I Want to Sell a Piece of Art, Where do I Start?

Q.

I've been thinking of selling a piece of art, which I own, but I don't want to put it in an auction.

How can I sell directly to an individual collector? Where to look after one? Where do I Start?

A.

You will need to work a bit harder if you are reluctant to put your art into auction. However, with a little guidance and consideration, this type of sale can be more rewarding.

Timing is Everything

Start with the basics and check your timing. Will market forces and conditions work in your favour? Think about your piece of art, its style and content. Compare this to market demand. Will you achieve a favourable profit? Don't forget that by selling directly, you will save money on commission. Are current economic conditions favourable to buying and selling luxury items like works of art? However, don't assume that in an economic downturn you will be unable to make any profit. At times like this, market supply may be lower. Therefore, a keen collector may be prepared to pay a good price for your work of art.

Find Your Market

If you sell your art at auction, the audience will be a targeted market ready to consider and buy your lot. However, a direct sale means you need to identify and target your own market. Look for contacts in trade and collecting magazines. Try visiting galleries that may be interested. Another good way to get your name and piece of art recognised is by using an online social networking site.

Check out the Value

Make sure you get your figures right before selling. The last thing you want to lose is your credibility by fixing the wrong price. Assess supply and demand and leave the appraisal to an independent expert. You will find reputable valuation agents via art publications and endorsed trade bodies.

The Fact of the Matter

If you can provide authentic and factual provenance, the value of art is greatly improved. Provenance is a documented history of origin and ownership. The acceptable forms of provenance are quite complex. Ideally you should have original, validated documents that trace the art's journey to the present day. If you have any doubts, consult an art advisor.

The Sale

With forethought and planning, you should be able to find a suitable purchaser and negotiate a successful sale. Make sure you conclude the process professionally with detailed paperwork and receipts. Hopefully you will have achieved the satisfaction of creating a direct sale and a good profit.