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An inevitable part of collecting, according to the late antiques dealer and interior designer Robert Kime, is the need to “sell something to get something better”.
For the past couple of years, I have been purchasing furniture and decorative objects at auctions and from antiques dealers. As my eye has become more discerning and my tastes have evolved, I have come to realize that some of the pieces I initially loved no longer fit my space or aesthetic. Additionally, my funds are running low.
So, it’s time for me to sell. But where and how should I do it?
Opinions on the best route to selling are divided. While most collectors and dealers agree that auctions offer a quick and guaranteed sale, the fees associated with auction houses can make it challenging to recoup the original investment.
Most salerooms charge buyers’ fees ranging from 25 to 30 per cent plus VAT. Those bidding through the-saleroom.com must also pay an additional 5 per cent. In addition to the buyers’ fees, sellers are responsible for fees ranging from 10 to 20 per cent. According to antiques dealer Richard Cave, who spoke at the FT Weekend Festival, he has successfully negotiated sellers’ fees down to 0 per cent. Sellers are also responsible for transportation costs, which typically range from £50 to £150 plus VAT, depending on the size, volume, and distance.
A collector who buys at auction weekly suggests holding onto pieces for a year or two and then selling them on Ebay, where sellers’ fees average about 15 per cent. This approach is particularly useful for items with recognizable makers, such as George Smith chairs or Casa Pupo lamps. Selling on Ebay also provides more control over the final sale price.
However, selling on Ebay requires more effort. It involves photographing and listing items, dealing with buyer inquiries and potential refund requests, and arranging shipping or collection depending on the item’s size.
Other options include selling directly to art galleries and dealers, who may offer to buy the work or consign it for sale. In some cases, certain pieces may not perform well at auction but could find success through specialized dealers who cater to specific styles or types of objects.
If choosing the auction route, it is essential to research which auction houses are most prestigious and have a track record of success with similar items. Websites like The Saleroom provide price guides for a monthly fee, allowing sellers to see previous sale prices and locations.
Based on my observations, fine country house furniture and mirrors tend to attract higher prices at prestigious auction houses like Christie’s or Dreweatts in Berkshire. Sworders has a strong reputation for selling Howard & Sons sofas and other upholstered pieces. Lots Road in Chelsea has given me the best results personally.
Even within a single auction house, certain sales may generate more interest and higher prices than others. It’s important to consider the context and theme of the sale when deciding which auction to participate in.
Once you have narrowed down your options to a few salerooms or dealers, it’s time to get valuations. Most auction houses provide online forms or email addresses for submitting pieces for estimates. Be sure to include as many photos and details about the item’s make and provenance as possible. Don’t hesitate to seek recommendations from professionals if another saleroom might be a better fit.
Cameron Di Leo, an expert at Sotheby’s, advises against pre-restoration or reupholstery, as it may not guarantee an increase in overall price. Many buyers prefer items that haven’t been repaired or polished. However, some inexpensive repairs can improve an item’s marketability, such as fixing a broken clock mechanism or replacing a string of glass on a chandelier.
If your item doesn’t sell initially, most auction houses will hold onto it and relist it at a later sale with a lower reserve. If it still doesn’t sell or falls below the saleroom’s minimum threshold, they may ask you to collect it or transfer it to a local saleroom.
Looks like I’ll be holding onto that regilded mirror for a little longer. Trading up will have to wait.
Lauren Indvik is the FT’s fashion editor
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