[irl1]

Oct 29, 2018 18:50:50 GMT 1 cest said:

I have a chagall i want to auction (under 3k) heritage wants 20% sellers commission all in. Kind of high if you ask me. This is for heritage. What are yall seeing for them recently?
I pushed back for 15% , i dont really need to sell and i have a standing gallery offer close to thier estimated values. I just want an auction house as an outlet if/when i need it

Don't go anywhere near 20%, they will drop rather than let you walk. 

[cest]

It's only one item, they'll do 18%. I'm just experimenting with them to see if I like this avenue. I appreciate the help though! The next time I'll hit him hard

[irl1]

Oct 29, 2018 21:08:47 GMT 1 cest said:

It's only one item, they'll do 18%. I'm just experimenting with them to see if I like this avenue. I appreciate the help though! The next time I'll hit him hard

18 is too high, they will get buyers on top of that. don't settle for less than 15% which is more than fair. 

[cest]

Oct 29, 2018 21:34:16 GMT 1 irl1 said:

Oct 29, 2018 21:08:47 GMT 1 cest said:

It's only one item, they'll do 18%. I'm just experimenting with them to see if I like this avenue. I appreciate the help though! The next time I'll hit him hard

18 is too high, they will get buyers on top of that. don't settle for less than 15% which is more than fair. 

So this includes pics, insurance and everything. Still 18% is high?

[irl1]

Oct 29, 2018 22:06:54 GMT 1 cest said:

Oct 29, 2018 21:34:16 GMT 1 irl1 said:

18 is too high, they will get buyers on top of that. don't settle for less than 15% which is more than fair. 

So this includes pics, insurance and everything. Still 18% is high?

Yes. Tell them you want to start on 15 or your going somewhere else. They also get the buyers premium on top of yours. Mine is 8.50% all in, so now you know where to start 

[opsami]

Good morning/afternoon everyone,

I have a few street-art pieces that I want to put up for auction as a bulk but I am not sure which auction house would be the most suitable to work on street art pieces. It is mostly limited edition prints and artworks by the likes of MBW, Shepard Fairey, Banksy, Invader, Oak Oak, Death NYC, JR, etc... In total I am looking to place 10-15 pieces in total.

I would be super grateful to receive some advice and some contact emails to proceed.

NB: All the pieces are in my house in Dubai, UAE, and I am happy to send them on consignment wherever.

[sfnyc]

Hard to say based only on your previous posts if you are legitimately clueless about street art / art market or if you are trying to scam people... but I have a feeling you re just clueless ( I came to this conclusion after googling your username + dubai and found this gem: massagerepublic.com/u/opsami ).
So my advice would be for you to check out the auctions section of the forum here and research what sells where based on what you have - and if you re honest you will return all “stolen” Invaders to the artist.

[Pattycakes]

Mar 18, 2019 6:21:07 GMT 1 sfnyc said:

Hard to say based only on your previous posts if you are legitimately clueless about street art / art market or if you are trying to scam people... but I have a feeling you re just clueless ( I came to this conclusion after googling your username + dubai and found this gem: massagerepublic.com/u/opsami ).
So my advice would be for you to check out the auctions section of the forum here and research what sells where based on what you have - and if you re honest you will return all “stolen” Invaders to the artist.

Now that's a quality post if ever I saw one!

[opsami]

I guess I am clueless then!
Thanks for the tip on auctions, I will check it out.

[Carl Cashman]

If you're looking to flog stolen art with no morals, try the French auction houses.

[opsami]

Message received... I am not welcome in this forum.
I guess I should just go somewhere else
Ciao!

[The Italian One]

OMG please tell me you are not italian!!!

[abstrakted]

Hey guys, stupid question but I've never visited an auction house before (like Christies, Bonhams, Sothebys). 

I'm interested in stopping by one, mostly just for fun, but also as a potential customer. 

