What do we mean when we talk about selling second hand art?
Art resale takes place between two private collectors, without any any gallery, art dealer or similar involved in the transaction. We are talking about particular transactions in which a work of art changes from one hand to another through an economic agreement.
The art resale market comprises a variety of elements: here we include the sale of not only paintings and sculptures, but also antiques, wood carvings, ceramics, furniture, tapestries, antique prints, clocks, and so on.
Better with an authenticity certificate and a professional assesment
As we are talking about an agreement between two individuals, we recommend the work you intend to buy or sell to be accompanied by a certificate of authenticity that legitimizes its authorship if it is an original piece of art, although we understand that this is not always possible when the transaction takes place between two private collectors.
On the other hand, we also recommend the seller to have a professional assessment of the work he or she wants to sell, as they will better understand the real value of that item in the market, while providing greater confidence and security to the prospective buyer.
Also, an assessment by experts will help the buyers to justify the value of the artwork regarding future decisions, such as expanding their home insurance, divide their possessions for an inheritance or set a goal of expanding their artistic heritage.
In our gallery we offer this service, for which we count on a team of official appraisers and experts on art and antiquities.
Do you need to write a contract?
It is not essential but highly recommended when it comes to high price artworks. It may be a simple document that specifies the features of the item, the description of the parties (ie, participants in the sale), their consent, their obligations and the object of the contract.
When the purchase takes place between two individuals taxes have to be paid, but less than we might think. In the case of Spain it is the 4% which is applied to property transfers.
As we see, they are much lower than in the case of buying art owned by a gallery, where 21% VAT should be applied. Each country has its own regulations on the matter, though, so we recommend you find out which may apply to your case.
Where can you buy and sell second hand artwork and antiquities?
There are numerous websites where you can do it, but we do recommend Arteralia.es, a specialized portal created by us. It is a space where we make it easier to contact individuals that desire to buy and sell art and antiques, without the intervention of intermediaries. You have only to create a free account and upload images and information about the items that you want to sell.
Is easily searchable and it is organized by categories, also providing our art assessment service by experts.
We hope this article has been helpful to you, dear readers. If you have any questions do not hesitate to let us know through your comments.