POINTS TO CONSIDER BEFORE SELLING YOUR ART

By Erik Peters   

So. You’ve got this painting. Maybe you bought it … maybe you inherited it … maybe you’ve simply had it for years, used to love it and now your tastes have changed. Whatever your reason, the bottom line is you want to sell it. But you’re not quite sure how to go about it. Some people have told you that auctions are the only way to go, but others have told you it’s too much of a gamble. Some have said go to a dealer, but you’ve sometimes felt intimidated by them. The more you seek clarification, the more confused you are getting!

Well, before you do anything, it would be prudent for you to first determine exactly what it is you have and what its probable value would be. While that painting you’ve bought/inherited/had for years – a small oil on panel of a winter landscape, signed A.Y. Jackson - may well be authentic, it could be worth $10,000 … or it could be worth $40,000! There are many factors to be considered in determining the value of a work of art beyond just the artist and the subject matter, factors that are in your interest to know before approaching the market. Think of selling your car or your home. You wouldn’t do either without first determining how much it should be worth. Art is no different. With this in mind, then, I offer some other considerations that can dramatically influence value, factors you should be aware of before offering your work of art for sale.

When, during the course of the artist’s career, was it painted?

To use A.Y. Jackson as one example, that small oil on panel may be of a winter landscape, but if it was painted in the early 1920’s in Quebec, it’s likely worth several times more than a very similar landscape painted in the late 1950’s in Ontario. This is, in large part, due to historical considerations within the context of Jackson’s career, and the more mundane fact that the artist’s physical abilities as a painter were far greater during the 20’s than in the 50’s. However, while this “earlier than later” preference is generally true for Jackson and many other artists, it is neither carved in stone nor is it a steadfast truism for all artists. A superb Jackson oil on panel from the 50’s could be worth more than a particularly poor oil on panel of his from the 20’s. Assuming all other factors are equal (size, medium, subject, condition, etc.), the difference, then, is quality.

Is my painting of good quality?

The only way to determine this is to have a thorough knowledge of the artist’s work. By this, I mean a familiarity with the manner in which the painting style of a given artist developed over the course of their career. In just 2-3 years, Tom Thomson’s style of painting improved dramatically, and this is very much reflected in the relative values of his paintings. And by painting style, I am referring to the type of canvas, panel or board he used, the way in which he applied the paint, the pigments and colours he used, the subject matter for which he was best known, his artistic concerns and influences throughout his career, and so forth.

What condition is it in?

While a painting may, at first glance, appear to be in good condition, a close, knowledgeable inspection could reveal subtle evidence of trouble not clearly apparent or not yet even materialized. For example, an oil painting on canvas may appear to be in fine shape – no cracks, no tears, no paint loss – but a water stain not apparent on the front but evident on the back could be the harbinger of paint flaking off at some point in the future. Informed buyers will take this into account when considering purchasing the work. Moreover, a painting can appear to be perfectly fine, but an examination under ultra-violet light can reveal varying degrees of restoration, invisible to the naked eye, that have already taken place. Dependant upon several variables - how much, and how many times, it has been restored, how well the work was done - this can compromise a painting’s value by a little or a lot. If this has occurred, where the restoration is situated within the context of the subject matter can be important. If a formal portrait, for example, has suffered a small tear that was subsequently restored, and this was located in the area of the subject’s face, this would have a far greater adverse impact on the painting’s value than if the same tear was situated in one corner of the background.

Does it relate to another, more important work of art by the artist?

While there is no set percentage difference that can be predicted, there is no doubt that, if your painting, drawing or original print relates favourably to a well known or important work by the same artist, that fact alone will increase interest in it and, by extension, should positively influence its value. Imagine, if you will, that I owned a very nice Lawren Harris pencil drawing of a rocky shoreline along Lake Superior, and you owned a similar sized Harris drawing that was a preparatory sketch for “North Shore, Lake Superior,” perhaps his most famous painting. Which do you think would sell for more?

