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Sotheby's Art Auctions β’ LONDON π¬π§, by dave313perry on Jun 18, 2007 23:27:55 GMT 1, I thought that art was classified as a chattel and wasn't subject to CGT wezzley?
Man i learn so much from this forum!.. art school my arse! cheers guys ;D
I thought that art was classified as a chattel and wasn't subject to CGT wezzley? Man i learn so much from this forum!.. art school my arse! cheers guys ;D |
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 18, 2007 23:37:32 GMT 1, www.hmrc.gov.uk/leaflets/cgtfs1.htm
to me in the case of prints of low value (less than Β£ 6000 each) we are in the exempted area....
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 18, 2007 23:39:19 GMT 1, What assets do not lead to a CGT charge?
Some assets are exempt. For example, you will not have to pay CGT on
* your private car
* cash held in sterling
* any foreign currency held for your own or your family's personal use
* jewellery, paintings, antiques and other personal effects that are individually worth Β£6,000 or less (if you have a set, for example a set of chess figures - you do not pay CGT if the value of the set as a whole is Β£6,000 or less)
* Savings Certificates, Premium Bonds and British Savings Bonds
* UK Government stocks ("Gilts")
* assets held in an Individual Savings Account (ISA) or Personal Equity Plan (PEP)
* betting, lottery or pools winnings
* personal injury compensation.
What assets do not lead to a CGT charge?
Some assets are exempt. For example, you will not have to pay CGT on
* your private car
* cash held in sterling
* any foreign currency held for your own or your family's personal use
* jewellery, paintings, antiques and other personal effects that are individually worth Β£6,000 or less (if you have a set, for example a set of chess figures - you do not pay CGT if the value of the set as a whole is Β£6,000 or less)
* Savings Certificates, Premium Bonds and British Savings Bonds
* UK Government stocks ("Gilts")
* assets held in an Individual Savings Account (ISA) or Personal Equity Plan (PEP)
* betting, lottery or pools winnings
* personal injury compensation.
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Sotheby's Art Auctions β’ LONDON π¬π§, by wezzley on Jun 18, 2007 23:41:15 GMT 1, yep fair comment on the chattel mick, but since it sold for over 6k, the following applies; (taken from the inland revenue site)
"A disposal of a chattel is exempt if the disposal proceeds do not exceed Ł6,000. Where the
consideration is more than Ł6,000, the chargeable gain is the smaller of The actual gain calculated in the normal way or Five‐thirds of the amount by which the consideration exceeds Ł6,000. "
yep fair comment on the chattel mick, but since it sold for over 6k, the following applies; (taken from the inland revenue site)
"A disposal of a chattel is exempt if the disposal proceeds do not exceed Ł6,000. Where the
consideration is more than Ł6,000, the chargeable gain is the smaller of The actual gain calculated in the normal way or Five‐thirds of the amount by which the consideration exceeds Ł6,000. "
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mickg
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Sotheby's Art Auctions β’ LONDON π¬π§, by mickg on Jun 18, 2007 23:42:59 GMT 1, Great - thanks for that wezz & nikeros. Very helpful!
Great - thanks for that wezz & nikeros. Very helpful!
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 18, 2007 23:48:10 GMT 1, We could discuss 2 years about the approach followed by the man.
I really think that the gain made the student on "Riot Green" should be almost compared to a bet - so tax exempt, given that it was not doing that as business or normal activity, but it was just a one off. Anyway, law is law
We could discuss 2 years about the approach followed by the man.
I really think that the gain made the student on "Riot Green" should be almost compared to a bet - so tax exempt, given that it was not doing that as business or normal activity, but it was just a one off. Anyway, law is law
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 19, 2007 1:40:21 GMT 1, This is probably a dumb question but I'm not really clued up on taxes, any help would be appreciated. If you sell an expensive work of art and use the proceeds to fund your business (an art producing business, not an art dealing business) is the money exempt from taxes? Everything would be above board and the money would be funding materials, premises etc... thanks.
If the piece costs more than 6k you are supposed to pay taxes, no matter what...
