How Much Does a Work of Art Cost to Resell? A Complete Guide for Collectors

You bought a painting at a gallery a few years ago. Or perhaps a limited-edition print that has been sitting in your living room, quietly appreciating in value. Now you are wondering: could I sell it? What is it worth today? How do I go about it without making costly mistakes?

Reselling a work of art purchased from a gallery is not as complicated as it might seem, but it does require understanding a few fundamental rules. This guide walks you through every step of the process, from estimating the current value of your work to choosing the right sales channel and completing the transaction successfully.

Why Resell a Work of Art?

There are many legitimate reasons to consider reselling a work of art. The most common is financial: the work has appreciated significantly since its purchase, and the collector wishes to realise that gain. Another frequent reason is a change in taste or living environment: a work that was perfect in one home may no longer suit a new interior. Some collectors also resell strategically, freeing up capital to reinvest in new acquisitions that better reflect their current vision.

Whatever the reason, reselling is a perfectly normal part of collecting. The secondary market for contemporary art, which includes all transactions involving works that have already been sold at least once, is an enormous and active market. According to the Art Basel and UBS Global Art Market Report, the global art market generated sales of approximately 65 billion dollars in 2023, with the secondary market accounting for a substantial portion of that figure.

The important thing is to approach the resale process with the right information and realistic expectations.

Step One: Understand What You Own

Before thinking about resale, you need to have a precise understanding of what you own. This sounds obvious, but many collectors are surprised to discover that they know less about their work than they thought.

The key elements to gather are the following. First, the complete documentation of the work: the certificate of authenticity, the purchase invoice, any provenance documents tracing the history of ownership before you. Second, the technical details: the exact title of the work, the year of creation, the medium and support, the dimensions, the edition number if applicable, and the condition of the work. Third, any exhibition history or publication records that might increase the work's cultural legitimacy and therefore its market value.

If you purchased your work from a reputable gallery, most of this information should already be in your possession. If it is not, contact the gallery. A serious gallery keeps detailed records of every work it has sold and can provide replacement documentation when needed.

This documentation is not a formality. On the secondary market, a work without proper documentation is worth significantly less than the same work with a complete paper trail. In some cases, particularly for highly sought-after artists such as Banksy or Invader, the absence of a recognised certificate of authenticity can make a work virtually unsaleable through official channels.

Jeff Koons rabit sold more than $90M in 2019. Image: Christies

Step Two: Get a Realistic Estimate of the Current Value

Estimating the current market value of a work of art is not an exact science, but it is far from guesswork. Several reliable methods exist.

The most objective method is to consult auction records. Platforms such as Artprice, Artnet or Invaluable allow you to search for past auction results for a given artist. If works by the same artist, in comparable format, medium and condition, have been sold at auction in the past two or three years, those results give you a solid benchmark for current market value.

It is important to note that auction results reflect hammer prices, which do not include the buyer's premium added by the auction house. The buyer's premium typically ranges from 20 to 30 percent of the hammer price. When using auction records as a reference, keep in mind that the seller receives only the hammer price, minus the seller's commission charged by the auction house, which usually ranges from 10 to 20 percent.

The second method is to consult a specialist gallery. A gallery that represents or regularly handles works by the artist in question can provide a professional estimate based on its direct knowledge of the current market. This estimate is particularly valuable because it reflects not just published auction results but also the private market, where many transactions take place without ever being recorded publicly.

The third method, less precise but useful for a preliminary orientation, is to monitor current asking prices on reputable online art platforms such as Artsy, Artnet Gallery Network or 1stDibs. Asking prices are not sale prices, and works often sell for less than their listed price, but they give a sense of where the market currently sits.

A common mistake among first-time sellers is to base their price expectations on the original purchase price plus a fixed percentage. Art does not appreciate like a savings account with a guaranteed annual return. Some works appreciate dramatically in a few years. Others remain flat for a long time before suddenly rising. Others decline. The only way to know where your specific work stands is to look at the actual current market for that specific artist and type of work.

Step Three: Choose the Right Sales Channel

Once you have a realistic estimate of your work's value, the next decision is choosing the right channel through which to sell it. There is no single best option. The right channel depends on the value of the work, the artist, your time frame and your willingness to be involved in the process.

Selling through a gallery

Selling through a gallery, either the gallery where you originally purchased the work or another gallery that specialises in the artist, is generally the most comfortable option for private collectors. The gallery handles the entire process: identifying potential buyers, negotiating the price, managing the administrative and logistical aspects of the transaction.

In exchange, the gallery charges a commission, typically between 30 and 50 percent of the sale price. This may seem high, but it reflects the cost of the gallery's network, expertise and active involvement in finding the right buyer at the right price. For well-known artists, a specialist gallery can often achieve better results than a private sale or an auction, because it has direct access to a pool of motivated, qualified collectors.

