First Step Towards Selling Your Artwork

Artwork sales are slowly starting to move upward again in galleries and at auction after a two year drop. The economy has affected almost everyone.

At Guernsey and Associates, Fine Art Appraisals we get at least two to three calls a week from people just wanting to know what their artwork is worth. Lately this isn’t usually out of curiosity. Often they want to sell their art. What should you do if you want to generate cash flow by selling a painting, sculpture or work on paper?

At the risk of sounding self-promoting, first thing you should do when intending on selling an artwork is to contact a fine art appraiser. An ethical appraiser has no bias when it comes to the value of your artwork. Appraisers should never offer to buy your artwork – if they do - run!

Most appraisers offer Verbal Approximation of Value (VAV’s). A VAV is a non-written report - information is given to the client verbally. The appraiser will inspect your artwork determining the quality, looking for a signature and date, evaluating the condition, and making notes on style, medium and size. They will then research for comparable market information to base their opinions on. A “comparable market” means past sales of similar artworks by the same artist or by similar artists, condition, medium and size. Similar works are sought out that have sold in a similar market in the last five years. Sales made no later than from a five year spread are analyzed. Be wary of an appraiser who states “there were no comps available”, as a good appraiser can always find suitable comps. Fees for a VAV vary between appraisers.

A qualified appraiser (one with an educational and professional background that makes them an expert in the area of the artwork you are trying to sell), can give you an unbiased opinion of the fair value you can expect to receive when you sell a work. Different sales scenarios can affect the amount you receive and a good appraiser can explain these to you. If you sell an artwork directly to a buyer at a retail level, you can expect to sell and receive the full value of a work. Selling an artwork to a dealer or at auction will net you less. You will have to give the dealer a “wholesale” price. The dealer will in turn mark it up to a “retail” price to sell it in their gallery. Likewise, an auction will charge you a commission fee to put the item in an auction. Fees vary from different auction houses. An appraiser can recommend various places for you to go and try to sell your work. The sale should be between you and the buyer. Beware of an appraiser who offers to buy it from you. An ethical appraiser should never have involvement in the sale of your artwork, only in the appraising of your artwork. Some appraisers will provide you with a printout of the comparables they have used to determine your artwork’s value. This helps you to understand how they arrived at their conclusions.

Having an appraiser first evaluate and state value for an artwork or collection you intend to sell is an excellent way to receive a fair amount when selling your work. Taking this first step is the safest way to obtain a safe sale experience and not get “ripped off”. The minimal fee you pay the appraiser is well worth it.