This is probably a dumb question but I'm not really clued up on taxes, any help would be appreciated. If you sell an expensive work of art and use the proceeds to fund your business (an art producing business, not an art dealing business) is the money exempt from taxes? Everything would be above board and the money would be funding materials, premises etc... thanks. If the piece costs more than 6k you are supposed to pay taxes, no matter what... |
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 19, 2007 1:44:25 GMT 1, I was at the auction today.
When the first Micallef was presented (the one on the cover of the catalogue - the Angel), the Sothebys woman announced that there were a lot of potential bidders on the phones; the fight was run by two guys in the room, no one on the phone bid at all... I guess they were a lot, but with much lower reserve prices. Similar story for the McDonald Angel...
Regarding the Banksys, there is not too much to say: I think that, in relative value terms, the "Authorized graffiti area" was a the real deal, given that it is a unique piece!
I was at the auction today.
When the first Micallef was presented (the one on the cover of the catalogue - the Angel), the Sothebys woman announced that there were a lot of potential bidders on the phones; the fight was run by two guys in the room, no one on the phone bid at all... I guess they were a lot, but with much lower reserve prices. Similar story for the McDonald Angel...
Regarding the Banksys, there is not too much to say: I think that, in relative value terms, the "Authorized graffiti area" was a the real deal, given that it is a unique piece!
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carl
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Sotheby's Art Auctions β’ LONDON π¬π§, by carl on Jun 19, 2007 6:33:35 GMT 1, What is Sotherbys cut? 10% 20%?
What is Sotherbys cut? 10% 20%?
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nikeros1974
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Sotheby's Art Auctions β’ LONDON π¬π§, by nikeros1974 on Jun 19, 2007 8:02:40 GMT 1, 20%
+ VAT
+ 4% EU tax if you are buying a painting of a living artist
The prices shown above are comprehensive of the 20% commission, anyway
20%
+ VAT
+ 4% EU tax if you are buying a painting of a living artist
The prices shown above are comprehensive of the 20% commission, anyway
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ogrgel
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Sotheby's Art Auctions β’ LONDON π¬π§, by ogrgel on Jun 19, 2007 9:21:06 GMT 1, I know my s**t on this one mate... I'm facing the same problem  dont matter if you sold the day after buying - you gotta pay the man. You can pay less the longer you have had them for though - 10% less of the gain is taxable if youve owned it for 5 years......up to 40% off if you had it for 10 years.
wezzley .. what you're doing on friday morning .. could you sit my exam instead of me ?.. you will do probably better ..
.. you get a free signed print if WE pass 
I know my s**t on this one mate... I'm facing the same problem dont matter if you sold the day after buying - you gotta pay the man. You can pay less the longer you have had them for though - 10% less of the gain is taxable if youve owned it for 5 years......up to 40% off if you had it for 10 years. wezzley .. what you're doing on friday morning .. could you sit my exam instead of me ?.. you will do probably better .. .. you get a free signed print if WE pass |
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mickg
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Sotheby's Art Auctions β’ LONDON π¬π§, by mickg on Jun 19, 2007 9:21:30 GMT 1, They get it both ways - a cut of the hammer price from the seller and a buyers premium which is added to the hammer price & paid by the buyer. They will negotiate on commission with the seller for high profile items ie the Banksy & Micallef lots.
They get it both ways - a cut of the hammer price from the seller and a buyers premium which is added to the hammer price & paid by the buyer. They will negotiate on commission with the seller for high profile items ie the Banksy & Micallef lots.
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Pattycakes
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Sotheby's Art Auctions β’ LONDON π¬π§, by Pattycakes on Aug 30, 2007 11:12:51 GMT 1, Well I've been given the heads up by my friends in Sotheby's and now can reveal what they have coming up in the 20th September print sale.
they have:
1. Love Rat signed Β£4,000-6,000
2. Gangster Rat signed Β£3,000-4,000
3. Toxic Virgin signed Β£4,000-6,000
4. Grin Reaper signed Β£4,000-6,000
5. Soup can colourway Β£6,000-8,000
6. Balloon Girl signed Β£3,000-5,000 (has some condition issues)
Well there you go a pretty good selection. I have also been reliably informed that Bloomsbury Auctions have a sale on the 11th October, with about 20 prints and two originals. I don't have details yet of what they have.
