|
|
Post by me on May 4, 2015 10:54:54 GMT
I have a green gangsta rat that I will be selling in the future. Should I take it to auction? If so which one is best? Anyone have any good or bad experiences?  |
|
|
|
Post by Aza on May 4, 2015 11:09:51 GMT
I think if I were to take it to auction, I would wait for one that is Banksy heavy, to bring the most attention to it.
|
|
|
|
Post by geswrk on May 4, 2015 11:18:46 GMT
I fully agree with Aza here. Also generally auction costs = often not great overall experience. On the other hand it can be a fairly trouble free way to sell your artwork, so long as it is accepted. The more major auction houses will often only accept Banksy work if you are the original purchaser with proof of that. Although I think this might be changing over time.
|
|
|
|
Post by me on May 4, 2015 11:27:28 GMT
Thanks for the advice so far. I would definitely wait for a Banksy heavy auction if I was to sell that way. I'm just doing a bit of research before hand. I've bought and sold lots of art but I've never gone down the auction road.
|
|
|
|
Post by posterbob on May 4, 2015 11:40:43 GMT
Only sell APs via private sale or galleries. You could be in for a major disappointment if you use an auction house.
|
|
|
|
Post by samfrost on May 4, 2015 12:27:41 GMT
Go the private sale route in this case.
|
|
|
|
Post by yoyosh on May 4, 2015 12:59:39 GMT
For an exceptional Banksy piece like this an auction is probably best. They will market it to make sure the deepest pocket collectors know about it before the sale. It's worth paying them their vig. Good luck!
|
|
|
|
Post by lee3 on May 4, 2015 18:32:16 GMT
There are no Banksy's in the NY May sales which suggests that the houses tried to steer any would-be consignments to the late June/early July London sales. They usually try to load up on an artist in the city they are most associated with which is why May is dominated by Warhol. I suspect you can get your sellers fee down to 4 or 5% with very little arm wrestling from any of the decent houses for that green rat during the London sales.
Even with a low seller's fee, I wrestle with the dilemma you would put yourself in through consignment. Let's assume fair value on that one is 24 sterling and maybe 2 people have to have it at auction which push it to 30 sterling all in with fees. In such a scenario you have to back out 25% for the house in buyers fees which is 7.5k leaving you a hammer of 22.5 and then you subtract 4% netting you ~21.5k all said and done and that's on a very strong price where a couple bidders took it above the market establishing a new high. If it sells closer to market at 25, you're netting less than 20. From my vantage point, it's a lot easier on everyone to simply say, i'll discount the market slightly and let the buyer get a deal and then I have no risk at auction of a low price. To be fair, you also remove the potential reward to yourself of a bidding war but I would envision that scenario far more likely in the originals side of the market as opposed to the edition side.
To me, it's a lot easier to say 10% off mkt and call it a day but ymmv. If the market was indeed 24 and you sold yours for 22, that's pretty close to what you might expect if the same rat sold for 29/30 at auction. FWIW, I recently sold one of those green rats using the same logic I typed above but I have to admit that I miss that rat. To my eyes, it's the best of the 4 standard editioned colors on the market. Good luck with your sale.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on May 4, 2015 18:47:54 GMT
I have a green gangsta rat that I will be selling in the future. Should I take it to auction? If so which one is best? Anyone have any good or bad experiences? Def put in Auction drop a pm to Delloy and he will have in auction Directly. Good luck whatever you decide |
|
|
|
Post by blackappleart on May 4, 2015 19:03:23 GMT
Only sell APs via private sale or galleries. You could be in for a major disappointment if you use an auction house. Agree with Bob on this one. If in no hurry, a private sale will almost always net you more unless you really have no desire to put in the effort to get it out there. Also with low editions and APs it best to have as many pictures and details, front and back, as possible. I'd de-frame it and take those which will take any guess work out of the condition for interested parties and also get you top dollar if in great condition. Great rat! |
|
|
|
Post by me on May 4, 2015 19:48:48 GMT
