[artmonster]

Hello.
Looking for experiences and advice more than anything…

I have a few signed limited edition prints of Banksy. The last year has been challenging and I am planning to sell one (Signed Golf Sale, With COA) to get rid of the mortgage and have a bit less stress in my life.
I have never used an auction house before, but decided to get a valuation from Sotheby’s which came back today and it’s really low.

what is your experience with Sotheby’s, that still made you go for it, although the estimate was low? What do you regret? Or would you go elsewhere all together?

Any advice welcome, leave bitchiness at the door though…

[Sundowner]

Sotheby's tend to price (and set reserves) low but often get better results as they attract more bidders. Christies may be a better bet if you want a higher reserve.....

[artmonster]

Thank you, Sundowner
Main benefits I am after: painless sale (no dropping out, faffing around, etc) with good results.
I suppose Sotheby’s:
1. Lures in more buyers with low estimates
2. Manages expectations with sellers if the result that day isn’t great

Have you sold with Christie’s before?

[avec art]

exorbitant fee's and unexpected charges

[artmonster]

Regarding the fees and charges…I was under the impression these were negotiable…and therefore could be minimised

[avec art]

perhaps if you regularly do business with them, and frequently contribute to their auctions there might be some leeway, but in reality the fees are the fees. Conversations about this have been had on here many times. Photography fees, catalogue listing, possible framing / un-framing charge, reserve costs, all sorts and that's before you get to the post sale commissions. I think you'd be astonished.

What you say about the advantages are all valid, but there's a price you pay for that. You're not talking about an original piece or a GWRB, I'm sorry to say they don't need you, I don't expect you get to call the shots. If I'm wrong then that's would only be good for you. I'm not an expert so if someone thinks otherwise they ought to say.

[artmonster]

Thanks for that, artcave, some of those weren’t even on my radar, so really the kind of feedback I was looking for

[Sundowner]

Most fees are negotiable to a certain degree but artcave is right in that the auction house holds all the cards unless it's a piece they really want you to consign.

[tonys]

Jan 28, 2022 14:15:22 GMT 1 Sundowner said:

Sotheby's tend to price (and set reserves) low but often get better results as they attract more bidders. Christies may be a better bet if you want a higher reserve.....

As the seller, don't you get to set the reverse price? Mmmmm

[Lunch Special]

Jan 28, 2022 16:30:07 GMT 1 tonys said:

Jan 28, 2022 14:15:22 GMT 1 Sundowner said:

Sotheby's tend to price (and set reserves) low but often get better results as they attract more bidders. Christies may be a better bet if you want a higher reserve.....

As the seller, don't you get to set the reverse price? Mmmmm

People base the reserve off the last known highest recorded sale. Most ambitious I might say. Lol. High reserves scare away potential buyers. Low reserves in a Banksy auction is like a bait and switch type tactic. Think about it. WE ALL KNOW THERE IS NO BANKSY PRINT EVEN UNSIGNED IS EVER SEEING A HAMMER AT £1200 UNLESS ITS WATER DAMAGED RIPPED TORN TAPED AND LICKED BACK TOGETHER. THE £5 BOOK FAIR PRINT AS WELL AS SOUP CANS BOTH LITHIS SELL FOR WELL OVER £1000 {0_0}

I just don’t understand how anyone would say what amount should I sell my golf sale print for auction but I’m scared it might not flip for that much…. Ha ha ha i question your possible perfect or / imperfect timing as the lunar new year is about to begin….. You Know.

[tonys]

But reserves are never made public, only the estimates

[Sundowner]

Jan 28, 2022 16:30:07 GMT 1 tonys said:

Jan 28, 2022 14:15:22 GMT 1 Sundowner said:

Sotheby's tend to price (and set reserves) low but often get better results as they attract more bidders. Christies may be a better bet if you want a higher reserve.....

As the seller, don't you get to set the reverse price? Mmmmm

You do, but the auction house will steer you and clearly if there is a delta around the low-end estimate and the reserve price the seller wants to achieve there may be a challenge.

[Minecrafter]

Well, Sotheby's only checks the COA when consigning a Banksy.
You could literally keep the original and replace it with one that doesn't even look like any other piece from the same year.

(Robbie Williams is selling a 2006 girl with balloon that's completely different to the shredded one that was meant to be 2006)

[Minecrafter]

Feb 1, 2022 19:51:37 GMT 1 sarah89 said:

Feb 1, 2022 18:47:23 GMT 1 Minecrafter said:

Well, Sotheby's only checks the COA when consigning a Banksy.
You could literally keep the original and replace it with one that doesn't even look like any other piece from the same year.

(Robbie Williams is selling a 2006 girl with balloon that's completely different to the shredded one that was meant to be 2006)

Why different ?

