Considering selling your art collection? Discover the advantages of artwork consignment and fine art resale, from navigating the consignment process to choosing the right sales channel. Our 4-step guide explores how and where to sell your artwork collection for maximum value and ease.
Damien Hirst, Mickey & Minnie (Small Glitter) (2016), Edition of 150
Introduction: Art Consignment and Fine Art Resale
Where can I sell my art collection? Most art collectors have contemplated the subject at some point in their collecting journey, so it’s a question we get asked frequently at Maddox Gallery. Whether your tastes have changed, you have fallen out of love with a work or are looking to profit from a recent boost in an artist’s marketplace, familiarising yourself with the workings of artwork consignment is the first step to understanding the most reliable method of fine art resale for collectors.
What is artwork consignment, exactly? Put simply, it’s the professional method for reselling art that involves a collector giving their work to resale art dealers or auction houses to sell on their behalf, with the ultimate objective of making a sale. Compared to other methods, such as selling via unregulated online marketplaces, consignment is the easiest and safest way to sell your art.
Partnering with a gallery or auction house means that they will take care of the pricing, marketing and selling of your art, for a fee that usually includes a percentage of the final sales price. Compared to self-managed sales, the process is hassle-free and scam-proof, providing you consign art to a reputable gallery or auction house. Both routes have unique attributes that will help steer your decision-making.
1. Understand How the Artwork Consignment Process Works
Consigning your art to an auction house, to be presented to buyers who will bid on it, is the traditional method of selling fine art. The process is similar to selling with an art gallery, beginning with an assessment and valuation of the piece. However, if you choose this route, be prepared for a potentially long delay between consignment and sale. Auction seasons are fixed, with consignment deadlines usually 2-3 months before the auction date. This means it can often be several months until your artwork goes under the hammer.
The price you receive for an artwork sold at auction will depend on a number of factors, including the commission paid by you, the seller (typically between 10 and 15%); additional costs including shipping, loss, damage and liability (LDL insurance); marketing and cataloguing fees; and a fee to pay if you withdraw your work from a sale. Bear in mind, also, that if your artwork does not sell, you will still incur unsold fees, which are usually 1.5% of the average between the high and low estimates set for your artwork by the auction house. And if the performance of your artwork is lacklustre on the day of the sale, there is nothing that can be done about it. All sales are final.
Maddox Gallery, Maddox Street, London
In recent years, using a consignment art gallery to sell your art has become an increasingly popular alternative to the traditional auction route. Gallery consignments involve an art gallery selling your work directly to an investor or collector, and it’s easy to see why this is proving an attractive proposition. The process begins in the same way as consigning an artwork to auction, however the submission, review and verification process is undertaken much more quickly, usually within 48 hours at Maddox Gallery, with the aim of selling the piece for the best price, as efficiently as possible.
Avoiding the unpredictability of auctions, quotes outlining what your artwork might be expected to sell for are generally complementary and obligation-free. Even better, most consignments can be digitally managed, so the work does not have to be shipped prior to sale. When the sales price—set upfront to ensure you receive the most competitive price—has been agreed, the marketing plan to sell your artwork can begin immediately.
The pricing structure for fine art resales made by galleries is also a lot more transparent. At Maddox Gallery, we have no hidden fees, no initial consignment fees and a lower, simplified fee structure compared to the big auction houses, with payment guaranteed within 14 days.
For both options, it is the responsibility of the owner of an artwork to do their research first. Having evidence of an artwork's history and provenance—who owned it before you and where, if any, exhibitions it has been shown in—will not only give you a better understanding of its financial value. It can significantly impact the price achieved for an artwork and, if using a consignment art gallery, will speed up the verification process.
Mario Zonias, Co-Founder & CEO of Maddox Gallery
2. Where Can I Sell My Art Collection? Choosing the Right Channel
Choosing a consignment art gallery or auction house means that you are using a tried-and-trusted method of selling art. This should be your number-one consideration when deciding which channel to choose. The most viable for valuable artworks, you will also benefit from the many years of expertise of the art specialists who work there.
Enlisting the help of an art advisor is an excellent idea because it removes the vast majority of unknowns. Combining decades of experience in the fine art sphere, our Art Advisors at Maddox Gallery are trained to provide precise valuations based on data-led market insights, a strategic marketing approach and personalised guidance at every stage in the sales process.
3. Preparing Your Art Collection for Resale
For most fine art resales, preparation is minimal. At Maddox, we specialise in Contemporary art, which is of an age that doesn’t require restoration or clearing. If you think your art may need restoration work or cleaning, we do not advise doing anything until an expert has seen the piece in person first, otherwise you are likely to do more harm than good. Furthermore, each artwork is different and therefore restoration and cleaning will differ accordingly. Should an artwork need restoration, which is very rarely, we have qualified experts who can help and advise.
It is very important to have all the documentation relating to your artwork to hand, including artist provenance, previous sales history and any exhibition history. Clear and complete records not only simplify the consignment process but also verify authenticity for potential buyers, a key factor in maximising value.
4. Research Consignment Art Gallery and Auction House Fees and Commissions
Cost is an important factor when it comes to artwork consignment. It really pays to do your research because fee structures can be complicated, with hidden fees to factor in.
Standard art gallery commissions typically range from 30-50% of the final sale price, though this varies depending on factors like the gallery’s reputation, location and the artist's standing. Unlike some galleries that charge upfront consignment fees, Maddox aims to simplify this process, with clear valuations, no upfront listing fees and no hidden fees—a major advantage for our clients.
Auction houses generally charge a seller’s commission (10-15%) plus a range of additional fees for performance, cataloguing, shipping and insurance, which can stack up to around 40% of the sale price. By contrast, gallery consignments—especially with Maddox—typically come with a much simpler fee structure. Our competitive and transparent commissions provide an attractive and cost-effective route for sellers compared to auctions, aligning with our goal to help sellers maximise their returns.
Nick Sharp, Co-Founder & Managing Director
Conclusion: Is Consignment Right for Your Art Collection?
Now that we have answered the question, Where can I sell my art collection?, you should be in a better position to make an informed decision about the right artwork consignment service for you. There are many resale art dealers out there. It is therefore vital to seek professional advice and choose a trustworthy advisor who will help you navigate the Contemporary art market, prioritise your interests and who is committed to achieving the highest possible price for your artwork. Visit Sell Your Art to get your artworks appraised and consigned today.
