TateWard • Art Auctions 🇬🇧

[Argiebaji]

The u/s Love Rat sold at £30K.

Is this the norm now for this 2004 print.

[lv90210]

Jun 25, 2020 15:48:04 GMT 1 Argiebaji said:

The u/s Love Rat sold at £30K.

Is this the norm now for this 2004 print.

£32,160 you mean.

[illycup]

Sorry, maybe the wrong forum to ask - but what are shipping companies you are usually using to send your art from London's auction houses to US?

[daniel3886]

Jun 25, 2020 19:12:14 GMT 1 illycup said:

Sorry, maybe the wrong forum to ask - but what are shipping companies you are usually using to send your art from London's auction houses to US?

We normally use Flight Logistics we do have a second option, Evora Logisitcs if you wanted to get 2 quotes and see how the quotes compare.

We are also considering bringing shipping/packing in house to streamline the process and give our clients an end to end service. Watch this space.

[njr911]

Jun 25, 2020 9:08:17 GMT 1 lv90210 said:

Jun 25, 2020 8:56:12 GMT 1 robo said:

£62,400 inc buyers premium and VAT

Kapppppppowwwww ! I wont share how many I own.

I had two very shortly after release, sequential numbers, from totally separate purchases.

I struggled to sell one for £1,600

[begs]

Some nice pieces in this Auction 

[daniel3886]

Nice of you to notice! Our next online sale with Artsy is currently live and ends on the 25th August. A selection of works across Urban and Contemporary genre’s with works by some of the big names in both.

If you have any questions on provenance or condition please email [e-mail] and we’ll be happy to assist you.

We appreciate the continued support from both buyers and sellers. Our next “live” Auction will be in October.

If you have a piece you’re looking to consign please contact myself or Nick for an estimate and to discuss terms. Our lot minimum is £500 and we only go below that as a courtesy to consigners of higher value works.

[e-mail]
[e-mail]

[vickyv]

See they’ve got a Banksquiat in it too - it’ll be interesting to see what this goes for...

[Jonny Wednesday]

www.tateward.com/auction/search/?st=Banksy&sto=0&au=32&w=False&g=1&pp=96&so=0&pn=1

[F*X]

If you use this link its easier to see the current bids.

link

[iamzero]

A couple of things in there are of interest but I know nothing about how auctions work. If I bid on something for £1k for example what other fees am I like to stump for. I can see 25% for final hammer so that takes me immediately to £1250 actual payment but what else is there?

[F*X]

Plus vat on the fees which takes you to 30% of Hammer amount.
Plus another 4 % if ARR Artist Resale Rights applies

[iamzero]

Aug 20, 2020 12:45:58 GMT 1 F*X said:

Plus vat on the fees which takes you to 30% of Hammer amount

£1300 to pay on a £1k winning bid?

[woodman]

I think the 25% is plus VAT as well so that's 30% plus ARR so up to a total of 34% but unsure if that applies to all the sales. I think the actual final fees are hidden for one reason or another (but I am a very cynical person)!!

Happy to be corrected as I have only purchased once at auction years ago, with no ARR applied.

[F*X]

just edited my post
Possible plus another 4% of hammer

[woodman]

Aug 20, 2020 12:47:48 GMT 1 iamzero said:

Aug 20, 2020 12:45:58 GMT 1 F*X said:

Plus vat on the fees which takes you to 30% of Hammer amount

£1300 to pay on a £1k winning bid?

£1340 if ARR applies (I think).

Sorry I was meant to quote you in my first post.

[F*X]

That's my understanding

[woodman]

The sales in the auction yesterday only show up with the BP and not including the VAT or ARR, but I am unsure if that is how they are recorded generally. The banksy-value site has them recorded as cost + BP with no VAT or ARR so assume that is how they record them on their site.

[fusion0001]

Aug 20, 2020 13:10:15 GMT 1 woodman said:

The sales in the auction yesterday only show up with the BP and not including the VAT or ARR, but I am unsure if that is how they are recorded generally. The banksy-value site has them recorded as cost + BP with no VAT or ARR so assume that is how they record them on their site.

I usually try to record it based on what a local buyer would pay. My understanding on the Christies USA lots there would not be ARR collected and also in most cases no additional VAT, but may be someone who knows the exact rules can correct me.

On the other hand on UK sales there is no way around having to pay ARR and VAT if you buy locally.

[axel]

So, rule is: bid + hummer + arr.
The vat is applied only on the hummer fee, and is payable if you are a private.
If that goes via a UK company you will be able to recover the cost. If the transaction goes through a foreign company the vat is not applied (depending where the entity is incorporated).

With this said, I think the Tate Ward auction has some interesting pieces, like the Liechtenstein cow triptic, has good estimate, curious to see how high it goes...

[daniel3886]

Total added fees to a uk buyer on a lot where ARR applies (European artist selling above 1000 euros) 34%

25% BP
5% VAT (charged on the premium only)
4% ARR

UK registered companies can reclaim the VAT element
Buyers outside the EU can request the VAT is removed from their invoice.

Hope that clarifies. Results are recorded at most auction houses as Hammer + BP = Realised Price
Local taxes and ARR vary from location to location so recording in the manor above creates a level playing field for comparison.

Artsy have implemented some more rigorous identity checks to comply with AML legislation which is meaning registrations can take slightly longer. If you intend to bid please register early to allow for this, also if you have having trouble with the process please contact [e-mail] for assistance. I’m told it works much better from a phone as opposed to the desktop site.

[F*X]

Very slow going so far!

Banksquiat is currently at 50k

[jp226]

Aug 24, 2020 8:40:28 GMT 1 F*X said:

Very slow going so far!

Banksquiat is currently at 50k

I've noticed the last few auctions to have Banksy works were slow and go until the day of. 

[Phear Loathing]

What did this go for?

[Shoeless]

Aug 26, 2020 4:31:11 GMT 1 Phear Loathing said:

What did this go for?

Auction actually ends on Thursday.
Still at £50k with 3 bidders

[Phear Loathing]

Ahh oops!

[Winter]

Aug 24, 2020 8:40:28 GMT 1 F*X said:

Very slow going so far!

Banksquiat is currently at 50k

So who will be the sucker who forgets about the 30% premium and massively over pays for that one?

[F*X]

Aug 26, 2020 8:10:31 GMT 1 Winter said:

Aug 24, 2020 8:40:28 GMT 1 F*X said:

Very slow going so far!

Banksquiat is currently at 50k

So who will be the sucker who forgets about the 30% premium and massively over pays for that one?

34% Inc ARR

[saint]

Monkey parliament poster currently at £4250..... World has gone cray cray.

[Deleted]

Aug 26, 2020 8:10:31 GMT 1 Winter said:

Aug 24, 2020 8:40:28 GMT 1 F*X said:

Very slow going so far!

Banksquiat is currently at 50k

So who will be the sucker who forgets about the 30% premium and massively over pays for that one?

If you've got £50k plus to drop on a piece of art you'd hope you'd be wise to additional auction costs.

Given this is the first to come up for auction, couldn't really say any price would be overpaying, because we don't know what the benchmark is. This is setting the benchmark.