[Bret "The Hitman" Hart]

Hi Jamie 👋 

Feb 1, 2022 21:01:12 GMT 1 Minecrafter said:

Feb 1, 2022 19:51:37 GMT 1 sarah89 said:

Why different ?

[Minecrafter]

Feb 1, 2022 21:36:10 GMT 1 Bret "The Hitman" Hart said:

Hi Jamie 👋 

Feb 1, 2022 21:01:12 GMT 1 Minecrafter said:

Thanks for the bump,
but I actually work for the artnewspaper , so try again "Bret".

But really kind of you to create an account just to answer me.

[JFCC]

I am really at a loss with all this, what utter drivel.

Firstly the post is about Sotheby's who are an excellent auction house to deal with and will listen to a discount on the sellers premium and reserve setting but as another comment said this is more likely if the piece is special, you have a good track record with them or you are selling a collection.

They, like all the Auction Houses (bar perhaps one who has been lambasted on this site for sale fakes) do a thorough and complete job on provenance and like all auction houses have a "special" relationship with Pest Control to get COAs and prove the validity of Banksy work before it is catalogued.

The point about the creation of certain images is just noise and the items owned by Robbie Williams are exactly as described, there is provenance to support when he acquired them and their year of production

This clown, which as been posting pages of nonsense under another name, is obviously back on his crusade about Love in the bin. The basic facts are that absolutely nobody on this board or in the art world agree with him, are interested in or cares. We all get the Love is in the Bin story and understand the theatre of the piece. I truly wish he would stop posting this meaningless noise and hikjacking posts.

[withnail69]

Sorry not having this.. Having dealt with Sothebys and Christies and bonhams over banksy sales.. I've found them all utterly unprofessional... Bonhams was probably the best.. Christies and Sothebys can literally drop comms for up to a month before getting back to you.. I rarely see either advertise their sales anymore. I actually walked into sothebys in December as I was working round the corner.... Someone came down to talk to me. Said we should email about consignment. I said sure whats your email address. She said no you give me yours.... She emailed me 6 weeks later...
Sothebys would be best place to sale.. Assuming you may have just sold in their sale this week.. Prices do seem to be dropping on some of the prints yet others are sky high (check the rat radar price)!

[withnail69]

Jan 28, 2022 14:21:15 GMT 1 avec art said:

exorbitant fee's and unexpected charges

wasn't the case at all for me with christies

[withnail69]

Jan 28, 2022 17:26:11 GMT 1 tonys said:

But reserves are never made public, only the estimates

I think the reserve is the low estimate but I could be wrong

[withnail69]

Jan 28, 2022 16:30:07 GMT 1 tonys said:

Jan 28, 2022 14:15:22 GMT 1 Sundowner said:

Sotheby's tend to price (and set reserves) low but often get better results as they attract more bidders. Christies may be a better bet if you want a higher reserve.....

As the seller, don't you get to set the reverse price? Mmmmm

they "strongly advise" the reserve price.. I guess you could argue the toss. 

[JFCC]

Generally you find the reserve is 1 or 2 bids above the bottom of the estimate range. The theory is set the estimates and reserve low to stimulate bidding. Once its showing as passed reserve the theory is that bidders are more likely to bid as there is a real chance of getting it. However, they also encourage you to set low estimates and accept lower reserve prices than you may want so that there are fewer passes and more sinisterly to get a bonus for exceeding the reserve.

I totally agree you can debate the reserve with them and although they will push back, if you stand your ground, unless you have an insane value in mind, they will accept it. After all they want your piece in their auction and the associated fees. I have never heard of an auction house rejecting a piece because the seller has argued about the reserve.

Looking at Sothebys Banksy sale and the estimates were woefully low and here I think this worked against them this time as the final prices were unimpressive.

[withnail69]

Apr 27, 2022 13:56:05 GMT 1 JFCC said:

Generally you find the reserve is 1 or 2 bids above the bottom of the estimate range. The theory is set the estimates and reserve low to stimulate bidding. Once its showing as passed reserve the theory is that bidders are more likely to bid as there is a real chance of getting it. However, they also encourage you to set low estimates and accept lower reserve prices than you may want so that there are fewer passes and more sinisterly to get a bonus for exceeding the reserve.

I totally agree you can debate the reserve with them and although they will push back, if you stand your ground, unless you have an insane value in mind, they will accept it. After all they want your piece in their auction and the associated fees. I have never heard of an auction house rejecting a piece because the seller has argued about the reserve.

Looking at Sothebys Banksy sale and the estimates were woefully low and here I think this worked against them this time as the final prices were unimpressive.

I think you are right... Not sure what the cause is... Interests have deffo shifted to some of his other less famous prints.. Not sure if thats affordability or what but I can't say it loud enough atm... hodl for a very long time or SELL SELL SELL asap...