Need to sell?

Unless you’ve been on your personal yacht on the high seas or whitewater rafting for a month in the Grand Canyon without contact to to outside world, you know that times are going to be tough for many of our fellow Americans, and perhaps for you too. Maybe it’s time to sell a painting or the family jewels. You can do this gracefully and discreetly with Neue Auctions.

We are a small company, working in a bubble of sorts, keeping safe and not engaging in close contact. Known for our bespoke service and evolving ideas about how to run an auction house, we have created a protocol for accepting consignments to keep staff and you safe. What should you do? First, send us an email about your item/s with pictures and we’ll respond right away with estimates and a proposal. Next, we’ll schedule an appointment for delivery to the gallery or pick up at your location without interacting in person, which is unfortunate because we are all incredibly good looking…

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.

Here’s how Neue Auctions wants to help;

We are reducing our seller commission to 15% for all first time consignors for the May auction. This can be for one item or more. There are no hidden costs or fees-we’ll even pay for the transportation so you don’t have any out of pocket expenses during these troubling times.

In certain circumstances, we are able to provide cash advances for consignments or outright purchases to help get folks through a tight spot. Lots of people do this and have done so for years. Call the gallery today and ask for Cynthia or Bridget to discuss your options. All of us here at Neue Auctions hope you stay healthy and be safe. We are all in this together.