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I purchased the work on the 5th of April. After a lot of research, negotiating, dealing with gallery owners, and auction houses, etc…I decided my best best to sell the piece is on eBay. Christie’s in NYC believed wanted to sell it in their August auction (“conservative estimate of $15-20K”) but the fees are crazy. Also, there is no guarantee of it selling.
Here is the listing:
https://www.ebay.com/itm/Edouard-Cortes-Paris-Aux-Trois-Quartiers-Original-French-Oil-Painting-Signed/123739905223?hash=item1ccf791cc7:g:QLQAAOSwHkBcuMrN -
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I couldn’t get an answer on how much “Vendor Charges” would be. It is still a route I could go in the future, but I thought I would test it out on eBay first.
Standard Commission:
– If hammer is $15,000, or below – 15% commission
– If hammer is between $15,001 – $75,000 – 10% commission
– If hammer is between $75,001 – $350,000 – 5% commission
– If hammer is above $350,000 – 3% commission
*All consignments are subject to a 2% Performance CommissionVendor Charges:
-Freight, restoration, shipping, expertise, and testing (Consignor to absorb)-
I mentioned that selling Art at auctions is tricky because of those vendor charges. The auction house puts the cost to sell on you. Shipping, storage, photographing, listing, etc,
And if the item doesnt sell, you’re saddled with those costs + professionally shipping it back to you.
I’ll be interested to see if you can sell on eBay easier for around the same amount.
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Hopefully without too much judgment from everyone on the forum…$6500. It was a gamble, but I figured I could at least double my money, even if it takes some time.
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No judgement at all. Actually this is the most exciting thing Ive seen on this forum in a long time! We’ve discussed going to auction and paying up for high dollar items. If you could make $6k in a couple months, then it’s like selling 200 items for $30.
–Have you ever flipped art like this?
–Are you pretty knowledgeable about art?
–How often do you see high dollar art that you think you can flip?
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Thanks. It’s all part of a greater experiment I have been doing. I have been selling casually for the last 5 or so years with the intention of going full time but I never took the plunge. A few years ago I started an unrelated business and that exit set me back somewhat financially.
Back in a regular gig (with amazing benefits) I have been selling more consistently on eBay recently, but I want to move beyond the “low hanging fruit.” This involves doing a lot more research before buying (or bidding), expanding where I will travel to buy or bid, etc…
Auctions, I feel, have the opportunity for a greater return, but it does involve making a great investment initially. So, prior to obtaining the piece, I spent many hours researching the artist, looking up sold histories, and find out as much provenance as I could about the piece. Another thing going for it was the fact the painting was a complete unicorn at the auction I ended. It was an estate auction held in a barn among a lot of pieces of furniture and normal auction fare. On the day of the sale, I sized up everyone and figured no one was really there for the art…and I was right. I ended up bidding against one other guy, went a little above what I wanted to spend (that’s how auctions go) and I came out the winner.
My immediate gut reaction was to go home, contact all the fine art auction houses and put it on the block as soon as possible. BUT the art world does not work this way, and in reality I will probably need to sit on this piece for a few months before it sells (either on eBay or if I consign it to Christie’s for their August sale).
To answer your questions Jay –
I have flipped a lot of art in the past, but usually it is spending $100 and selling for the $800-1000 range.
Yes, I have a lot of experience in the art realm from my days at Penn State. I spent countless hours listening to professors talk about paintings and sculptures while they flipped through slides on the projector screen. Also, I studied art/art history for an abbreviated semester in Italy.
I do not often see high dollar art come available to flip. Again, usually it is seeing something for a few hundred and maybe getting a thousand or two. I also enjoy the space where I can find something for $5 and sell it for $75-100 (this is where I am comfortable being consistently with art). The Cortes piece was a complete unicorn, so I do not see that as being a regular thing.
With that said, existing within the niche of fine art is complicated unless you are an expert…and I am very far from being an expert. I think my greatest chance (for me at least) is to stay diversified but with the intent to invest more, get a greater return. I tend to sway towards vintage furniture, lamps and other antiques.
Sorry for the long response…
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Great response. I dont see many scavengers here (me included) trying these high dollar experiments.
Interesting to hear that you don’t think you could find art for $5k and sell for $15k very often.
–Do you think you could find art for $100 and sell for $1000 every week?
–Can you find $5 items and sell for $75-$100 every week?Just curious if you think these items are in steady supply. I sometimes think that a solid business has to be built on bread and butter items because they are plentiful.
