Q. If I submit my artwork or collectible for a valuation, am I required to sell it with Phi Auctions?
A. No. If you submit your work to Phi Auctions and we provide an auction estimate, you are under no obligation to sell.
Q. How quickly can works from my collection be sold?
A. Our specialists will suggest the most appropriate sale for your work of art. Our model is flexible and we host numerous sales on a constant rotating basis. It is possible for us to list your work in an auction in a matter of weeks. On average, it takes about four weeks to process and slate for an upcoming sale.
Q. What if I don’t have a photo of my work?
A. Seeing an image of your submission is an essential part of the valuation process. Unfortunately we cannot provide an accurate auction estimate without images.
Q. I just submitted works for review; when can I expect a reply from Phi Auctions?
A. Upon receiving images and details of your work, our specialist team will carefully assess each item and respond to you within five business days.
Q. How much money will I make?
A. Phi Auctions offers the most competitive terms in the industry. The vendor’s commission starts at 15% for works $5,000 and below, 10% for works between $5,000 and $10,000, and 8% for works above $10,000. (Our remote consignment model allows for your property to remain in your possession until it sells, and as a result, additional costs including shipping, insurance and storage are removed from the selling process). Should there be any additional fees, which is rare, we will deduct the costs from sale proceeds.
Q. Are there any hidden fees or costs to consign?
A. For every item or lot sold, Phi Auctions charges the seller a vendor’s commission. Our specialists will happily discuss the terms related to the sale in advance and work with you to agree upon an appropriate sale plan.
Q. How do things get priced?
A. An auction valuation is a range of values based on recent market intelligence and previous auction records of comparable pieces, when available. Additionally, condition and provenance, or the history of your work of art, are two important factors in determining the value of your work. Although we strive to provide the most accurate representation of value, the estimates we provide are provisional, and could be subject to change upon further research of the property or to reflect recent market conditions or currency fluctuations.
Q. How can I ensure that my work doesn’t sell at too low a price?
A. The specialist will discuss with you the auction estimate and work with you to set a mutually agreed reserve price. A reserve is a value at which the work will not sell below and will be kept confidential from any bidders.
Q. Will I have to arrange shipping or deal with the buyer?
A. No. After the sale, we will work closely with you to arrange for your work to be sent to the winning bidder, who is ultimately responsible for all shipping fees. Phi Auctions acts as the middleman for the entire post-sale process so your information remains entirely anonymous to the buyer.
Q. When do I get paid?
A. After the auction, Phi Auctions will notify the seller about the status of each lot offered for sale via email notifications. Provided payment has been received from the buyer, we will pay net sale proceeds (the hammer price minus the vendor’s commission and any sale-related expenses) to the seller within 30 business days of payment being received.
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