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Acquired a painting for $50K. Already have an offer at $75K. What do?
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Date: August 28th, 2025 10:39 AM Author: Jason Genova Auction house is willing to list with a reserve of $70K. A similar but smaller piece by this artist sold at auction for $120K (hammer of just under $100K) 10 years ago. No other comparable piece by this author has been auctioned since as they rarely go to market. Can likely get $80-85K via private sale. Auction would likely net between $70-120K but possibly more. Thinking about doing consignment at $120K (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49218954) |
Date: August 28th, 2025 11:27 AM Author: Jason Genova Are there no art mastermen here? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219083) |
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Date: August 28th, 2025 11:28 AM Author: AZNgirl Taking 100% Equity Stake in Howard Lutnick what type of gay are u (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219085) |
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Date: August 28th, 2025 11:31 AM Author: cock of michael obama (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219094) |
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Date: August 28th, 2025 11:34 AM Author: Jason Genova If I were gay I’d keep the art. This is a quick flip opportunity due to a desperate seller (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219104) |
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Date: August 28th, 2025 11:38 AM Author: cock of michael obama but you're the seller (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219114) |
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Date: August 28th, 2025 11:39 AM Author: Jason Genova I’m referring to the seller to me. I just bought last week and will now sell (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219119) |
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Date: August 28th, 2025 11:40 AM Author: Spaceship autoadmit If I were gay I’d keep the art tp (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219124) |
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Date: August 28th, 2025 11:49 AM Author: Judas Jones (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219151) |
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Date: August 28th, 2025 1:05 PM Author: Terry Bollea Did Nothing Wrong (TDNW) greedy gay piglet (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219318) |
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Date: August 28th, 2025 11:29 AM Author: fulano nobody knows what youre asking.
typcally consignment requires you to pay a huge fee to the house and "storage" costs or however they describe them for however long it sits there.
the auction shbould be 5 minutes and over.I would do that. what % do you have to give them for the privilege? |
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Date: August 28th, 2025 11:37 AM Author: Jason Genova There’s no fees for consignment besides the gallery taking their cut (25%). Auction fee is 22% but if it doesn’t hit the reserve at auction the piece becomes highly devalued. Basically the auction has greater upside of a bidding war at the risk of destroying the value of your piece. Consignment is lower risk - just set the price and see if anyone bites. (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219112) |
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Date: August 28th, 2025 11:31 AM Author: frater law hog with his big dog I would simply tell the auction house you won't list it for less than $200k and you expect them to carve their customary fee down by half. Thanks (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219096) |
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Date: August 28th, 2025 11:32 AM Author: Mr Right is $75K a lot of money to you? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219099) |
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Date: August 28th, 2025 11:45 AM Author: Jason Genova $25K profit can buy a lot of cunny (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219138) |
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Date: August 28th, 2025 1:06 PM Author: Terry Bollea Did Nothing Wrong (TDNW) (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219319) |
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Date: August 28th, 2025 11:33 AM Author: Fucking a FOB is Child Rape (🧐) have you tried putting it in your ass (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219100) |
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Date: August 28th, 2025 11:34 AM Author: Judas Jones What movement/period is it from? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219103) |
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Date: August 28th, 2025 11:38 AM Author: Jason Genova Post-war abstract (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219115) |
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Date: August 28th, 2025 11:40 AM Author: Judas Jones NY school? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219122) |
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Date: August 28th, 2025 11:41 AM Author: Jason Genova Yes (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219127) |
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Date: August 28th, 2025 12:12 PM Author: He flexed his right muscle. After taxes and fees it’s barely nothing (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2"#49219202) |
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Date: August 28th, 2025 1:02 PM Author: Refunkulus (I Always Post Always TP) You will lose too much to the auction house in fee’s going that route with your cost basis - it is best to keep it for a year because of the LT cap gains tax (art is taxed as an excise) or to negotiate some other way or sell it yourself IMO.
What kind of painting is it? Old Master? Modern? Impressionist? Asian?
I have a lot of experience in this world.
Edit: just read more of this thread
Consigning for 120K is a pretty good idea…the gallery usually wants like 15-20% I’d think? If the artist is popular a gallery is a good way to go…auction houses outside of the big three can have mixed results and even then they play games to increase the vig they get even if you set a reserve.
In the meantime is there anything you can do to enhance the value of the piece through research or restoration? It makes a big difference.
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