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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 3:05 PM Author: Spaceship autoadmit (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219612) |
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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: The Last Liberal (🧐) 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 3:50 PM Author: Jason Genova $25K profit, less taxes, in a week and probably 10-15 hours of time is nothing to xo poasters (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219714) |
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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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Date: August 28th, 2025 1:21 PM Author: Darsint explain fine art collecting to me is it not flame/way to launder money? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219340) |
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Date: August 29th, 2025 6:52 PM Author: Refunkulus (I Always Post Always TP) Modern "art" collecting (Like 1990's onward) is probably like nearly 100% a way to launder money in my opinion. The only exception off the top of my head would be Banksy and even then the art is a gamble.
Art from the 1940's to 1980's and earlier breaks down into a lot of different things. I'm sure some money laundering goes on in this sector but it's just good ol' fashion speculation.
There are also niches that are not money laundering...Old Master paintings, Tribal Art, Asian Art, Impressionism, etc...except you better know exactly what you are doing or buy from top tier auction houses/galleries.
As a rule you should really only buy museum quality pieces...one good piece is better than one hundred "mid grade" pieces for a myriad of reasons.
If you REALLY know what you are doing, you can discover pieces in estates and then flip them for a big profit after restoring them or just being able to accurately describe them. This is where it becomes more dealing than collecting.
However the information advantage and research skills you need to possess are enormous and the opportunities to make discoveries are rare. Thanks to the internet as well competition has never been more fierce.
There are also a lot of damned idiots and fools working at very very high levels in the field...people that are professional bullshit artists or thieves or just complete assholes. So you need to speak their "language" and also have research and provenance correct beforehand. |
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Date: August 28th, 2025 3:49 PM Author: Jason Genova I’m going to restore. Currently have preliminary quotes for $1K and $4.5K. I was leaning towards auction until today when I realized they fraud their estimate range by including the buyer’s fee (22%) and then insisting on a low reserve (not including buyer’s fee). Consignment would be whatever price I set plus the gallery’s fee (25%). Might be able to negotiate the percentage down (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219711) |
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Date: August 29th, 2025 6:54 PM Author: Refunkulus (I Always Post Always TP) It's a no brainier to restore with those numbers and then consign.
That's a classic auction house tactic. Listing a 100K piece for 30K and then getting a "performance" fee when it sells for 100K. Or burying you piece in the lot order even if it's a show stopper.
The only other potential option would be to do a direct to museum sale but the issue with that is getting the access to the network. |
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Date: August 28th, 2025 1:11 PM Author: clarks lol you poasted all of this nonsense for the possibility of gaining $25k before taxes so like $15k? Lmao. That’s a lot of money to you? That’s my cigar bill for a week. (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219325) |
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Date: August 28th, 2025 1:12 PM Author: Brussels Sprout: Brussels,Helsinki,Stockholm,Kyiv show the painting, I'm an expert on contemporary art (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219328) |
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Date: August 28th, 2025 2:40 PM Author: Melted Crayon Do any of the people say “lol is that a lot of money” realize how bad the economy is now? You’re going to criticize a guy for selling a painting and making honest money while America has 400 million immigrants getting free housing and healthcare? (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219531) |
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Date: August 28th, 2025 3:10 PM Author: Ip Ban Give it to TSINAH obviously. It will make libs lose their shit. (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219627) |
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Date: August 28th, 2025 4:03 PM Author: DC Ask the buyer for 95k. Accept 90k. If they don't want to pay that, put it in an auction (http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2:#49219745) |