Need to sell?
We have always been an online only auction company. Working remotely from home has it’s challenges and distractions as you already know, but we’re not new to selling online. Known for our bespoke service and evolving ideas about how to run an auction house, your safety is our main concern. What should you do? First, send us an email about your item/s with pictures and we’ll respond right away with auction estimate. Next, after your items have been approved for auction we’ll send you sanitized shipping shipping materials, instructions and a prepaid UPS label for pick up. Your items will be insure at our expense. Now you have no excuse to avoid Spring cleaning.
Who’s buying?
There is hope. In Clare McAndrew’s recent report “The Art Market 2020”, she suggests that millennials are making the moves. Among collectors, McAndrew found that the surest indicator of online buying—and buying overall—is age: 92% of millennial collectors reported having bought art online. Her survey of more than 1,300 high-net-worth individuals also found that millennials were the most active collector cohort, with average total expenditures on art and collectibles of $3 million over a two-year period. Millennials now make up nearly half (49%) of all collectors globally, according to the report.
Surprisingly, millennial collectors were also the most active consignors, with 71% of millennial collectors saying they’d resold works from their collections (compared to just one-third of boomer collectors). The report also showed a high rate of resales overall, with an average turnaround time between the original purchase of a work and its resale of just four years.
“When you ask people their motivations for buying, everybody says ‘I buy it for passion’ and things like that, but when you look at their actual behavior, they’re getting in and out quickly, they have stuff in storage, some of them in long-term storage,” McAndrew said. “They’re acting very financially for being so aesthetically motivated.” That’s good news for sellers.
In certain circumstances, we are able to provide cash advances for consignments or outright purchases to help get folks through a tight spot. Email Cynthia or Bridget to discuss your options.
