Sell with AFP

I am sometimes approached by people looking to sell works of art they already own. If the painting in question is of particular quality and likely to appeal to our clients one option is to sell it through Academy Fine Paintings. Selling via private treaty is a hassle-free and often more rewarding alternative to consigning your painting to an auction house, something an increasing number of people are reluctant to do knowing that a large chunk of any final sale price will be retained by the auctioneers. 

When selling a painting at auction not only must the vendor pay commission and VAT but often fees for storage, photography, and catalogue featuring. And it doesn’t stop there. The small print on Christie’s website admits that should they sell your painting for a pound more than the high estimate “there will also be an additional 2% Performance Commission fee.” All this doesn’t just give sellers pause for thought; potential bidders face the prospect of paying a buyer’s premium that in the UK is now fast approaching 40%, a bidding fee of 6% (+20% VAT) and  further deductions for storage, shipping, and Artist Resale Rights. Between the seller and the buyer, auctioneers typically take around 50% of any final sale price.

Little wonder there are now more auction houses in the UK and the US than perhaps ever before. How many other brokers squeeze a fee out of both ends of the deal? Would you buy a house from an estate agent that tried to charge you, the purchaser, a fee as well as the vendor? Of course not, but auction houses do just that every day of the week.

Some sellers may be tempted to use one of the growing number of extremely shadey auction companies who operate remotely, meaning that they will sell items without ever having seen and appraised them in person. But I would caution against selling with – or worse – buying from one of these outfits. They should be avoided like the plague.

Of course, all this is irrelevant if your painting fails to sell. Well, not quite, as many auction houses will still charge you a fee. They may also agree to offer the painting again at a future auction albeit with a lower estimate. Unfortunately, once a picture has been “bought-in” or “passed” at auction its perceived market value will have diminished and its reputation tainted in the minds of many potential bidders.  

At Academy Fine Paintings we provide a straightforward, confidential alternative to selling the art you already own at auction. Whether you are looking to sell a single picture or an entire collection we are happy to help find the right private buyer. If you have a painting that you think may be of interest please do get in contact.