Selling Old Paintings in Minneapolis and St. Paul, Minnesota
Often times people will have acquired an old painting at some point in their lives. You may have inherited the painting, found it at an estate sale, received it as a gift, or discovered it in a gallery or antique shop. Being a fine art gallery in Minneapolis we have encountered a number of people that have come to us with extraordinary stories of finding paintings in the trash or a thrift store that turn out to be worth a significant amount of money. There are a number of factors that help establish the paintings value. Most of the time you will have to consult with an expert to get a true idea on the artworks value, but there are some things you can do to give yourself a better understanding of what you have and what to look for.
What is the medium?
Professionals in the art field and artists use the term “medium” to describe the material that an artists uses to create his or her artwork. Medium is the term used to describe the substance used to bind the pigments. The two main categories of artworks are originals paintings and prints. Originals paintings are artworks that are often times painted with oil, acrylic, watercolor, pastel, gouache, pencil, or pen. Prints have a variety of different techniques including lithographs, etchings, serigraphs, woodcuts, woodblocks, and many more. Sculptures are often times created with bronze, wood, marble, alabaster, steel, spelter, and ceramic. Determining the medium of an artwork is essential in determining the value of the piece. In most instances, an oil and acrylic painting by an artist will have more value than other mediums. In sculpture, there is less of a difference between the different mediums besides spelter which is typically less desirable than the other forms of media. This isn’t always the case, but in most instances it is.
Who is the artist?
Determining the artist is also an essential aspect in evaluating an artwork. Most artworks are signed somewhere within the piece. Paintings are often times signed by the artist along the lower left or right quadrants. Sometimes they will be signed on the verso. Often times the artist may only sign the artwork with their last name and there can be several artists with the same last name. In one artist database for example, there are over 500 listed artists with the last name Johnson. Some sell for over a million dollars while others only sell for a few hundred dollars. Some signatures can be very difficult to read and some are only signed with a monogram, initial, or symbol. James Abbott McNeill Whistler signed with a butterfly and the Minnesota artists, Cameron Booth and Nicholas Richard Brewer would often times only sign with their initials.
What is the provenance?
The provenance is the history of ownership of a work of art. Ideally, you could trace the history of an artwork from the artist to you. Unfortunately, with older artworks this is rarely the case. It is important to inspect the artwork for old gallery and exhibition labels. Usually these are attached to the back of the frame or stretcher. For really well known artists who are often times faked, the provenance can be just as important as the work itself. The provenance can play an integral role in determining the value of an artwork.
What is the condition?
Determining condition of an artwork is an essential part of selling and assessing an artwork. For paintings, carefully look at the surface of the painting for cracks, scratches, chips, and losses. If its on canvas, are there tears, rips, or is the canvas loose? If it is on a board, has the board warped? For works on paper it is important to look at how the artwork was framed. Has the paper browned? Is the mat and backing acid free? For these types of artworks you may have to remove it from the frame to get a better idea on the artworks condition. Sculptures must have the patina assessed. The patina is the color of the surface and it must look natural and unaltered.
Where should I sell?
There are several different options to sell artworks. The internet can be a great resource to sell art. You must be careful with selling online in that dealers and collectors put a premium on artworks that are not shown in the public. Sometimes an auction house can be a good place to sell an artwork. To sell an artwork at auction you have to understand how the process works. For an item that sells for $1,000 an auction house will typically take 20% and charge for insurance, marketing, and shipping. Here is a typical breakdown of fees from selling at auction:
Hammer price: $1,000
Buyers premium 25%=$1,250
Auction Fees
20% commission=$200
$50 marketing fee
1% insurance=$20
shipping $40
If the artwork hammers at $1,000, the buyer typically pays $1,250 and the seller receives $690 after shipping the artwork. So you will receive around 55% of the actual selling price. It is important to contact credible dealers who may be able to net you more money for your artwork.
Give us a call today if you have an artwork you would like to sell and we can give you the proper suggestions to get the most money.
Hiro Fine Art
612.643.0946
info@hirofineart.com
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