Hubble Bubble
Junior Member
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December 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by Hubble Bubble on Apr 5, 2011 8:19:04 GMT 1, But seriously, can someone help me here as I'm new to this.
Surely a piece of art is worth what it's worth. So, if a piece sells for 10k at auction, including hammer price and VAT, surely it's 'worth' ยฃ10k. Galleries might sell it for more, private sellers might sell it for less. Why do we bang on about the lesser figure when quoting what something might or might not be worth?
Like I say... I'm new and trying to understand - so no offence meant.
HB
But seriously, can someone help me here as I'm new to this.
Surely a piece of art is worth what it's worth. So, if a piece sells for 10k at auction, including hammer price and VAT, surely it's 'worth' ยฃ10k. Galleries might sell it for more, private sellers might sell it for less. Why do we bang on about the lesser figure when quoting what something might or might not be worth?
Like I say... I'm new and trying to understand - so no offence meant.
HB
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Dreweatts Art Auctions ๐ฌ๐ง, by wizzy on Apr 5, 2011 8:47:05 GMT 1, Just because it sells at a sale for 10k doesnt mean its "Worth" that amount, it fetched that sum between 2 bidders thats all, assuming of course there were 2 bidders and the buyer wasnt bid up, 10k would be its worth in that room at that sale (try and sell it for that later and you may or may not be highly dissappointed).
Also when bidding knock off 16.3%just incase you are bidding against a shadow or a sale room fictional bidder and a further 9.7% to allow for sale room fever, and always look at a piece for yourself rather than trust the sale rooms "Experts".
Just because it sells at a sale for 10k doesnt mean its "Worth" that amount, it fetched that sum between 2 bidders thats all, assuming of course there were 2 bidders and the buyer wasnt bid up, 10k would be its worth in that room at that sale (try and sell it for that later and you may or may not be highly dissappointed).
Also when bidding knock off 16.3%just incase you are bidding against a shadow or a sale room fictional bidder and a further 9.7% to allow for sale room fever, and always look at a piece for yourself rather than trust the sale rooms "Experts".
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Hubble Bubble
Junior Member
๐จ๏ธ 4,117
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December 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by Hubble Bubble on Apr 5, 2011 9:09:30 GMT 1, cheers Wiz...
cheers Wiz...
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eschiff
Junior Member
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January 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by eschiff on Apr 5, 2011 10:00:17 GMT 1, anyone else heading down there tonight?
also, don't forget if any of you are bidding on some higher priced items: en.wikipedia.org/wiki/Winner%27s_curse
the chance to resell something you buy at an auction for a higher amount is slim.
anyone else heading down there tonight? also, don't forget if any of you are bidding on some higher priced items: en.wikipedia.org/wiki/Winner%27s_cursethe chance to resell something you buy at an auction for a higher amount is slim. |
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murdock
Junior Member
๐จ๏ธ 1,205
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October 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by murdock on Apr 5, 2011 10:07:33 GMT 1, the chance to resell something you buy at an auction for a higher amount is slim.
I guess, that's the most important advice of them all - buy it really only for your own enjoyment!
the chance to resell something you buy at an auction for a higher amount is slim. I guess, that's the most important advice of them all - buy it really only for your own enjoyment! |
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Dreweatts Art Auctions ๐ฌ๐ง, by wizzy on Apr 5, 2011 10:11:27 GMT 1, Its all a gamble / laugh in the end! its all about pretty pictures on the wall innit!, fill your boots and bid like bastards, lets put the economy back in the black.
Its all a gamble / laugh in the end! its all about pretty pictures on the wall innit!, fill your boots and bid like bastards, lets put the economy back in the black.
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eschiff
Junior Member
๐จ๏ธ 2,064
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January 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by eschiff on Apr 5, 2011 10:21:13 GMT 1, ^
haha, very true. i'm curious what the signed b&w trolleys go for. got one from a nice forum member a few months back for less than the low estimate.
^
haha, very true. i'm curious what the signed b&w trolleys go for. got one from a nice forum member a few months back for less than the low estimate.
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Hubble Bubble
Junior Member
๐จ๏ธ 4,117
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December 2010
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Dreweatts Art Auctions ๐ฌ๐ง, by Hubble Bubble on Apr 5, 2011 14:26:43 GMT 1, anyone else heading down there tonight? also, don't forget if any of you are bidding on some higher priced items: en.wikipedia.org/wiki/Winner%27s_cursethe chance to resell something you buy at an auction for a higher amount is slim.