Do you just walk in the building and go straight to the art? Do you have to register at the front desk as a buyer or something? Do they only let you in if you want to check out specific lots/sales?

Totally clueless. Any help would be appreciated!

[Pattycakes]

Just walk in, go the sale room and view, if you want to bid you will need to register so make sure you have photo ID some houses also ask for proof of address. Don't feel intimidated you're the customer they are there to assist you!

[london]

Hi gang,

wanted to ask if anyone has had experience selling with sothebys, Phillips, bonhams?

Is there anything you should look out for, the hidden costs, who's the best to go with, overall experience? 

thanks 

[irl1]

Oct 14, 2019 13:49:11 GMT 1 london said:

Hi gang,

wanted to ask if anyone has had experience selling with sothebys, Phillips, bonhams?

Is there anything you should look out for, the hidden costs, who's the best to go with, overall experience? 

thanks 

Best prices from Sotheby's, Christies & Phillips. 

It depends on what your selling. That KAWS print i would go with a New York branch. Send pictures to all 3 and see what they come back with. Just so you know they won't put the full value of your print as a reserve,
They like to start lower to bring in the bidders. Haggle the selling rates. 

Go on their sites and check the results for peace of mind 

[london]

Oct 14, 2019 14:03:00 GMT 1 irl1 said:

Oct 14, 2019 13:49:11 GMT 1 london said:

Hi gang,

wanted to ask if anyone has had experience selling with sothebys, Phillips, bonhams?

Is there anything you should look out for, the hidden costs, who's the best to go with, overall experience? 

thanks 

Best prices from Sotheby's, Christies & Phillips. 

It depends on what your selling. That KAWS print i would go with a New York branch. Send pictures to all 3 and see what they come back with. Just so you know they won't put the full value of your print as a reserve,
They like to start lower to bring in the bidders. Haggle the selling rates. 

Go on their sites and check the results for peace of mind 

Thanks for the info, im in london so might be a bit difficult gong with the NYC branch, Phillips have offered me a reduction in fees (without asking) as im looking to sell like 6 items. 

[irl1]

I'm not surprised if its 6 high-end prints. Those KAWS prints don't ship too well so i understand.

One thing for sure its a good time of the year for selling, never sell in the summer

[Charlie Bronson]

www.thecollector.com/10-most-expensive-artworks-sold-at-auction/

[Horatio Nelson]

I’m thinking about buying from auction tomorrow for the first time... (excluding eBay, of course).

I can calculate the buyers premium and get that there will be an element of VAT (it’s a UK auction house and I’m a UK resident), but it’s not clear to me what the VAT is payable on. Is it on the hammer price, or only the buyer’s premium (or both)?

The auction house says the following:

“For each Sale category VAT at the current rate of 20% will be added to the Buyer's Premium and charges excluding Artists Resale Right.”

The item is estimated at a few £k, so this makes quite a difference.

[LJCal]

VAT is payable on buyers premium only (with some rare exceptions). Typically you pay:
Hammer price +
25% buyer premium +
VAT at 20% of BP (this equates to 5% of hammer price)
4% ARR for qualifying lots and artists (over €1000 and a registered EU artist)
So usually for UK buyers fees are between 30-34% of hammer price depending if ARR is payable.
These are average buyers fees and they do vary.

[Horatio Nelson]

That makes sense and accords with what I’ve read.

It’s just that VAT “will be added to the buyer’s premium” makes it sound like it is in addition to, rather than on, the premium, but I think this is just loose drafting.

Thanks!

