMT 1, So I own a few unsigned Banksy's. The latest auction results have made me a bit nervous - I bought them a few years ago for 1/10th of what they seem to go for now. I might be interested to sell a few of them as they seem to represent an almost equal value as my entire house. Can anyone, either here or in a PM, that has sold a Banksy at an auction before, tell me a bit about the process of doing so? Like how did you pick the auction house, what steps did you go through after deciding where you were going to sell them, does an auction house guide you through the process, etc, etc. I have only sold a few low value items before so I don't really have a clue. Also I don't live in the UK so I'm a bit worried about transport etc. Any help or stories are much appreciated. And if there already is a topic on this I apologize in advance.
My prints are in the UK but I live outside of the UK.
Thanks in advance
So I own a few unsigned Banksy's. The latest auction results have made me a bit nervous - I bought them a few years ago for 1/10th of what they seem to go for now. I might be interested to sell a few of them as they seem to represent an almost equal value as my entire house. Can anyone, either here or in a PM, that has sold a Banksy at an auction before, tell me a bit about the process of doing so? Like how did you pick the auction house, what steps did you go through after deciding where you were going to sell them, does an auction house guide you through the process, etc, etc. I have only sold a few low value items before so I don't really have a clue. Also I don't live in the UK so I'm a bit worried about transport etc. Any help or stories are much appreciated. And if there already is a topic on this I apologize in advance. I'd also be interested in any info that people are willing to share. My prints are in the UK but I live outside of the UK. Thanks in advance |
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jp
New Member
Posts โข 422
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September 2006
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Selling Banksy's through an auction house, by jp on Sept 28, 2020 9:42:15 GMT 1, Here is a tip for any of you who want to sell at an international auction. Do *NOT* let the auction house or your local bank perform the currency transfer. You will get screwed hard on the exchange rate. Instead, set up an account ahead of time with transferwise.com or a similar site that does currency conversion at a fraction of the price. Currency conversion is basically a hidden fee, and they charge anywhere from 2-5% of your total auction earnings. It's a massive amount when you are talking about the prices that Banksy prints sell for. I learned this lesson the hard way. Don't make this mistake. Or just sell with an auction house in your home country.
Here is a tip for any of you who want to sell at an international auction. Do *NOT* let the auction house or your local bank perform the currency transfer. You will get screwed hard on the exchange rate. Instead, set up an account ahead of time with transferwise.com or a similar site that does currency conversion at a fraction of the price. Currency conversion is basically a hidden fee, and they charge anywhere from 2-5% of your total auction earnings. It's a massive amount when you are talking about the prices that Banksy prints sell for. I learned this lesson the hard way. Don't make this mistake. Or just sell with an auction house in your home country.
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bernie
New Member
Posts โข 292
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January 2012
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Selling Banksy's through an auction house, by bernie on Sept 28, 2020 10:15:11 GMT 1, A friend of mine got in touch with one of the bigger auction houses and they said
they would want 25% of the sales price.
This seems way to excessive .
Would anyone know if this is the norm.
A friend of mine got in touch with one of the bigger auction houses and they said
they would want 25% of the sales price.
This seems way to excessive .
Would anyone know if this is the norm.
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Deleted
Posts โข 0
Likes โข
January 1970
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Selling Banksy's through an auction house, by Deleted on Sept 28, 2020 10:20:40 GMT 1, A friend of mine got in touch with one of the bigger auction houses and they said they would want 25% of the sales price. This seems way to excessive . Would anyone know if this is the norm.
Should be downwards of 10% for sellers
25% plus the extras is the buyers fees
A friend of mine got in touch with one of the bigger auction houses and they said they would want 25% of the sales price. This seems way to excessive . Would anyone know if this is the norm. Should be downwards of 10% for sellers 25% plus the extras is the buyers fees |
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Lazarus II
Junior Member
Posts โข 1,801
Likes โข 2,427
August 2019
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Selling Banksy's through an auction house, by Lazarus II on Sept 28, 2020 10:22:54 GMT 1, A friend of mine got in touch with one of the bigger auction houses and they said they would want 25% of the sales price. This seems way to excessive . Would anyone know if this is the norm.
your friend may be confusing sellers premium and buyers premium. Buyers premium will be circa 25% of hammer price. Sellers premium will be 10% or probably less depending on what you are selling etc.