I'm beginning to think that buying from galleries is the way to go... 
anyone else heading down there tonight? also, don't forget if any of you are bidding on some higher priced items: en.wikipedia.org/wiki/Winner%27s_cursethe chance to resell something you buy at an auction for a higher amount is slim. I'm beginning to think that buying from galleries is the way to go... |
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Dreweatts Art Auctions ๐ฌ๐ง, by Brushstrokes 75 on Apr 5, 2011 15:55:59 GMT 1, But seriously, can someone help me here as I'm new to this. Surely a piece of art is worth what it's worth. So, if a piece sells for 10k at auction, including hammer price and VAT, surely it's 'worth' ยฃ10k. Galleries might sell it for more, private sellers might sell it for less. Why do we bang on about the lesser figure when quoting what something might or might not be worth? Like I say... I'm new and trying to understand - so no offence meant. HB
It basically depends what kind of things is up for sale.
It's sure that for anything that is unique (painting, drawing.....), it's what Wiz said. You can have a trend in price but it's mostly worth what it goes for the day. I don't agree when it comes to prints (maybe not for street art at auction but more classic prints). Usually estimates on prints are usually in the range of the latest results for the same prints adjusted for condition (& also adjusted about the quality of the auction house.. you won't fetch the same price at Christie's than at Bloomsbury).
A lot of high end galleries are buying at auction and resell for higher prices. When it comes to rare pieces, it's all about supply. If the supply is limited of course everyone will go to the same source. Just remember that there's always someone in this world to pay you more than what you paid (or a lot of secondary market gallery woul have sunk by now). Only problem is that you're not always in the position to find that buyer.
Private sells are usually lower (except for rare pieces) for several reason. It's the time value of money... If you want to sell something right away you might settle for less than the optimal value. If you have more time (and a good network) you can get closer to market value.
Obviously, there's always a gap. Sellers will always quote the higher figures & buyers would always quote the lesser figure. Reality lies between those figures.
But seriously, can someone help me here as I'm new to this. Surely a piece of art is worth what it's worth. So, if a piece sells for 10k at auction, including hammer price and VAT, surely it's 'worth' ยฃ10k. Galleries might sell it for more, private sellers might sell it for less. Why do we bang on about the lesser figure when quoting what something might or might not be worth? Like I say... I'm new and trying to understand - so no offence meant. HB It basically depends what kind of things is up for sale. It's sure that for anything that is unique (painting, drawing.....), it's what Wiz said. You can have a trend in price but it's mostly worth what it goes for the day. I don't agree when it comes to prints (maybe not for street art at auction but more classic prints). Usually estimates on prints are usually in the range of the latest results for the same prints adjusted for condition (& also adjusted about the quality of the auction house.. you won't fetch the same price at Christie's than at Bloomsbury). A lot of high end galleries are buying at auction and resell for higher prices. When it comes to rare pieces, it's all about supply. If the supply is limited of course everyone will go to the same source. Just remember that there's always someone in this world to pay you more than what you paid (or a lot of secondary market gallery woul have sunk by now). Only problem is that you're not always in the position to find that buyer. Private sells are usually lower (except for rare pieces) for several reason. It's the time value of money... If you want to sell something right away you might settle for less than the optimal value. If you have more time (and a good network) you can get closer to market value. Obviously, there's always a gap. Sellers will always quote the higher figures & buyers would always quote the lesser figure. Reality lies between those figures. |
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Dreweatts Art Auctions ๐ฌ๐ง, by amb on Apr 6, 2011 12:22:47 GMT 1, ..... 73.6%. "The Conditions of sale obliges buyers to pay a buyer`s premium of 22% plus VAT (26.4% including VAT) up to ยฃ250,000, and 12% plus VAT (14.4% including VAT) in excess of ยฃ250,000" I'm afraid that is a common mathematical mistake. To clarify this for other members, the percentage is calculated by 1/1.264 (assuming the premium is indeed 26.4%), which equals 79.11% (to 4 significant digits), i.e. if ยฃ1000 is the maximum price you are willing to pay, then your maximum bid should be ยฃ791.1. So, roughly, 80%. Just trying to help!
Isn't it 76.69% as you also have to add 4% Artist Resale Rights to the 26.4% commission Inc VAT.
So 1 / 1.304 = .76.69% hammer price.
I'm not sure if the 4% is on the hammer or all in price?
