Published on : 17 May 20213 min reading time
Prices are already estimated
Auctions are an interesting way of acquiring art objects. One of the first reasons is that not all objects intended for auction can be put up for sale without an estimate. In other words, a valuation must be carried out on the object in order to determine its price. To do this, several criteria must be taken into account: age, origin, style, state of conservation of the work in question, etc. However, the estimate also depends on the market. Before selling at auction, sellers should therefore contact a specialist firm. But they can also make a fair estimate by simply sending a photo of the object. Appraisal firms have their own specialities; some are more for silver, Asian art, sculptures, etc. For buyers, this step not only gives an idea of the value of the object, but also it reassures them of the authenticity of the work. In fact, buyers have the right to ask for a copy of the certificate of authenticity. If you are a seller, you can evaluate your works of art with Mr EXPERT.
Specialised auction houses
Another reason to buy art at auction is that the prices are very competitive. You can therefore set a budget before bidding. This allows you to limit the amount you wish to spend on the purchase. Please note that you should also take into account the buyer’s costs in addition to the auction price. These costs vary between 20 and 30% depending on the auction house. Auction sales of art studios are alos very interesting, since, during these sales, all the artist’s works must be sold. This allows you to acquire the work you like best at a favourable price. It’s good to know that sales are organised by specialised firms. Eventually, you can select the right firm depending on the works of art you are looking for. This also applies if you are a seller. To do this, visit the websites of the firms. This way you can see the skills of the team members, the conditions of sale and purchase, the history of sales and other information.
Taxation and art auctions
The VAT applied to the sale of works of art is 20%. On the other hand, concerning the solidarity tax on wealth, you should know that certain works of art are not subject to it. This is according to Article 885 of the General Tax Code. These include stamps, sculptures, paintings, tapestries and collectors’ items. This information is taken into account during the valuation of works of art. This constitutes a great advantage on the price.