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So I guess it depends how you define “every week” . I do not think I could sell $1000 items week after week, but I DO think I could sell fifty-two $1000 items in a year.
Maybe not art, but I do think it is possible to find items for $5k and sell for $15k consistently.
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Fair enough. We know that we can make $6k-$10k a month consistently selling bread and butter items. Finding $30 items is super easy; the challenge is just creating a consistent listing process. Plus storage.
So would you mind sketching out your vision for how a “high end” eBay store would operate where you buy only items that sell for $1000+?
When I imagine this way of selling, we would go to 3-4 in-person estate sale or auctions a week. We’d buy very few items, but each would be researched and sell much higher + fairly quickly.
My concern is that we’d have to become super experts in very niche items. Like the auction guys who only buy antique Chinese pottery. I like being a generalist.
I also worry that higher end items demand proving provenance and authentication which is rarely possible at the auctions I attend.
(Edit: all the above could be fantasy)
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So, I guess I should clarify…I don’t really see myself having a “high end” eBay store. Instead, I want to have a good mix of items but my focus is the higher end sales, even if that means spending some more in the process.
I like auctions. Auctions allow me to research ahead of time and go in with a game plan on items I want to go for and how much I want to spend. In addition to those buys, there are always smaller, less expensive vintage items that I can buy cheap and sell for $30-50, 60, etc…even better is when I buy something I want I know I can sell for $150+ but it is coupled with a lower priced item. An example of this is a buy I made the other day in an online auction — I paid a small amount for an antique scroll saw I should be able to sell for $200, but the lot also a small bag of antique tools I know I can easily sell for $50ish.
As far as a breakdown of a store, I can envision having 1000 items. Consisting have listed 25-45 items for $700+, with the rest being a mix of items $30-50ish, $50-200, $200-500, etc…
After selling a variety of items over the last 6 years, I really decided what works for me is selling things I am genuinely interested in myself. Antiques/vintage items interest me. I am a minimalist, so I don’t collect anything…but I enjoy researching, photographing/listing, and selling those things.
I sold clothes and hats exclusively for a long time. Did well, made quite a bit of money, but I just wasn’t into it. It was also a bummer because I think a lot of people in these categories sell things way too cheap (especially hats).
So for my experiment, right now it is just that because I am in a good spot. I live in a low cost of living area, I have a good salary, I live below my means, etc…I would never have made such a leap if I was reliant on selling the painting to pay my mortgage next month.
Also, I like having a variety of ways to sell and make money. eBay, Facebook Marketplace for items that are easier to sell locally, auctions when worthwhile, and my family does a big yard sale once or twice a year. This allows me to make a few hundred dollars in a day on items that otherwise I would have donated.
As far as sourcing, auctions (online and in person) are my jam. You can get good items from Facebook Marketplace to sell on eBay, and we have some great flea markets in the area. I like yard sales and thrift store, but it seems like that well is not as deep as it used to be.
It is all a dream as this point. Along with the experiment I need to work on building up my inventory.
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Wow. Best of luck to you! The biggest gamble I’ve taken so far was spending $30 on a used VCR DVD combo. LOL. Sold it for $100 and my relief was huge. I can’t imagine sitting on a $6500 purchase, but if you know the niche by all means take the risk and earn the return!
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Hey Hausfrau…
The fine art world is so fickle in regard to value. Eight years ago this painting was probably worth $23-27k, but Cortes work has softened a little bit. The canvas measures 17.25″x13.25 inches, if it was larger it would be more valuable. Also, the long side was originally 18 inches, but was slightly trimmed down when re-framed in the 1970s. Not a big deal for me, but a purist would be inclined to pay less.
Ultimately, I went in between the estimate from Christie’s. On a good day at an auction, it could get maybe $20-22K. On a bad day maybe $10-12K…or worse yet not sell at all. I set myself at a price point on eBay where I can double my money (hopefully) and maybe come out a little bit ahead of that.
If this goes well, I could sell taking this kind of gamble maybe a few times a year. Ultimately, I know consistent income comes from the $30-50 sales. $100 to $200 or more sales are great, but I think it would be hard to consistently rely on those to pay the mortgage.
I also want to note I bought some other art at the same auction that I am just as excited about. One piece is from a Harlem Renaissance artist that I bought for $40, and I think it will sell for $550.
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