How to Sell Sculptures with Sotheby's (2024)

FAQs

What is the minimum consignment value for Sotheby's? ›

Expert specialists will research, create catalog descriptions, and help with marketing the work. Complimentary estimates are provided for each item that meets a minimum consignment value. For example, Sotheby's minimums are $5,000 in New York, £3,000 in London and HK$40,000 in Hong Kong.

Simply submit images and information of your contemporary, modern, antique, or old painting through our easy-to-use online estimate form, and our specialists will contact you about its sale potential. They will help you determine when and where to sell your painting based on our upcoming auction schedule.

If you wish to sell with Sotheby's please access our free and easy-to-use online valuation service. You only need to provide some information and upload images from your phone or laptop. Our specialists will review your submission and issue preliminary estimates for items that can be included in our sales.

Consider the example of a painting with a “hammer price,” or winning bid, of $400,000. The buyer would pay Sotheby's a 26% premium, for a total of $504,000. The seller would pay 10%, $40,000, and receive $360,000 from the sale. Sotheby's would pocket $144,000; 28.6% of what the buyer actually paid.

You might not make as much as you would selling the items on your own because consignment stores typically split the profit 50/50. But it can be safer than selling through the classifieds or Craigslist (strangers won't be coming to your house).

Consignment is a type of contract in which the consignor delivers the goods to the consignee for sale. The consignee takes care of the goods and sells them. Until the goods are sold, the consignor does not lose ownership of the goods. After the sale, the consignee pays the consignor a certain amount of sale proceeds.

Remember, while online valuations can provide a helpful starting point for determining the value of your artwork, they are not a substitute for a physical appraisal by a qualified expert. For high-value items, it's always a good idea to have the artwork professionally appraised in person.

If you have interest in selling a work through Sotheby's, please visit our easy Sell with Sotheby's page. You will be asked to register or log-in to your Sothebys.com account to begin your estimate request.

You need to find a fine art dealer that specializes in the type of art you're selling. You can sell them the piece directly or give it to them on consignment. Fine art dealers tend to have extensive knowledge and connections in the art world.

Simply follow the steps below and our specialists will review your submission at no cost and provide preliminary estimates for items that can be included in one of our sales channels in 15 to 20 days.

How long does it take to hear back from Sotheby's? ›

At Sotheby's, we strive to provide timely responses to all enquiries. You can expect to receive a preliminary estimate within 15 to 20 business days of submitting your item.

There are numerous art auction houses across the globe, but the top 5 are Christie's, Sotheby's, Phillips, Bonhams, and Heritage Auctions. In this essay, we will examine each of these auction houses in detail and highlight some of their upcoming auctions in 2023.

In May, buyer's premiums will be reduced by 26 percent for most lots. Instead of the previous tiered fee system based on the value of a sale item, buyers will pay a 20 percent premium for lots valued up to $6 million and an additional 10 percent premium for any portion above that.

Sotheby's world-class specialists make comprehensive appraisals by considering the quality, condition, provenance, and market for each individual item of art. We do not charge our clients for the appraisal of the proposed collateral. Will you allow the artwork pledged as collateral to be exhibited by museums?

In general, auction houses typically charge a percentage of the final sale price as their fee. This percentage can range from about 10% to as much as 25%, depending on the value of the item being sold and the specific terms of the contract.

A reserve price is a minimum price that a seller would be willing to accept from a buyer. In an auction, the seller is not typically required to disclose the reserve price to potential buyers. If the reserve price is not met, the seller is not required to sell the item, even to the highest bidder.

As of 20 May, buyers at Sotheby's will pay a 20% premium on any hammer price up to $6m, plus 10% on any portion of the hammer price above that amount. The company's contentious 1% “overhead premium” will be scrapped.

Some typical consignment percentage figures are: Clothes: 40 - 60% Furnishing: 50 - 70% High-end luxury items: 80 - 90%

Sotheby's excels in American furniture and photography. Christie's excels in European furniture, books, and manuscripts. Both of them market themselves for having fantastic jewelry collections. Yet, due to their similarities, who people choose to buy and sell to largely comes down to “who's nicer” when they meet them.