Selling art on consignment is a process where an artist (consignor) provides their artwork to a gallery or retailer (consignee) with the intention of selling it. The artist retains ownership of the artwork until it is sold, at which point the gallery or retailer receives a percentage of the sale proceeds as commission. This arrangement allows artists to showcase and sell their work without the expense of a large brick-and-mortar store, while galleries can have inventory without purchasing large quantities of goods that may never sell.
In a consignment agreement, both parties should clearly outline their responsibilities, such as shipping and handling, insurance coverage, and payment terms. The agreement should also include details about the artwork, such as title, year, medium, dimensions, and insurance values, as well as the sales price and maximum discount that the gallery can offer.
The marketing clause in a consignment agreement is crucial, as it outlines the gallery's responsibilities and efforts to promote and sell the consigned artworks. This ensures that the gallery actively markets the artist's work, increasing its visibility and potential for sales.
Artists can benefit from consignment sales by receiving a higher percentage of the sale proceeds compared to selling their work outright to a dealer. However, there are risks involved, such as not getting paid until the artwork is sold, and the possibility of incurring additional costs if the artwork does not sell.
To successfully sell art on consignment, artists should research potential galleries or retailers, negotiate a fair consignment agreement, provide high-quality promotional materials, and maintain open communication with the gallery throughout the process.