Has it been in any exhibitions or publications and, if so, which ones? (Some are considered to have been more important than others.)

In a Toronto auction in which I was involved in 2000, a tempera painting by Franz Johnston entitled “Near Beaver Meadows, Algoma” had a pre-sale estimate of $4,000-$5,000. It sold for $22,000, plus the 15% buyer’s premium! Why? Because it was one of the paintings exhibited in the very first Group of 7 exhibition in 1920, and any work from that exhibition will carry a premium, as it is widely considered to be one of the most important exhibitions in the history of Canadian art. Other Group exhibitions were also important, to be sure, but none quite as much as the first. Likewise, major exhibitions organized by prominent cultural institutions or curators will be considered more important for a piece to have been included in than one organized by a small private gallery. In addition, it’s customary for some select works to be illustrated in the exhibition catalogue (assuming one has been produced). As noted above, such inclusion can sometimes be an embellishment to a work of art being offered for sale.

In a similar vein, “Canadian Painting in the Thirties”, by Charles Hill of the National Gallery, is considered by many to be the definitive text on this subject. A full-page illustration of a painting by Charles Comfort, for example, in this book would add more of a cachet to the painting than would a similar illustration in a monograph on the artist. Furthermore, when you see the same painting being reproduced in numerous different books and catalogues, it can be interpreted as a testament to that painting’s quality and importance. I must add, however, that any difference this would make in value would likely be marginal, in and of itself, but when selling, every positive helps.

What are the current market conditions for works by this artist?

The Canadian art market, like any market, is cyclical. Traditionally, it has experienced roughly ten-year cycles; it peaked in 1979/80, bottomed out in 1984/85, then rose again to record heights in 1988/89 before bottoming out again in the 1992/93 season. It then began a steady rise that many felt should have reached its apex around the year 2000 but, instead, it has defied tradition by continuing to improve, after a slight relapse in 1994/95, to the present, when it is at an all-time high after an unprecedented eight consecutive years of growth.

Does this mean, therefore, that all sectors of the market are at an all-time high? Unfortunately not. To illustrate, take the 1988/89 season. Much of the overall success then was driven by a surging market interest in non-representational, or abstract, art. Quality works by Jean-Paul Riopelle, Paul-Emile Borduas and Alfred Pellan, to name a few, had never been as eagerly sought after. Market conditions were tremendously favourable for anyone seeking to sell such works. But, when the market dipped in the early 90’s, concurrent with the general recession, the collective values for the entire market fell considerably but, in particular, the market for abstract art took a huge hit, more so, proportionally, than any other sector of the market. So, just a few years after peaking, the market conditions for selling non-representational Canadian art were anything but desirable. So much can change so quickly!

So timing can be critical, depending upon what it is you are considering selling. According to the Canadian Art Sales Index, an annual compilation of auction prices from across Canada that also conducts an analysis of each year’s market, some sectors of the Canadian art market are currently on the ascendance (works by Painters Eleven and their contemporaries, the Beaver Hall Hill painters), others are declining (some historical painters), while still others are fairly stable (sculptures, some Impressionist painters).

An understanding and appreciation of where your work of art fits into the overall market can be very beneficial in helping you decide when and how to sell your work of art. It could also help to spare you the frustration and disappointment that can result from unrealistic expectations that are too often born of understandably high hopes, mistaken impressions and an imprecise appreciation, through no fault of your own, of exactly what your work of art is and what it is worth. Unless you make your living in this field, or participate actively as a collector, you can hardly be faulted for not knowing the intricacies that lie therein.

Conversely, of course, you could be looking at a treasure and not even know it!
These are but a few of the many seemingly arcane factors that come into play when determining the value of a work of art for sale. In addition, other issues worthy of consideration include whether or not you should clean and/or re-frame a work before offering it for sale, and whether it’s preferable to sell to or through a dealer, or whether auction is the best approach.

In conclusion, I heartily encourage you to do your own research … not unlike the Roadshow. Cheers!!

Erik Peters

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