Did you inherit an art collection? Here’s what to do 

Inheriting art can help you learn more about your family and the art world. Although this is a unique and meaningful experience, it can be an unknown venture for many. There is quite some work to do such as assessing which pieces you’d like to keep, how to sell, and even managing a good inventory of the inherited pieces. Without the guidance of a certified art appraiser near, this can create a world of stress. So if you’ve inherited one artwork or an entire collection, here are some tips to know what to do with it all.

First things first

The first step before figuring out what you’re going to do is to assess what you have. Although some collections might already be appraised and even have an inventory with the locations of artworks and photographs of each piece, appraisals need to be up to date for tax purposes, therefore a second appraiser will come in handy. Finding a certified art appraiser is the best option to evaluate a piece. The appraiser should be well-versed in the specific type of artwork, technique, or materials the artist used to determine that correct work’s value.

Keep or sell pieces

There may be several reasons why you would want to keep or sell the inherited piece. If you decide to keep it, it may be to continue cherishing your family’s collection. Reasons relating to space and resources may also govern your decisions. In other cases, a museum retrospective may create an advantageous moment to sell. It can go many ways so the best is to be prepared and not expect anything. You could experience a misattribution problem where a treasured family heirloom may turn out to be a fake upon closer inspection. Or you could not realize you are sitting with a painting worth millions. Either way, a fine art appraiser will be able to tell you what still has value, and you can make an informed decision from there.

Next steps

If you decide to keep the inheritance, it’s important to ensure the art and put it into a storage facility. If it’s staying in your home, be sure to think carefully about where to place it as bright light can damage some pieces. The best move is to talk through how to frame and protect the piece with an experienced professional. If you decide to sell the art, an auction house can provide an estimate of how much the piece might fetch at auction. If the art collection has some unprofitable pieces, it may be possible to donate the art to a charity or have a good old-fashioned garage sale. Or you can just keep it not for its artistic value but for decoration or pure family purposes.

What to do with low-value paintings?

There can be times when you inherit low-value pieces. In cases like this one, you might wonder how to sell inherited paintings. Well, there are several avenues you can explore. One practical option is to sell the painting, antique, or sculpture through an online marketplace or to a local collectibles store. Websites like eBay, Etsy, and Craigslist can help you reach a wide audience without much effort. Local antique or art stores can also be interesting, particularly if the piece appeals to a specific niche. Of course, you can always seek to simply hang or place it in your home or office. Even if the piece lacks significant monetary value, it could still add aesthetic appeal and a personal touch to your space. Lastly, consider donating the item or artwork to charity stores that often welcome donations. You could also gift it to a friend or family member who would appreciate the piece.

Selling high-value artworks outright

A high-value painting, artwork, or antique is typically characterized by its rarity, historical significance, provenance, condition, and the reputation of the artist who made it. Beyond that, these pieces are often found in excellent or well-preserved condition and have a well-documented history of ownership. Therefore, if you’ve inherited a high-value painting, you might want to sell it outright to a gallery, auction house, or fine art dealer. The main advantage here is avoiding the hefty commissions and fees often associated with auction houses and galleries. Although this is an attractive option, this method does have its drawbacks. For instance, you may not have access to a broad network of potential buyers, which can lead to a longer sale process or even a lower sale price.

Nonetheless, the benefits are also notable as you can negotiate directly with the buyer and settle on a price without waiting for an auction date. You also have more control over the sale terms, avoiding the uncertainty of auction outcomes. So if you are looking for a way on how to sell inherited paintings, especially high-valued ones, doing it outright can be a great solution. By selling directly you also deal with fewer intermediaries and often receive immediate payment. This method provides more privacy because private sales are less publicly documented than auctions, making it a more discreet way to handle valuable assets.

Exploring an art concierge

Art Concierges offer comprehensive services, such as evaluating the piece, researching its history, securely packing and transporting it, and determining the best sales solution. Since they are well-versed in the art market, they’ll present the artwork to potential buyers either directly or by submitting it to relevant auctions or re-marketing platforms. Some charge a flat fee for their services, while others may take a percentage of the sale price as a commission. Finding the right art concierge can save you time and effort, providing expert guidance and ensuring that the artwork reaches the right audience for a successful sale.

Are auction houses a good choice?

Once you’ve determined the value of the artwork with a professional art appraiser, choosing the best-selling method on how to sell inherited paintings is crucial. Besides selling directly to a gallery or working with an art concierge, you can opt to consign your artwork to an auction house. Auction houses are essential to get accurate estimates and explore your options. Additionally, they also handle the promotion and sale of the artwork by organizing private viewings to attract serious collectors, leveraging their extensive networks, and working on digital marketing strategies to reach potential buyers. However, if the artwork doesn’t meet the reserve price, it won’t sell, and potentially impact its perceived value in future sales.

Receiving inherited art can be intimidating since there are many things to do with and about the piece or pieces. Whether dealing with low-value or high-value paintings, there are various paths to consider. If this is your case and you have inherited fine art and are looking for a certified art appraiser near me, at AAFA we can help you with matters of art appraisal or guide you through your options for buying, selling, or consigning your art collection, depending on your goals. Contact us today!