..... 73.6%. "The Conditions of sale obliges buyers to pay a buyer`s premium of 22% plus VAT (26.4% including VAT) up to ยฃ250,000, and 12% plus VAT (14.4% including VAT) in excess of ยฃ250,000" I'm afraid that is a common mathematical mistake. To clarify this for other members, the percentage is calculated by 1/1.264 (assuming the premium is indeed 26.4%), which equals 79.11% (to 4 significant digits), i.e. if ยฃ1000 is the maximum price you are willing to pay, then your maximum bid should be ยฃ791.1. So, roughly, 80%. Just trying to help! Isn't it 76.69% as you also have to add 4% Artist Resale Rights to the 26.4% commission Inc VAT. So 1 / 1.304 = .76.69% hammer price. I'm not sure if the 4% is on the hammer or all in price? |
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hlarmy
Junior Member
๐จ๏ธ 3,199
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November 2007
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Dreweatts Art Auctions ๐ฌ๐ง, by hlarmy on Apr 6, 2011 12:53:39 GMT 1, Is there a live streaming on this auction; I miss not being in London - used to love going along to the auctions 
Is there a live streaming on this auction; I miss not being in London - used to love going along to the auctions |
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Deux Spin
New Member
๐จ๏ธ 588
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March 2011
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Dreweatts Art Auctions ๐ฌ๐ง, by Deux Spin on Apr 6, 2011 13:06:44 GMT 1, Viewed it on Saturday. Some nice pieces, The Matt Small pieces are beautiful. And I liked the idea of a section which goes to charity.
Viewed it on Saturday. Some nice pieces, The Matt Small pieces are beautiful. And I liked the idea of a section which goes to charity.
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Pattycakes
Junior Member
๐จ๏ธ 1,379
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June 2007
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Dreweatts Art Auctions ๐ฌ๐ง, by Pattycakes on Apr 6, 2011 15:39:09 GMT 1, www.the-saleroom.com
you can view and bid on sale from here (you have to register first to bid though)
www.the-saleroom.com you can view and bid on sale from here (you have to register first to bid though)
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Dreweatts Art Auctions ๐ฌ๐ง, by manty on Apr 6, 2011 17:27:46 GMT 1, and dont forget to add 3% to the final bill if you bid through the saleroom
I like auctions, all rather exciting, hope it goes well for everyone
and the weathers good, beer o'clock I think
and dont forget to add 3% to the final bill if you bid through the saleroom
I like auctions, all rather exciting, hope it goes well for everyone
and the weathers good, beer o'clock I think
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Dreweatts Art Auctions ๐ฌ๐ง, by wizzy on Apr 6, 2011 17:39:58 GMT 1, Yes bid like mad everyone, hope its a sell out (when is it?), have a good beer Manty, ive been invited to a barbecue but apparently no table or cutlery so f ::)k that.
Yes bid like mad everyone, hope its a sell out (when is it?), have a good beer Manty, ive been invited to a barbecue but apparently no table or cutlery so f ::)k that. |
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Collection 1
Junior Member
๐จ๏ธ 2,766
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April 2009
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Dreweatts Art Auctions ๐ฌ๐ง, by Collection 1 on Apr 6, 2011 17:45:51 GMT 1, Yes bid like mad everyone, hope its a sell out (when is it?), have a good beer Manty, ive been invited to a barbecue but apparently no table or cutlery so f ::)k that.
You always make me laugh Wiz!!
Yes bid like mad everyone, hope its a sell out (when is it?), have a good beer Manty, ive been invited to a barbecue but apparently no table or cutlery so f ::)k that. You always make me laugh Wiz!! |
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Dreweatts Art Auctions ๐ฌ๐ง, by alistairkhalil on Apr 6, 2011 18:33:50 GMT 1, nola 5 grand..
nola 5 grand..
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Dreweatts Art Auctions ๐ฌ๐ง, by alistairkhalil on Apr 6, 2011 18:40:03 GMT 1, Antony Micallef - Last Kiss - 8,600
Antony Micallef - Last Kiss - 8,600
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Dreweatts Art Auctions ๐ฌ๐ง, by Brushstrokes 75 on Apr 6, 2011 18:44:51 GMT 1, The Matt Small went cheap!
The Matt Small went cheap!
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stenev
New Member
๐จ๏ธ 560
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December 2009
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Dreweatts Art Auctions ๐ฌ๐ง, by stenev on Apr 6, 2011 18:52:53 GMT 1, The grin reaper seemed cheap too.
Family Target just went for ยฃ18k with a low estimate of ยฃ30k unless I'm mistaken!