Well I've been given the heads up by my friends in Sotheby's and now can reveal what they have coming up in the 20th September print sale.
they have:
1. Love Rat signed Β£4,000-6,000
2. Gangster Rat signed Β£3,000-4,000
3. Toxic Virgin signed Β£4,000-6,000
4. Grin Reaper signed Β£4,000-6,000
5. Soup can colourway Β£6,000-8,000
6. Balloon Girl signed Β£3,000-5,000 (has some condition issues)
Well there you go a pretty good selection. I have also been reliably informed that Bloomsbury Auctions have a sale on the 11th October, with about 20 prints and two originals. I don't have details yet of what they have.
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Sotheby's Art Auctions β’ LONDON π¬π§, by howlinhooker on Aug 30, 2007 11:21:08 GMT 1, with them prices they are expecting your better off selling on the bay , but you never know i suppose (there comission must be alot higher than the bay )
with them prices they are expecting your better off selling on the bay , but you never know i suppose (there comission must be alot higher than the bay )
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Sotheby's Art Auctions β’ LONDON π¬π§, by mcnuts on Aug 30, 2007 11:22:04 GMT 1, with them prices they are expecting your better off selling on the bay , but you never know i suppose (there comission must be alot higher than the bay )
they intentionally low-ball their estimates to greatly exceed expectations. it's a game.
with them prices they are expecting your better off selling on the bay , but you never know i suppose (there comission must be alot higher than the bay ) they intentionally low-ball their estimates to greatly exceed expectations. it's a game. |
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Pattycakes
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Sotheby's Art Auctions β’ LONDON π¬π§, by Pattycakes on Aug 30, 2007 11:24:07 GMT 1, Mc nuts is right, the I am certain we'll see some insane prices, the big auction houses use low estimates to get people excited - then they go mental come the auction. It's all theatre.
Mc nuts is right, the I am certain we'll see some insane prices, the big auction houses use low estimates to get people excited - then they go mental come the auction. It's all theatre.
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Sotheby's Art Auctions β’ LONDON π¬π§, by Daniel Silk on Aug 30, 2007 11:25:42 GMT 1, Well I've been given the heads up by my friends in Sotheby's and now can reveal what they have coming up in the 20th September print sale.
they have:
1. Love Rat signed Β£4,000-6,000
2. Gangster Rat signed Β£3,000-4,000
3. Toxic Virgin signed Β£4,000-6,000
4. Grin Reaper signed Β£4,000-6,000
5. Soup can colourway Β£6,000-8,000
6. Balloon Girl signed Β£3,000-5,000 (has some condition issues)
Well there you go a pretty good selection. I have also been reliably informed that Bloomsbury Auctions have a sale on the 11th October, with about 20 prints and two originals. I don't have details yet of what they have.
Thanks for posting that printguru ;D
Bin trying to post a link to the page with the Banksy's on  but I cant get it to work, so here the straight link to Sothebys's website
www.Sothebys.com
Well I've been given the heads up by my friends in Sotheby's and now can reveal what they have coming up in the 20th September print sale.
they have:
1. Love Rat signed Β£4,000-6,000
2. Gangster Rat signed Β£3,000-4,000
3. Toxic Virgin signed Β£4,000-6,000
4. Grin Reaper signed Β£4,000-6,000
5. Soup can colourway Β£6,000-8,000
6. Balloon Girl signed Β£3,000-5,000 (has some condition issues)
Well there you go a pretty good selection. I have also been reliably informed that Bloomsbury Auctions have a sale on the 11th October, with about 20 prints and two originals. I don't have details yet of what they have. Thanks for posting that printguru ;D Bin trying to post a link to the page with the Banksy's on but I cant get it to work, so here the straight link to Sothebys's website www.Sothebys.com |
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Sotheby's Art Auctions β’ LONDON π¬π§, by howlinhooker on Aug 30, 2007 11:25:57 GMT 1, yeah i suppose just thinking with there comission though must be 10/15 % ? for the vendor to sell
yeah i suppose just thinking with there comission though must be 10/15 % ? for the vendor to sell |
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Pattycakes
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Sotheby's Art Auctions β’ LONDON π¬π§, by Pattycakes on Aug 30, 2007 11:41:35 GMT 1, The vendors commission is 15%, buyers is 25% up to Β£10,000 and then 19% after. Bloomsbury is about 9% so they are undercutting Sotheby's by quite a bit.
