Acquired a painting for $50K. Already have an offer at $75K. What do?
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Poast new message in this thread
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?
(http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2],#49219090) |
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.
(http://www.autoadmit.com/thread.php?thread_id=5767097&forum_id=2],#49219313)
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