Chinese Art Appraisal

Six Steps to Selling Your Chinese Art

Commission a Chinese Art Appraisal

Selling a fine work of art without commissioning an appraisal is a lot more difficult than selling real estate when you have no knowledge of the local real estate market.  To begin with, inspiring works of Chinese art have an aesthetic quality and a history that are difficult even for Ph.D.’s to appreciate and explain.  In addition, the art market is quite unlike the real estate market, in that it is mysterious, difficult to learn about, and subject to significant fluctuation.  You can’t just look up the previous sales records for the object you wish to sell (or buy).  These important pieces of knowledge, however, are provided in a professional art appraisal.

A professional art appraisal report usually provides you with the crucial information about your art work you need to know in working with an auction house or dealer. Many owners are overwhelmed by dealers who do not take the time to explain unfamiliar terminology from the worlds of Chinese aesthetics and modern art sales.  A knowledgeable owner, educated about the object as well as how objects like it have fared on the market in the recent past, stands a much better chance of profit when negotiating from a position of strength. 

An expert art appraisal not only prepares you to deal with professional buyers, but also opens new opportunities. Many people assume that an auction house will always offer the best value for their object, but that is often not true. You need to consider (and understand) an adjusted value estimate, the calculation of insurance costs, fees for catalog illustrations, buy-back reserve fees, and other extra charges and conditions typically subtracted from the hammer price of an auction sale.  A professional art appraisal alerts you to these possible charges in clear language and also helps you think creatively about other options, including museum donation, gift to charity, and other measures that can help reduce your tax burden.

Have you received a letter from an auction house that is vague or more complicated than you expected? Don’t panic!--The art appraisal report prepared by our Chinese art specialists will provide all the information you need to sell your Chinese art successfully.

Six Steps to Selling Your Chinese Art

Step 1: Obtain a formal art appraisal report. A well-written art appraisal report will help you, the owner of a Chinese art object, appreciate your object and understand the current art market. This will equip you with the knowledge of an insider when you approach agents, auction houses, and others.

Step 2: Choose an agent to represent you. If you prefer not to deal directly with potential buyers or auction houses, you should hire an agent to represent you. This kind of representation usually begins after you sign an agreement with the agent.

Step3: Choose an auction house and sign a contract for sale. Your agent should find information about possible buyers and venues for sale and present you with different options regarding the sale of your Chinese art work. Once you and your agent decide to pursue a specific auction sale, your agent will contact the auction house representatives and start the process on your behalf.

Step 4: Consign your Chinese art work to your chosen auction house. If your art work is accepted for sale, you next need to consign your Chinese art work to the auction house by signing a contract with the auction house.

Step 5: Make sure that your art work is insured in transit to the auction house. If the auction house agrees to display your art work for sale, the art work has to be transported to the auction house at your cost and under your insurance. After the art work arrives at the auction house, your property will be insured by the auction house.

Step 6: Receive payment for your sale. If your art work is sold, you will receive payment from the auction house about 40 days after the sale.

Motivation, Persistence, and Patience

The key to a successful sale of any art object is: “motivation, persistence and patience.”  Sometimes, the representatives of the auction house may misjudge the nature of your objects due to their limited experience, knowledge and expertise, and reject your objects in the first round of conversation. Hence, you should not be discouraged if any auction house you contact expresses no interest.  Their rejection does not mean that your objects are worth less than they are.

Selling your Chinese art objects is not as hard as it sounds. Clear vision based on experience, some strategies, plus insightful advice will help you sell your Chinese art work for top dollar. Please Contact Us, if you need professional advice and assistance.

 

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