When you click on links to eBay from this site and make a purchase, this can result in the site earning a small commission, helping to keep the Urban Art Association totally FREE to use for all of its Members. Urban Art Associationโข Founded by Daniel Silk in 2006.
Banksy - I Fought The Law Signed 11/150 For Sale, by Hubble Bubble on Apr 26, 2024 7:13:36 GMT 1, Like many threads here now I've been watching whilst consuming popcorn. Again, things seem to have degenerated which is a shame. I'd say only that whilst anyone is entitled to ask a price that they would like to achieve for something they are looking to sell, surely one of the purposes of a forum is to educate and empower its members in the subject we are all so interested in. That applies to purchasing as well as selling and valuable information is gained from threads like this for potential purchasers whether they intend to buy here or elsewhere. I feel this information has been accurately provided by many here in a manner which has for the most part been polite and convivial prior to angry retorts.
Good luck with the sale to the OP.
Love HB
Like many threads here now I've been watching whilst consuming popcorn. Again, things seem to have degenerated which is a shame. I'd say only that whilst anyone is entitled to ask a price that they would like to achieve for something they are looking to sell, surely one of the purposes of a forum is to educate and empower its members in the subject we are all so interested in. That applies to purchasing as well as selling and valuable information is gained from threads like this for potential purchasers whether they intend to buy here or elsewhere. I feel this information has been accurately provided by many here in a manner which has for the most part been polite and convivial prior to angry retorts.
Can someone explain the mechanics of purchasing a work that went unsold at auction. Is it worth reaching out and making an offer even if it's below the low estimate? Any guidance would be appreciated.
I have bought this way from Sothebyโs with no issues.
Can someone explain the mechanics of purchasing a work that went unsold at auction. Is it worth reaching out and making an offer even if it's below the low estimate? Any guidance would be appreciated.
I have bought this way from Sothebyโs with no issues.
Visit LONDON ๐ด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ Street Art, Galleries, Events, by Hubble Bubble on Feb 7, 2024 23:36:05 GMT 1, I was at Sothebyโs not too long ago and took in the Warhol (selling) exhibition at both Halcyon galleries in New Bond Street.
Some great, iconic pieces.
Enjoy your visit.
HB
I was at Sothebyโs not too long ago and took in the Warhol (selling) exhibition at both Halcyon galleries in New Bond Street.
Invader Scream Print, by Hubble Bubble on Feb 6, 2024 13:40:49 GMT 1, I donโt know what it hammered at. I just know that โPrice Realisedโ isnโt the hammer price.
edit: ยฃ11k x 26% = ยฃ13,860
so it hammered at ยฃ11k. Buyer would have also stumped up ARR at 4% of hammer (so ยฃ440) and VAT of 20% on the commission only (ยฃ2860 x 20% = ยฃ572.20). Not sure if there is an extra 1% for online sales but let's leave that aside.
So the buyer would have paid a total of ยฃ14,872.20. At standard commission rates, the seller would have received ยฃ9,900. Christies make ยฃ3,960 Invader gets ยฃ440 HMRC gets ยฃ572.20
At least that's what I think.
HB
I donโt know what it hammered at. I just know that โPrice Realisedโ isnโt the hammer price.
edit: ยฃ11k x 26% = ยฃ13,860
so it hammered at ยฃ11k. Buyer would have also stumped up ARR at 4% of hammer (so ยฃ440) and VAT of 20% on the commission only (ยฃ2860 x 20% = ยฃ572.20). Not sure if there is an extra 1% for online sales but let's leave that aside.
So the buyer would have paid a total of ยฃ14,872.20. At standard commission rates, the seller would have received ยฃ9,900. Christies make ยฃ3,960 Invader gets ยฃ440 HMRC gets ยฃ572.20
At least that's what I think.
HB
Last Edit: Feb 6, 2024 16:44:38 GMT 1 by Hubble Bubble
PRICE DROP - Ben Eine 125 x 125cm A-Z diamond dust canvas, by Hubble Bubble on Feb 5, 2024 15:13:01 GMT 1, Itโs a fabulous piece and would be an amazing centrepiece of a large wall.
GLWYS.
HB
Itโs a fabulous piece and would be an amazing centrepiece of a large wall.
Invader โข Warning โข Print, by Hubble Bubble on Nov 11, 2023 10:04:07 GMT 1, Remember queueing for mine with several members on here. Couldnโt resist the silver when I saw it in the paper flesh. A fun, if cold and wet day. HB
Remember queueing for mine with several members on here. Couldnโt resist the silver when I saw it in the paper flesh. A fun, if cold and wet day. HB
Jamie Reid ๐ฌ๐ง Sex Pistols โข God Save the Queen โข Collage, by Hubble Bubble on Aug 9, 2023 12:08:49 GMT 1, Sad news... his wiki page refers to him dying in 'August 2023'. Very much a part of my youth. HB
Sad news... his wiki page refers to him dying in 'August 2023'. Very much a part of my youth. HB
Capital Gains Tax in U.K. on art, by Hubble Bubble on Jul 5, 2023 10:24:27 GMT 1, Correct
If you bought a piece for ยฃ20k and sold it for ยฃ120k, you'll pay 20% CGT on the gain minus your allowance.
The gain minus your allowance would therefore be ยฃ100k (gain) minus ยฃ6k (allowance) leaving ยฃ94k to be taxed at 20% (assuming you are a higher rate taxpayer) which would mean a CGT liability of ยฃ18,800. Deduct this from the ยฃ120k you sold the piece for and you're left with ยฃ101,200 in your pocket.*
You can also joint own with a partner/spouse which allows you to use their ยฃ6000 allowance on the same piece.
Allowance goes down to ยฃ3k per person in April 2024 I think.
You can't carry any allowance forward.
Happy to be corrected but that's my understanding.
HB
*error previously but now corrected
Correct
If you bought a piece for ยฃ20k and sold it for ยฃ120k, you'll pay 20% CGT on the gain minus your allowance.
The gain minus your allowance would therefore be ยฃ100k (gain) minus ยฃ6k (allowance) leaving ยฃ94k to be taxed at 20% (assuming you are a higher rate taxpayer) which would mean a CGT liability of ยฃ18,800. Deduct this from the ยฃ120k you sold the piece for and you're left with ยฃ101,200 in your pocket.*
You can also joint own with a partner/spouse which allows you to use their ยฃ6000 allowance on the same piece.
Allowance goes down to ยฃ3k per person in April 2024 I think.
You can't carry any allowance forward.
Happy to be corrected but that's my understanding.
Hugs โข I think we have spoke in the past, a little while ago. The only stuff Iโve still got is a few early pieces by Mr Jago, Xenz and Dirty Deluxe by Micallef. Iโve got a lot of books as well as flyers cards etc, loads of signed stuff
bgdp โข Finally selling my Martin Whatson Angel in Yellow pp. COA and perfect condition, unframed. Sorry Iโve been off here for a while so will need help pricing! Thx