[cest]

Ask the auction house to calculate the "estimate" and show formula

[misca]

Hi,

Seeing the latest auction results that Bansky is getting, I am not trying to sell but I am interested in understanding how sales work. If this topic has been previously discussed, my apologies, but I have not been able to find simple information.
The next reflection is to know when we see an auction price what is the real profit for the buyer. Depending of course on which country you live you will have one legislation or another, depending aution house, etc, but it is a reflection to have an approach.
Let's say you own your print that you bought for 1k and it gets a hammer price of 100k in the last auction. What is the benefit that you would have achieved? From the price of 100k we add the BP, 26% and the ARR, 4% ... 100 + 26 + 4 = 130k. To this we add the VAT ... 20% ... 130 + 26 = 156k.
Of the 100k auction they charge you the sale commission 5%? Plus shipping costs, etc ... let's say 6k. In this examaple you get 94k of a paid price of 156k. Of those 94k – 1k you have to pay the capital gains, depending on the country let's say 25% ... 23k.
94-23 = 71k. In other words, with a market value of 156k (what someone is willing to pay) you get 71 (45%). Or what is the same, 70% of the auction price or 50% of the auction price + BP.

If you sell directly without going through an auction, any sale greater than 94k will be positive for you (and obviously for the buyer), ignoring all the advantages / disadvantages that one system has over another, since I understand that neither BP nor ARR, nor VAT would be applied?

I am right? Someone with more experience who can add more information about commissions,taxes, etc.

Sorry again if this topic has been discussed but just would like to know how much worth is hanging on the wall and how art sales works.

[dueuomo]

You pay Vat only on buyer premium

[JAlternatión]

In the UK you pay Capital Gains Tax at 20% above 12.3k allowance. You may be able to use a partner's CGT allowance too to make it 24.6k free. The 20% assumes you pay higher rate tax and may be lower if you don't, but I'm going to make that assumption for this.
In your example, you would end up paying CGT on £81.7k, so would pay £16.32k. So, post tax you would have £77.68k.

All of this assumes that you paid nothing for the print. If you have paid 20k, you need to deduct that as it is not part of the gain.

[JockoLad]

Sept 21, 2020 9:44:06 GMT 1 JAlternatión said:

In the UK you pay Capital Gains Tax at 20% above 12.3k allowance. You may be able to use a partner's CGT allowance too to make it 24.6k free. The 20% assumes you pay higher rate tax and may be lower if you don't, but I'm going to make that assumption for this.
In your example, you would end up paying CGT on £81.7k, so would pay £16.32k. So, post tax you would have £77.68k.

All of this assumes that you paid nothing for the print. If you have paid 20k, you need to deduct that as it is not part of the gain.

I am a lower bracket tax payer but my partner is in the higher bracket. If we combine our allowance is it an automatic 20% or can I use the rest of my tax allowance at 10% and then pay the rest at 20%?

Does that even make sense?

[JAlternatión]

Sept 21, 2020 10:08:32 GMT 1 JockoLad said:

Sept 21, 2020 9:44:06 GMT 1 JAlternatión said:

I am a lower bracket tax payer but my partner is in the higher bracket. If we combine our allowance is it an automatic 20% or can I use the rest of my tax allowance at 10% and then pay the rest at 20%?

Does that even make sense?

It does make sense, but i have no idea. I think you have to prove that you jointly own the item to claim a partners allowance. This calculator should help (select 'other') to establish what you may pay on lower rate income taxscouts.com/calculator/capital-gains-tax/
(just remember to put in the gain, not final value)

[dotdot]

depends very much on who you are talking to.

take it you want to hear something nice - .... hire an advisor or get prof advice.

alt - if you want to keep it simple - don't tell anyone.

alt - ask hmrc for advice - you'll not be on the phone for long - "joke".

alt - you may hear the word "thief ! " - now that might be you , your advisor or the hmrc.

tax is a murky subject - not like festival - that is a print.

also if it's hanging on your wall there's a tax.
wall tax - that is ... the risk you run if it is worth > 10k and it falls off.
i know a chap who ... once i told him the value of his gwb he literally levitated into the air and fell off his chair. ( i jest you not i have witnesses ..)
later that day - his print came off the wall - and went under the bed....

gsoh is required also when talking about tax... stay cool and carry on.

..

[House of Arts]

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.