Only sell APs via private sale or galleries. You could be in for a major disappointment if you use an auction house. Agree with Bob on this one. If in no hurry, a private sale will almost always net you more unless you really have no desire to put in the effort to get it out there. Also with low editions and APs it best to have as many pictures and details, front and back, as possible. I'd de-frame it and take those which will take any guess work out of the condition for interested parties and also get you top dollar if in great condition. Great rat! I am in no rush to sell the piece. I just wanted advice incase I need to sell quickly in the future. I had it framed and have unframed photos of the front and back of the print. I have the coa and I also have the original receipt from pow as well as the receipt for the framing that I had done about 4 months ago. Bit of a mixed bag of opinions but I appreciate the time people have taken to post  |
|
|
|
Post by geswrk on May 4, 2015 20:43:13 GMT
nice thread  |
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on May 4, 2015 21:25:20 GMT
I am in no rush to sell the piece. I just wanted advice incase I need to sell quickly in the future. I had it framed and have unframed photos of the front and back of the print. I have the coa and I also have the original receipt from pow as well as the receipt for the framing that I had done about 4 months ago. Bit of a mixed bag of opinions but I appreciate the time people have taken to post If your were to try and sell I would pretty much gaurantee you would need to de frame. No one would take the risk. People paying 20K + for a print can afford re framing but they can't afford a mistake so I would very much doubt they would accept photos of front and back, receipts etc as proof. Plus you would want to check for damage and markings etc. so do agree with blackapple Art Tis a lovely piece |
|
|
|
Post by sean on May 4, 2015 21:37:58 GMT
And once you've taken it to auction, maybe you could take in a film, followed by a pizza.
|
|
|
|
Post by jeezuzjonessnr on May 5, 2015 2:32:58 GMT
There are no Banksy's in the NY May sales which suggests that the houses tried to steer any would-be consignments to the late June/early July London sales. They usually try to load up on an artist in the city they are most associated with which is why May is dominated by Warhol. I suspect you can get your sellers fee down to 4 or 5% with very little arm wrestling from any of the decent houses for that green rat during the London sales. Even with a low seller's fee, I wrestle with the dilemma you would put yourself in through consignment. Let's assume fair value on that one is 24 sterling and maybe 2 people have to have it at auction which push it to 30 sterling all in with fees. In such a scenario you have to back out 25% for the house in buyers fees which is 7.5k leaving you a hammer of 22.5 and then you subtract 4% netting you ~21.5k all said and done and that's on a very strong price where a couple bidders took it above the market establishing a new high. If it sells closer to market at 25, you're netting less than 20. From my vantage point, it's a lot easier on everyone to simply say, i'll discount the market slightly and let the buyer get a deal and then I have no risk at auction of a low price. To be fair, you also remove the potential reward to yourself of a bidding war but I would envision that scenario far more likely in the originals side of the market as opposed to the edition side. To me, it's a lot easier to say 10% off mkt and call it a day but ymmv. If the market was indeed 24 and you sold yours for 22, that's pretty close to what you might expect if the same rat sold for 29/30 at auction. FWIW, I recently sold one of those green rats using the same logic I typed above but I have to admit that I miss that rat. To my eyes, it's the best of the 4 standard editioned colors on the market. Good luck with your sale. Nice post Lee explaining how it all works.. if I ever find enough money to go for my dream piece in an auction I will PM you for advice first |
|
|
|
Post by #pfg242 on May 18, 2015 15:24:40 GMT
Private
|
|
|
|
Post by me on May 18, 2015 17:57:43 GMT
Private no sell it to me at cost! unfortunately I only bought it in December so I paid a lot of money for it. I wish I bought it for cost when it first came out..... |
|
|
|
Post by dan993c2 on May 18, 2015 18:14:53 GMT
Lovely print best colour by far!
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on May 18, 2015 20:26:47 GMT
I'd attempt private first, and if you don't get your number, auction houses can also do private on your behalf. If the deal doesn't seem like it's going to work out you can do auction but know you have the power to negotiate your price, fees etc. Ball is in your court.
|
|
