Artworks come in a variety of ways that are aesthetically pleasing and also evoke emotions. This is why so many avid art enthusiasts tend to love them. These items can range from paintings to sculptures, drawings, antique items, poetry, etc.
Art is generally the way people creatively express their innermost thoughts, desires, and personality. Physical art pieces such as sculptures, paintings, and drawings are generally desirable items. They can therefore change hands for a variety of reasons.
It could simply be an artist trying to propagate and sell their artworks. It could also be a person who has inherited these pieces and does not know what to do with them. Whatever reason a person chooses to sell their artworks, there are several ways to do so.
One of these is through consignment. Consignment is when the owner of an artwork – the consignor gives the piece to an art dealer – the consignee to sell on their behalf. You can read more about it from this article.
How Consignment Works
The way it works, the consignor has experience in dealing with art by selling them. They probably have a list of clients as well as good publicity and distribution system. These enable them to sell art pieces of various kinds.
While the art owner can choose to sell their item directly, they run several forms of risks. These include being defrauded and getting a lower value than the item is worth. They might not even know where to sell and eventually may not be able to sell their items.
A consignor, therefore, acts as a middleman between the owner of the piece and buyers that need artworks. Typically, the consignor sells the items at an auction and pays the consignee after their item has been bought. The consignor does not charge the consignee for selling their item rather, they take a commission when the item is sold.
The consignment system in essence offers the artwork owner a way to sell their items and make more money off them. This is likely more than they would make if they try to sell by themselves. It also offers some form of protection from getting defrauded and low valuation.
What to Keep In Mind When Consigning Your Art Pieces To Auction
If you have a piece of art to sell by consignment, there are various things you have to keep in mind. Below we will discuss some of these.
Know the Value of Your Item
Art pieces range in value and you should know the worth of your item. Oftentimes, the value of a piece will depend on several factors including the artist, age of the item, and its rarity. All of these are what determine how desirable the piece is.
The more desirable it is the more valuable it is. You must understand all of these so that you know how much you can get from selling the item.
Choose the Right Place for the Sale
After knowing the value of your item, the next thing is to choose the venue where you want to sell it. These can include a private art dealer, a gallery, or an auction house. To help you with this decision, you can get advice from art consultants.
You must take your time to research various auction houses and only consign with a reputable dealer. Read up on them, check their websites and social media feeds, and even subscribe to their newsletters.
You should also find out if the vendor has any pending lawsuits, liens, or judgments that can hinder the sale. Ensure to read up on how an auction works and familiarize yourself with the process. Also, attend some sales whether online or physically to get a firsthand experience of the process. You can find other types of places to sell artworks here https://www.artworkarchive.com/.
Ensure Things Are Properly Documented
When entering into a consignment, you must demand a strongly worded agreement. This should include a description of the item, your right to sell, and the terms of the sale. If you are selling more than one piece, make a list of the items and properly tag them. Also, ensure to keep copies of all associated paperwork.
You should endeavor as much as possible to agree on a sales price and know about reserve prices. This is the amount below which you will not sell the piece. Also, agree on the percentage of commission and how it will be split.
Ask When You Will Get Paid
Before consigning your item to an auction, you should also know when the consignor will pay you. Typically, this is after the item has been sold and the buyer’s payment has been processed. This might take up to 45 days after the sale.
Keep in mind that the sale may not be made immediately. So, you will not be paid after you drop off the item but when the actual sale of the item is done.
Follow the Rules for Drop-off
Every auction house has its rules for dropping and picking up items. In certain cases, you need to do so at receiving hours. At other times, the auction house can come to pick it up from you.
Furthermore, ensure not to sell your items in advance. Rather allow it to go to auction as you are likely to get paid more from that.
Choosing the Right Auction House
In choosing the best auction house, you need to do your research as alluded to earlier. Below are some questions you need to ask so that it guides you in making your decision.
- Do they have the right tools for the process? These can include insurers, lawyers, lending agencies, etc.
- How experienced are they in selling art items?
- Do they specialize in selling the kind of item you want to sell?
- What are the types of buyers that attend the auctions?
- How do they plan to market your piece?
- Are there any consignment fees?
- Is the auction house picking up your item or do you need to drop it off?
Asking these and many other telling questions will help you decide the best auction house or consignor to choose. You can check out Clars Auction Gallery to learn more.
Conclusion
Consigning your art items is one good way to make money off them. However, it is important to understand the process and also choose the right consignor to handle your business. The tips above will help you out in doing so.