A friend of mine got in touch with one of the bigger auction houses and they said they would want 25% of the sales price. This seems way to excessive . Would anyone know if this is the norm. your friend may be confusing sellers premium and buyers premium. Buyers premium will be circa 25% of hammer price. Sellers premium will be 10% or probably less depending on what you are selling etc. |
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Selling Banksy's through an auction house, by Love Is In The Air on Sept 28, 2020 11:03:33 GMT 1, No one should be giving up more than 5% commission when selling Banksys at the moment IMHO. You are the one with the asset they want in their auction. They make their money from the fees etc added to the hammer price. As Bren says should be downwards of 10% but I really think if you haggle you will get 5% or even less, don't accept first offer you get.
No one should be giving up more than 5% commission when selling Banksys at the moment IMHO. You are the one with the asset they want in their auction. They make their money from the fees etc added to the hammer price. As Bren says should be downwards of 10% but I really think if you haggle you will get 5% or even less, don't accept first offer you get.
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Deleted
Posts โข 0
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January 1970
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Selling Banksy's through an auction house, by Deleted on Sept 28, 2020 11:08:12 GMT 1, Hi, Im also considering selling an unsigned Banksy. Is it realistic to negotiate the comission fee down to 5-10% at, for instance, sothebys or christies? Ive also contemplated using a gallery or some other artbroker. Does any of you have any experience dealing with Myartbroker or Banksy-value?
I have no experience of other auction houses, but if I ever sell again I would always go for one of these two. The process is smooth, you know they have immense experience and they're very easy to deal with. The professionalism is first rate and I always felt like my print and my money were safe with them. When you're talking this amount of money, it's so important to have complete trust in the auction house. Christies gave me an option of several different auctions and recommended I wait for the Banksy-only one to achieve the best price. They never pressured me to sell. In fact, I think the time between initial approach and eventual sale was 18 months.
I approached My Art Broker before approaching Christies. Wasn't massively impressed. The person I spoke to was nice, but I didn't feel hugely confident in the process. The price they suggested they could achieve was less than half of what the print sold for at auction. They actually contacted me after the auction to see if my print was still for sale. I also spoke to Hang Up and wasn't keen on them. I felt very much like their goal was to sell as quickly as possible to secure their commission. There was no advice or discussion, just a price.
Hi, Im also considering selling an unsigned Banksy. Is it realistic to negotiate the comission fee down to 5-10% at, for instance, sothebys or christies? Ive also contemplated using a gallery or some other artbroker. Does any of you have any experience dealing with Myartbroker or Banksy-value? 10% is the standard for Christies, and I believe Sothebys. When I sold my Banksy last year I negotiated Christies down to 8%. I'm sure a good negotiator could do better on a very valuable Banksy, although I imagine there are quite a lot of people approaching them to sell at the moment. I have no experience of other auction houses, but if I ever sell again I would always go for one of these two. The process is smooth, you know they have immense experience and they're very easy to deal with. The professionalism is first rate and I always felt like my print and my money were safe with them. When you're talking this amount of money, it's so important to have complete trust in the auction house. Christies gave me an option of several different auctions and recommended I wait for the Banksy-only one to achieve the best price. They never pressured me to sell. In fact, I think the time between initial approach and eventual sale was 18 months. I approached My Art Broker before approaching Christies. Wasn't massively impressed. The person I spoke to was nice, but I didn't feel hugely confident in the process. The price they suggested they could achieve was less than half of what the print sold for at auction. They actually contacted me after the auction to see if my print was still for sale. I also spoke to Hang Up and wasn't keen on them. I felt very much like their goal was to sell as quickly as possible to secure their commission. There was no advice or discussion, just a price. |
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Selling Banksy's through an auction house, by Love Is In The Air on Sept 28, 2020 11:31:14 GMT 1, Apologies WhatILike clearly has more knowledge/experience than me.....I got 5% from Phillips without much bargaining so presumed that was possible at others....agree Christies or Sothebys is probably the way to go, perhaps 5-8% might be best you can get but I deffo wouldn't just settle for 10%.
