We offer a round-up of guidelines and resources on how to sell a valuable painting in South Africa.
Finding the right buyer isn’t always easy. And it’s vital to sell fine art via suitable platforms or it could be significantly undervalued.
A good alternative to selling your painting is to secure a short-term, asset-based loan from Lamna. Learn more about our asset-based loans or simply apply online.
In this article, we cover:
- recording the painting’s provenance
- getting the painting appraised
- resources for requesting painting valuations
- selling to an auction house
- approaching South African galleries.
Record the painting’s provenance
A painting’s provenance refers to its history of ownership. Recording a painting’s provenance usually means collating supporting documents, such as invoices or records of auction, that prove its history of ownership.
An incomplete provenance can negatively affect your ability to sell a painting. It may mean having to accept a lower price.
Get the painting appraised by a recognised expert or auction house
An auction house or a recognised expert will appraise your painting and give you an estimate of its value. Include all relevant documentation, including the provenance and any previous appraisals.
Some auction houses will give you a provisional assessment remotely using photos or videos. Others will want to see the painting in person. For an accurate appraisal, take it to a recognised auction house.
Sometimes, requesting a valuation from an auction house may attract a purchase offer if the artist is established.
Links for requesting painting valuations in South Africa
There are a few auction houses and appraisers in South Africa that you can take a painting to for valuation.
Freemanart is a local consultancy that specialises in independent valuations and fine art authentications.
Strauss & Co is one of South Africa’s leading auction houses. It offers appraisals on modern, post-war and contemporary art and the decorative arts.
You can also do a Google search for fine art appraisal South Africa to get local results for auctioneers and appraisers close to you.
Selling to an auction house that specialises in fine art
An auction house that specialises in fine art might be interested in buying the painting. The auction house will give you high and low estimates of what the painting might fetch at auction.
The auction house will take a percentage as commission, so the selling price won’t be the amount you get. There may also be auction fees.
Auction houses, especially those with international footprints, are likely to yield the best price offers for paintings of value.
Consider approaching South African galleries
A local gallery might be interested in buying your painting, especially if it’s a sought-after artist and aligns with the type of art they sell.
Some galleries will take a painting on consignment, so you’ll only get money for it when it sells.
The gallery will take a percentage of the selling price as commission. Be sure to negotiate this amount beforehand.
An alternative to selling: getting a loan against a painting
Once a painting is sold, it is no longer part of your investment portfolio and you’re unlikely to get it back.
An alternative is to unlock the value of a painting by using it as collateral for a short-term, asset-based loan. This type of loan has no effect on your ownership of the painting and doesn’t affect your credit score.
For more information about using a painting of value to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
|---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment terms range from a minimum of 3 months to a maximum of 24 months. Apart from the initiation and monthly fees shown in the table, the only additional fee is credit life insurance if the borrower does not have this already.
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