The grin reaper seemed cheap too.
Family Target just went for ยฃ18k with a low estimate of ยฃ30k unless I'm mistaken!
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HRE
Junior Member
๐จ๏ธ 1,184
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March 2007
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Dreweatts Art Auctions ๐ฌ๐ง, by HRE on Apr 6, 2011 19:06:45 GMT 1, The adam neate original did well at 13000 over estimate
The adam neate original did well at 13000 over estimate
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HRE
Junior Member
๐จ๏ธ 1,184
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March 2007
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Dreweatts Art Auctions ๐ฌ๐ง, by HRE on Apr 6, 2011 19:10:42 GMT 1, looking at the other results, some low numbers on some of them. some bargains to be had
looking at the other results, some low numbers on some of them. some bargains to be had
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Dreweatts Art Auctions ๐ฌ๐ง, by Brushstrokes 75 on Apr 6, 2011 19:12:58 GMT 1, ยฃ18K you're right for the family target
ยฃ7K for the signed AP of Have a nice Day
ยฃ2.2K for Morons Sepia
ยฃ2.8K for Grin Reaper
ยฃ5K for Nola
ยฃ2.8K for signed J&J
ยฃ2.6K for a signed CND
ยฃ3.2 for Trolleys (B&W)
ยฃ1.8K for coloured Trolleys (cheap)
ยฃ4K for Nick Walker Red Heel
ยฃ12K for the NW TMA Bristol
ยฃ18K you're right for the family target
ยฃ7K for the signed AP of Have a nice Day
ยฃ2.2K for Morons Sepia
ยฃ2.8K for Grin Reaper
ยฃ5K for Nola
ยฃ2.8K for signed J&J
ยฃ2.6K for a signed CND
ยฃ3.2 for Trolleys (B&W)
ยฃ1.8K for coloured Trolleys (cheap)
ยฃ4K for Nick Walker Red Heel
ยฃ12K for the NW TMA Bristol
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Dreweatts Art Auctions ๐ฌ๐ง, by Brushstrokes 75 on Apr 6, 2011 19:16:40 GMT 1, Really ยฃ1.3K for K-Guy Coke Moss 1.1!!!!!!!
Really ยฃ1.3K for K-Guy Coke Moss 1.1!!!!!!!
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Dreweatts Art Auctions ๐ฌ๐ง, by manty on Apr 6, 2011 19:21:33 GMT 1, Congrats to Link
nice one :-)
Congrats to Link
nice one :-)
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Collection 1
Junior Member
๐จ๏ธ 2,766
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April 2009
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Dreweatts Art Auctions ๐ฌ๐ง, by Collection 1 on Apr 6, 2011 19:23:13 GMT 1, Yep Congrats LINK!!!!
Yep Congrats LINK!!!! |
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Dreweatts Art Auctions ๐ฌ๐ง, by wizzy on Apr 6, 2011 19:36:32 GMT 1, Really ยฃ1.3K for K-Guy Coke Moss 1.1!!!!!!!
Thought it would do 1k though, also it was for a charity so charity bidding.
WELL DONE LINKY!!!!!
Really ยฃ1.3K for K-Guy Coke Moss 1.1!!!!!!! Thought it would do 1k though, also it was for a charity so charity bidding. WELL DONE LINKY!!!!! |
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Dreweatts Art Auctions ๐ฌ๐ง, by des77 on Apr 6, 2011 19:38:20 GMT 1, ยฃ1.8K for coloured Trolleys (cheap)
Lets just hope sellers take note of the drop, just as much they did the sudden rise
ยฃ1.8K for coloured Trolleys (cheap) Lets just hope sellers take note of the drop, just as much they did the sudden rise |
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tc
New Member
๐จ๏ธ 55
๐๐ป 27
August 2009
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Dreweatts Art Auctions ๐ฌ๐ง, by tc on Apr 6, 2011 21:06:54 GMT 1, How did the Parla do? Also what was the Neate hammer?
How did the Parla do? Also what was the Neate hammer?
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craigf
Full Member
๐จ๏ธ 8,557
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May 2007
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Dreweatts Art Auctions ๐ฌ๐ง, by craigf on Apr 6, 2011 21:27:23 GMT 1, Also what did the Schoony go for? Decided safest not to go along as I need the brownie points and said I'd baby sit instead (would have much preferred to be at the auction)
Also what did the Schoony go for? Decided safest not to go along as I need the brownie points and said I'd baby sit instead (would have much preferred to be at the auction)
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