JockoLad
New Member
Posts • 744
Likes • 1,035
February 2007
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Transferring/Receiving Large Payments, by JockoLad on Sept 15, 2020 15:56:03 GMT 1, What is the preferred method and is there a way to guarantee that the payment will not be recalled?
Is there any way of ensuring the money being paid in is not in some way dodgy (i.e. being laundered).
I’ve always known I would sell my prints at some point but the money changing hands at present makes me a tad nervous - it’s almost like selling a house!
Any advice or guidance most welcome. Tips on concluding private sales successfully appreciated.
What is the preferred method and is there a way to guarantee that the payment will not be recalled?
Is there any way of ensuring the money being paid in is not in some way dodgy (i.e. being laundered).
I’ve always known I would sell my prints at some point but the money changing hands at present makes me a tad nervous - it’s almost like selling a house!
Any advice or guidance most welcome. Tips on concluding private sales successfully appreciated.
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iamzero
Full Member
Posts • 9,190
Likes • 8,545
May 2011
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Transferring/Receiving Large Payments, by iamzero on Sept 15, 2020 16:01:12 GMT 1, Even for items of £30k plus?
Even for items of £30k plus?
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Rubberneck
Junior Member
Posts • 1,050
Likes • 1,433
October 2018
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Transferring/Receiving Large Payments, by Rubberneck on Sept 15, 2020 16:05:28 GMT 1, When I have sold at a large amount the buyer placed a deposit, 25%. Then bank transferred the rest in my presence when they came to collect.
Everything was discussed over email and we established trust in the transaction, wasn’t rushed.
Edit: paypal wasn’t involved the fees at that level are ridiculous.
When I have sold at a large amount the buyer placed a deposit, 25%. Then bank transferred the rest in my presence when they came to collect.
Everything was discussed over email and we established trust in the transaction, wasn’t rushed.
Edit: paypal wasn’t involved the fees at that level are ridiculous.
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hellfo
Junior Member
Posts • 1,033
Likes • 908
December 2017
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Transferring/Receiving Large Payments, by hellfo on Sept 19, 2020 17:41:56 GMT 1, Is it a way for shipping an expensive piece without problems?
Is it a way for shipping an expensive piece without problems?
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duffer31
New Member
Posts • 382
Likes • 359
November 2016
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Transferring/Receiving Large Payments, by duffer31 on Sept 19, 2020 18:13:19 GMT 1, Best to ask the Banksy sellers, they must have this area covered.
Best to ask the Banksy sellers, they must have this area covered.
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sfnyc
Junior Member
Posts • 1,117
Likes • 1,127
August 2017
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Transferring/Receiving Large Payments, by sfnyc on Sept 19, 2020 18:24:37 GMT 1, This is why people should hire art advisors. Figure it out and cross your fingers if it is your first time or even smarter, hire a professional to help. When dealing with serious money why are you trying to save half a percent doing it yourself and taking more risks... work with experienced people and learn from them. Do you buy or sell a house by yourself?
This is why people should hire art advisors. Figure it out and cross your fingers if it is your first time or even smarter, hire a professional to help. When dealing with serious money why are you trying to save half a percent doing it yourself and taking more risks... work with experienced people and learn from them. Do you buy or sell a house by yourself?
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LJCal
Junior Member
Posts • 2,929
Likes • 4,448
December 2019
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Transferring/Receiving Large Payments, by LJCal on Sept 19, 2020 18:33:48 GMT 1, It’s not as complicated as you may think, just take some basic precautions.
If the amount is over say £5k don’t accept cash and require bank transfer, make sure the person sending you the money is the person buying, ask for ID if uncertain. From Jan next year all “art market participants” need to comply with AML laws so familiarise yourself with these.
Don’t part with goods until you have received full payment, draw up a simple contract or agree by email the terms etc. Do some due diligence on your buyer before any meetings or accepting money, references, social media, company house checks etc.
If you’re uncomfortable sell via auction or gallery and this takes out all of the risk however you potentially net less than if you’re a savvy private seller.
It’s not as complicated as you may think, just take some basic precautions.
If the amount is over say £5k don’t accept cash and require bank transfer, make sure the person sending you the money is the person buying, ask for ID if uncertain. From Jan next year all “art market participants” need to comply with AML laws so familiarise yourself with these.
Don’t part with goods until you have received full payment, draw up a simple contract or agree by email the terms etc. Do some due diligence on your buyer before any meetings or accepting money, references, social media, company house checks etc.
If you’re uncomfortable sell via auction or gallery and this takes out all of the risk however you potentially net less than if you’re a savvy private seller.
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heller
New Member
Gallart
Posts • 105
Likes • 74
March 2017
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Transferring/Receiving Large Payments, by heller on Sept 19, 2020 18:56:16 GMT 1, Best to use a third party, a trusted gallery or professional logistics company like Flight Logistics, who would collect the work, confirm condition, hold the work while payment is being sent, then the work would be released and forwarded to the buyer.
Safest and Best way by far.
Best to use a third party, a trusted gallery or professional logistics company like Flight Logistics, who would collect the work, confirm condition, hold the work while payment is being sent, then the work would be released and forwarded to the buyer.
Safest and Best way by far.
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