How the International Art Market is Changing the Sale Process
Selling art to the demand-heavy global market is a lucrative endeavor.
Whether you’re an art dealer with lots of experience in this field or you’re a private citizen with a piece that you want to cash in on, it’s likely that there’s going to be an international dimension to much of the sale project. With art hubs located in cities across the world, it’s unusual in today’s globalized environment for a buyer and a seller to be located in the same place – which means that you’ll probably have to deal with a complex international market and exchange rates. In that vein, here’s some advice on how to ensure that your art sale goes well.
Use Trusted Companies
Given that you might not be physically present for the entire art sale process, it’s important to use trusted companies that have the capacity and knowledge to look after your investment. You should look for a minimum of five years in business, and you should ensure that there are positive reviews available online about the firm that you choose. Remember that even though a transport company or auction house offering a cheaper deal may save you a few dollars right now, a reputable company can protect your investment by reducing the risk that it will be forged or copied while it’s in transit.
Explore the Market
Because artwork is almost always unique, it’s often difficult to work out how the market will react to a specific piece. That’s why having the assistance of some professionals in the field is a good idea. Hiring an art historian, for example, can help you to work out where your piece fits into a long line of previous sales, while an industry expert can help you determine the exact price that you ought to charge.
Factor in the Exchange Rate
When selling art, it’s possible that you’ll have to move your piece from one country to another. If you’re based in New York, for example, then it may need to be shipped to Paris if a French buyer takes you up on your offer. For that reason, you’ll have to pay not just transit fees but also an exchange rate cost when completing the sale. However, by using New York money transfer companies to help you find a good rate, you can reduce the risk that the exchange rate will eat into your profits.
When selling art internationally, it’s vital that you think carefully about the process that you’re going to follow in order to get the job done. You’ll need to ensure, for example, that the auction house and transit companies that you work with are all reputable, and you’ll also need to find a way to get the art from wherever it is to the buyer. Though all of these tasks may start to make your international art sale seem like a tough task, it doesn’t have to be this way – by enlisting the help of money transfer firms and art industry experts, you can ensure the process goes smoothly.