Selling at auction

Auction is the most transparent sales channel, in the sense that the final price is determined by open competition between bidders. For works by artists with an established auction record, this can be an effective way to achieve market price or above, particularly when demand is strong.

The main drawbacks of auction are the costs and the uncertainty. Between the seller's commission, the cost of insurance, transport and catalogue illustration, the total cost to the seller can represent 15 to 25 percent of the hammer price. And unlike a private sale, there is no guaranteed minimum unless you negotiate a reserve price with the auction house, below which the work will not be sold.

For works valued below approximately 5,000 euros, mainstream auction houses may not be the most efficient option. Regional auction houses or specialised online auction platforms can be more appropriate for works in that price range.

Selling privately

A private sale, either directly to another collector or through an intermediary, avoids commissions and can be faster than going through a gallery or auction house. The challenge is finding the right buyer. Unless you have an active network of collectors, private sales require significant effort and carry risks, particularly around payment security and the legal aspects of the transaction.

Online platforms such as Artsy or Artsper offer an intermediate solution, combining the reach of a digital marketplace with a degree of professional oversight. These platforms charge a commission, but it is generally lower than a traditional gallery's.

Step Four: Prepare the Work for Sale

Before presenting your work to a gallery, an auction house or a potential buyer, it is worth investing a little time and, if necessary, a modest amount of money in its presentation.

Condition is paramount. A work in poor condition, whether because of physical damage, fading, discolouration or inappropriate framing, will either fail to sell or sell at a significantly reduced price. If the work has minor condition issues, consulting a professional conservator before the sale is worth considering. A well-executed restoration can increase the sale price by far more than its cost.

Framing matters too. A work presented in a damaged or inappropriate frame sends a negative signal to potential buyers. A clean, neutral, professional frame that allows the work to speak for itself is always preferable.

Finally, gather all your documentation in a single, organised file. Certificate of authenticity, purchase invoice, provenance documents, any press coverage or exhibition records. A well-documented work inspires confidence and commands a better price.

Step Five: Understand the Tax Implications

In France, the sale of a work of art by a private individual is subject to specific tax rules. Two regimes apply.

Under the first regime, the seller pays a flat tax of 6.5 percent on the total sale price, regardless of the gain made. This regime is simple and predictable, and is often the most advantageous for works that have appreciated significantly.

Under the second regime, the seller pays capital gains tax on the difference between the sale price and the original purchase price. The capital gains tax rate is 36.2 percent, but it decreases by 5 percent per year of ownership beyond the second year, reaching zero after 22 years of ownership. This regime is more advantageous for works that have appreciated only modestly or for works held for a very long time.

The seller can choose whichever regime is most favourable. For significant sales, consulting a tax advisor before completing the transaction is strongly recommended.

If you are based outside France, the tax rules of your country of residence will apply, and you should seek advice from a qualified advisor in your jurisdiction.

The Specific Case of Prints and Limited Editions

Reselling a limited-edition print or serigraph follows the same general principles as reselling any other work of art, but with a few specific considerations.

Edition number matters. A lower edition number, particularly number one of the edition, is generally considered more desirable and can command a premium. A work from a very small edition carries more rarity value than the same image produced in a larger run.

The condition of the paper is critical. Prints are particularly sensitive to humidity, light and improper storage. Yellowing, foxing, fading or physical damage to the paper significantly reduce value. Works stored and presented correctly, ideally in acid-free materials and away from direct light, retain their condition far better.

For prints by major Street Art artists such as Banksy, Shepard Fairey or Invader, the certificate of authenticity is non-negotiable. Without it, the work has no credibility on the secondary market, regardless of its visual quality.

How Long Does It Take to Sell a Work of Art?

One of the most common misconceptions about art resale is that it happens quickly. In reality, selling a work of art at the right price takes time.

Through a gallery, the process from initial approach to completed sale can take anywhere from a few weeks to several months, depending on the artist, the price and the availability of interested buyers. Through auction, the timeline depends on the next relevant sale date, which may be weeks or months away, plus the time needed for cataloguing and marketing the work.

Private sales can theoretically be faster, but finding the right buyer at the right price is rarely immediate.

Sellers who need to sell quickly, for financial reasons or otherwise, generally have to accept a lower price than the market value. Patience is one of the most valuable assets a seller can bring to the process.

Are you considering reselling a work acquired from Class Art Biarritz, or simply looking for professional advice on the current market value of a work in your collection? Contact the gallery team for a personalised consultation. We can provide an honest assessment of your work's current market position and guide you towards the most appropriate sales strategy for your specific situation.