And Insiders Guide to Selling Andy Warhol Art.
Selling any artwork can be a daunting experience, especially for those that are not familiar with the Art World. Considering that you are trying to sell one of the world’s hottest artists, it is necessary to speak to experts before selling your Andy Warhol art. Below our some tips and an insiders guide to navigating the selling process of the art world.
1) Determining Fair Market Value – Market value for a Warhol changes on a weekly basis. Pieces are constantly being bought and sold in the marketplace, and they supply of them fluctuates at different times. A lot of sellers will call Art Galleries that frequently sell Andy Warhol and ask for retail pricing, expecting to be able to sell their works for that fee. While sales prices in galleries changes, this is not a fair representation of market value for a work you are trying to sell. Galleries have extensive contact lists, current collectors, and participate in expensive marketing to try and sell works at retail pricing.
Market value for “blue chip” art is determined by auction results. The top auction houses have tens of thousands of clients, and have the largest reach for selling Warhol canvases or screenprints. The selling price of a work at auction is considered in the industry to be the fair market value for a work. Considering looking at Artnet.com and running a report to determine market value for your Warhol.
2) Auction Houses – Based on the above information, one might think it is smart to sell a work through an auction house. They have the largest customer base and determine market value, so it would make sense to sell a Warhol through them.
Working through auction houses can be a good experience, but it is necessary to understand the way auction houses work, to make the best decision on where to sell your work. The selling price of a work at is determined by the selling price during the sale (or hammer price) plus a 25% “buyers premium” or fee onto of the hammer price. If a work sells for $100,000, then $75,000 would go to the consignor who put the work up for auction. On top of that fee, the auction house will charge you 10% as a commission, as well as up to 10% more for insurance, marketing, and other charges. When all is said and done, you can expect to take home 60%-65% of the what the work sold for including the buyers premium.
Another factor to take into account when selling through an auction house is the time it takes to receive your money. While the house will pay you typically 14-30 days after the sale, it takes months before the sale takes place. You can wait up to 6 months for payment.
3) Selling through a Gallery – Selling your art to an art gallery is the fastest way to receive your money. At Revolver, we always pay the current market value for your work based on what you would receive at auction. Also, Revolver will pay you same day after the work is inspected. That is up to 6 months faster than auction houses!
We are one of the largest buyers of Andy Warhol screenprints and canvases in the world.
Please contact us today for a free evaluation of your Warhol art.