The vendors commission is 15%, buyers is 25% up to Β£10,000 and then 19% after. Bloomsbury is about 9% so they are undercutting Sotheby's by quite a bit.
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kiy
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Sotheby's Art Auctions β’ LONDON π¬π§, by kiy on Aug 30, 2007 11:44:43 GMT 1, Or if they blag it and say they are a trader...
15% up to Β£1,000, then 6% on the balance...
Or if they blag it and say they are a trader...
15% up to Β£1,000, then 6% on the balance...
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Pattycakes
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Sotheby's Art Auctions β’ LONDON π¬π§, by Pattycakes on Aug 30, 2007 12:03:11 GMT 1, for vendors or buyers? Surely they have to provide vat numbers and so forth
for vendors or buyers? Surely they have to provide vat numbers and so forth
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foreman
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Sotheby's Art Auctions β’ LONDON π¬π§, by foreman on Aug 30, 2007 22:00:55 GMT 1, will the sothebys auction be held in london?
will the sothebys auction be held in london?
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jam
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Sotheby's Art Auctions β’ LONDON π¬π§, by jam on Aug 30, 2007 22:08:52 GMT 1, Sotheby's
34-35 New Bond Street
London W1A 2AA
Sotheby's
34-35 New Bond Street
London W1A 2AA
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organics1
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Sotheby's Art Auctions β’ LONDON π¬π§, by organics1 on Aug 30, 2007 22:12:34 GMT 1, All the info on this sale including on the on-line catalogue is on their web-site. Also gives the condition report on the Girl With Balloon (sounds badly creased)
All the info on this sale including on the on-line catalogue is on their web-site. Also gives the condition report on the Girl With Balloon (sounds badly creased)
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foreman
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Sotheby's Art Auctions β’ LONDON π¬π§, by foreman on Aug 30, 2007 22:39:04 GMT 1, will we be able to watch the auction online like the last sothebys auction?
will we be able to watch the auction online like the last sothebys auction?
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Sotheby's Art Auctions β’ LONDON π¬π§, by worlddomination on Aug 30, 2007 23:10:58 GMT 1, I'm looking forward to this one, should be an interesting sale, good collection of prints, but I wouldn't like to pay allthat commission, whether i was buying or selling, it's a rip off!
I'm looking forward to this one, should be an interesting sale, good collection of prints, but I wouldn't like to pay allthat commission, whether i was buying or selling, it's a rip off!
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Sotheby's Art Auctions β’ LONDON π¬π§, by dave313perry on Aug 30, 2007 23:14:41 GMT 1, I'm looking forward to this one, should be an interesting sale, good collection of prints, but I wouldn't like to pay allthat commission, whether i was buying or selling, it's a rip off!
Me either i think i would rather hard sell to the buyers as they approached the entrace of the auction house than pay that commision!
I'm looking forward to this one, should be an interesting sale, good collection of prints, but I wouldn't like to pay allthat commission, whether i was buying or selling, it's a rip off! Me either i think i would rather hard sell to the buyers as they approached the entrace of the auction house than pay that commision! |
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Sotheby's Art Auctions β’ LONDON π¬π§, by cashman on Aug 30, 2007 23:16:19 GMT 1, Its basicaly rich mans ebay
Its basicaly rich mans ebay
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Sotheby's Art Auctions β’ LONDON π¬π§, by slowmo on Aug 30, 2007 23:47:39 GMT 1, Not a bad Idea at all to stand outside with authentic Banksy's and try your luck as a street salesman!
Not a bad Idea at all to stand outside with authentic Banksy's and try your luck as a street salesman!
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Sotheby's Art Auctions β’ LONDON π¬π§, by sausageboonwee on Aug 30, 2007 23:52:04 GMT 1, Pretty standard prints by Sotheby's standards. Interested to see what the Reaper goes for. I still think it is one of the best.
Pretty standard prints by Sotheby's standards. Interested to see what the Reaper goes for. I still think it is one of the best.
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but I cant get it to work, so here the straight link to Sothebys's website 
? for the vendor to sell 
