Saturday, May 03, 2008

New one on me

"Art day trading" is what I am going to call this curious happenstance.

Gallerist tells me of selling a work of art to a collector during a preview of a show. Buyer pays around $30,000 for the piece and then says to the gallerist something along the lines of: "keep it for sale during the show and see if someone buys it for $40,000 by the end of the exhibition."

7 comments:

  1. Anonymous8:44 PM

    yikes, wow! and which price does the artist get their percentage on?

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  2. Interesting.

    I would assume the artist gets his/her cut of that 30K but nothing of the 40k sale (if it happens). However, if the second sale does happen, the gallery gets a "second cut" for selling it for a collector? That seems unfair to the artist as the gallery "makes out" twice in one day on the same piece. Ofcourse artists unfortunately don't receive any funds from secondary sales but this just smells fishy. However, being an artist, I am biased. If you find out what happens with that piece, please update!

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  3. I believe the artist gets 50% of the first sale, and gallery the nother 50%, but the collector gets 100% of the second sale, unless the gallery has arranged a 10% seller's fee.

    I'll be watching too.

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  4. Again, I believe he/she'd get 50% of the first sale, and gallery the other 50%, but the collector gets 100% of the second sale, unless the gallery has arranged a 10% seller's fee. He'd make a nice chunk of cash in the month.

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  5. Anonymous1:24 PM

    "He'd make a nice chunk of cash in the month."
    But if someone can afford to drop 30 grand on a work of art- it just seems like POSSIBLY making 10 grand would not be worth it to them. Why did they buy it in the first place- just seems weird to me.

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  6. Ah! The richer they are...

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  7. Anonymous2:21 PM

    HaHa!

    ReplyDelete

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