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What does it mean when art is on consignment?
Art consignment can be generally described as a work of art being delivered by its owner —the consignor— to a specialist art vendor —the consignee— for the purpose of being sold at some time in the future. Vendors include art dealers and auction houses.
How do I sell my paintings on consignment?
Art consignment: 13 important tips (and the right questions to ask)
- Know the value of your piece.
- Do your homework.
- Attend a few sales.
- Before you enter a consignment agreement, document.
- Know the season you’re selling in, and sell what’s in demand.
- Choose an auction house: ask key questions.
What does putting something on consignment mean?
Selling goods on consignment is described as a situation whereby goods are shipped to a dealer who pays you, the consignor, only for the merchandise which sells. The dealer, referred to as the consignee, has the right to return to you the merchandise which does not sell and without obligation.
Where can I sell my art collection?
Sell through an Auction House Working with an auction house is another option, if you are comfortable with them taking a commission. A seller’s commission ranges from 20 to 30 percent, according to Mutual Art. Find an auction house with good communication that is willing to work with you.
How do I get my paintings into an auction?
How Does It Work?
- Enter the name of the artist to find out if we are accepting their work.
- Submit basic information and images of the artwork you wish to sell.
- A team member will review your submission and respond within 10 business days.
- Receive guidance from our team before, during, and after the sale.
How do you sell artsy as an artist?
- Submit your artwork. Submit your artwork details and images.
- Receive multiple offers. If your work is accepted, you’ll receive competitive consignment offers from Artsy’s curated auctions, auction houses, and galleries.
- Match and sell. Our specialists will guide you in choosing the best option to sell your work.
How does art consignment work?
Consignment is essentially an arrangement in which artists provide their work to a central store, and that store then sells the work to customers. The artists are paid only if and when the works sell.
What is a consignment fee?
Consignment Fee means the fee to be paid by the User in case of an Acceptance of bid as de- scripted above (item 1.1). The Consignment Fee is determined by the price at which the bid was accepted (selling price) or is regulated by an individual agreement.
What are the types of consignment?
The two types of consignment are:
- Outward Consignment: When goods are sent from one country to another for the purpose of sale, the consignment is called outward consignment.
- Inward Consignment: When the goods are sold domestically for the purpose of sale then it is called inward consignment.
What is the typical consignment split?
Consignment shops typically take a 40% commission, which is considered a 60/40 split. 40/60 or 50/50 split is also appropriate, depending on the products you’re selling and the type of consignment shop you’re selling through.
Is it legal to buy and resell art?
False. California has a statute which regulates the resale of fine art. This statute requires the seller to retain 5% of the resale price and to remit it to the artist within 90 days of the sale.
Can I resell artwork?
If you originally bought the work from a gallery, you can try to resell it back to them, or to a gallery where the artist is represented. If the gallery is invested in promoting the artist’s work, they may accept the piece because they already have existing relationships with collectors of the artist.