Apologies WhatILike clearly has more knowledge/experience than me.....I got 5% from Phillips without much bargaining so presumed that was possible at others....agree Christies or Sothebys is probably the way to go, perhaps 5-8% might be best you can get but I deffo wouldn't just settle for 10%.
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sondrer
New Member
Posts โข 69
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July 2013
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Selling Banksy's through an auction house, by sondrer on Sept 29, 2020 9:53:25 GMT 1, Thank you @whatilike for your insight!
Its great to hear about your approach and experience selling. Especialley since Im completely inexperienced in dealing with auction houses myself 
Thank you @whatilike for your insight! Its great to hear about your approach and experience selling. Especialley since Im completely inexperienced in dealing with auction houses myself |
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Deleted
Posts โข 0
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January 1970
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Selling Banksy's through an auction house, by Deleted on Sept 29, 2020 10:33:48 GMT 1, Apologies WhatILike clearly has more knowledge/experience than me.....I got 5% from Phillips without much bargaining so presumed that was possible at others....agree Christies or Sothebys is probably the way to go, perhaps 5-8% might be best you can get but I deffo wouldn't just settle for 10%.
Apologies WhatILike clearly has more knowledge/experience than me.....I got 5% from Phillips without much bargaining so presumed that was possible at others....agree Christies or Sothebys is probably the way to go, perhaps 5-8% might be best you can get but I deffo wouldn't just settle for 10%. It may well be possible to negotiate Christies/Sothebys down lower. I genuinely don't know. I'm far from a skilled negotiator. |
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ashley123
New Member
Posts โข 48
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October 2019
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Selling Banksy's through an auction house, by ashley123 on Mar 18, 2021 19:49:32 GMT 1, Wow! Great info here. Thanks for sharing your experience! I'm a newbie, so this topic is very useful for me. Speaking about auctions, I've recently found out about thumbtack. This online service connects employers and employees. So, if someone is interested in the job, there are many people who are looking for artists there. It is possible to look through the thumbtack reviews, in case you haven't heard about this platform.
Wow! Great info here. Thanks for sharing your experience! I'm a newbie, so this topic is very useful for me. Speaking about auctions, I've recently found out about thumbtack. This online service connects employers and employees. So, if someone is interested in the job, there are many people who are looking for artists there. It is possible to look through the thumbtack reviews, in case you haven't heard about this platform. |
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begs
New Member
Posts โข 972
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September 2010
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Selling Banksy's through an auction house, by begs on Mar 20, 2021 8:54:05 GMT 1, I have just emailed and spoken to most of the auction houses .
Firstly it depends on what your selling
Most auction houses will not charge you for selling in fact one would of gave me money on top
The 2 big boys wanted 5%
Hope that helps
I have just emailed and spoken to most of the auction houses .
Firstly it depends on what your selling
Most auction houses will not charge you for selling in fact one would of gave me money on top
The 2 big boys wanted 5%
Hope that helps
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cmt203
New Member
Posts โข 1
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March 2021
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Selling Banksy's through an auction house, by cmt203 on Mar 23, 2021 14:15:01 GMT 1, I know this area quite well, due to the demand for good prints currently you should really be aiming for a 0% deal with all three auction houses (as well as smaller ones) competing. Max I would take 2%. 10% is standard but way too high for these.
I know this area quite well, due to the demand for good prints currently you should really be aiming for a 0% deal with all three auction houses (as well as smaller ones) competing. Max I would take 2%. 10% is standard but way too high for these.
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