|
|
Post by clem99 on Sept 26, 2011 23:37:20 GMT -8
i understand there are always different variables depending on the gallery and the collector, but i am just curious and interested in anyone's thoughts here, as an example if a collector was to purchase a newly listed painting from a gallery, what would be a reasonable and acceptable time frame to pay the painting off, lets say its worth $2k, discuss away
|
|
|
|
Post by highbrow on Sept 27, 2011 3:50:24 GMT -8
I have made a few times where I needed to pay a painting off over time ( not to toot my own horn but I always beat the time LOL, I'm kidding ). With two separate galleries I have done this more then once ( will not name galleries as I don't know if they extend this to everyone ). One Gallery required half payment for work up front ( first two times only ) and did put a requirement on the back side ( or second half ). The other gallery also asked half up front and asked a 3 month payoff. Finally the first gallery on my last purchase did place a requirement on up front or back side either.
I think the 50 percent up front is so the gallery is able to pay artist at close of show. I know galleries are open to this, and I think you just need to look at it your own finances and decide what your time frame is and present that to the gallery. If you do that you have a timeframe you are comfortable with and should have no worries.
|
|
|
|
Post by Weezy on Sept 27, 2011 19:35:27 GMT -8
I think I did like $300 a month or something for 12 months when I bought my first "big" piece. The gallery was very accommodating-- I think they even asked me what I thought I could pay, and I told them and they designed something for me. In retrospect, it was crazy and I had no business at the time buying the piece given my financial situation with student loans. But I cut back in other areas, and I'm glad the gallery was willing to work with me or I could've been in much worse shape.
Smart move by that gallery. I was still fairly young at the time, and it was a posh SOHO gallery that treated me really well. When my financial situation improved I bought another piece of the same artist from them. And I also recommended the artist's work to a good friend who bought multiple, much larger pieces from the gallery.
In short, I'm surprised that galleries don't follow the mantra of being nice to the little guy or gal as you never know who they know or what kind of customer they might be. That's why I'm surprised to be treated so poorly by some galleries.
Weezy
|
|
|
|
Post by bluewater97201 on Sept 27, 2011 20:01:33 GMT -8
I am so thankful that I have had a few galleries that have been willing to work with me. I appreciate it so much. It has allowed me to grow my collection. I also love this board. I learn good stuff everyday and also have such an appreciation for the flow of information and sharing of collections.
|
|
|
|
Post by rizza79 on Sept 27, 2011 21:36:20 GMT -8
insomniac. I would wager to say that you are definitely not alone in your actions.
as far as payment plans with galleries, I think they are more common than one thinks, at least in the type of art most people on the forum collect. it really is in everyone's best interest to work something out to support artist, gallery, and get the work into collectors hands. if it were not for some galleries or people working things out, i would definitely not have certain works I have. while I have never actually done a "layaway" type plan, I have definitely done 60 days or 90 days. I personally am grateful that this sort of thing is available.
|
|
|
|
Post by astrogirl on Sept 27, 2011 22:47:45 GMT -8
it really is in everyone's best interest to work something out to support artist, gallery, and get the work into collectors hands. You're absolutely right Rizza79. We've done layaways for quite sometime and it always surprises people when we suggest it ("I LOVE this piece but it's tough right now..."). For us it's a case by case decision, we take into consideration the artist, the price, the length of time and if the collector seems dedicated to the purchase. People tend to be very appreciative about it and many purchased their first "big" art purchase that way with us and have had no regrets about it (except maybe in the cases where it spawned a new obsession with collecting art.) |
|
|
|
Post by highbrow on Sept 28, 2011 4:05:12 GMT -8
All great things in here, insomniac I agree 100 percent until I started the adoption process with my wife ( A child not adopting my wife ) I was the same way, we have a lovely home and carry very little debt outside but I would put things in the home off to buy art, we have three flights of stairs which are currently plywood ( or whatever wood the builder used ) and has been since we bought the property, I could have easily had the true wood paid for and installed however every time my wife brought it up I would say ok I'm looking into it, and then I would buy a work of art ( she was to happy ). But layaway as it is called is truly a great things for all collectors. I also most of the time have funds to cover my purchases or worse case a CC that would be able to do so, however if a gallery is going to give me 6 months to pay my 5K piece off at interest free why would I not take that.
I have not had a time where I had a work on a hold or layaway at a gallery that I did not beat the time line the gallery had set up for me, but again I have OCD (LOL) so it almost becomes a game for me to see how fast I can get handled. I also know until it is handled the work doesn't come home, which also speeds up the process.
|
|
|
|
Post by Weezy on Sept 28, 2011 4:48:22 GMT -8
I would just note that one of the risks of layaway is in the case of the gallery's insolvency. Galleries tend to operate informally, so there's often not a signed contract for these kinds of things (it behooves you to get some written evidence, however, such as an invoice indicating the payments), and maybe once you get to a certain amount get an update on the "paid" amount. This only puts you in a position to make a claim, not that you'd necessarily get all your money back or the piece.
I'm no expert in this, but if the gallery becomes insolvent, you may become a general creditor, and not get much, if any, of your money back, and your piece may get sold to someone else as part of the general assets of the company, the proceeds distributed to all creditors, secured first.
Something to think about. And a reason to pay it off as soon as you can, especially if you don't take physical possession of the piece (which wouldn't be typical).
Weezy
|
|
brobt
Full Member
Posts: 154
|
Post by brobt on Sept 28, 2011 6:27:28 GMT -8
I would just note that one of the risks of layaway is in the case of the gallery's insolvency. Galleries tend to operate informally, so there's often not a signed contract for these kinds of things (it behooves you to get some written evidence, however, such as an invoice indicating the payments), and maybe once you get to a certain amount get an update on the "paid" amount. This only puts you in a position to make a claim, not that you'd necessarily get all your money back or the piece. I'm no expert in this, but if the gallery becomes insolvent, you may become a general creditor, and not get much, if any, of your money back, and your piece may get sold to someone else as part of the general assets of the company, the proceeds distributed to all creditors, secured first. Something to think about. And a reason to pay it off as soon as you can, especially if you don't take physical possession of the piece (which wouldn't be typical). Weezy This situation happened to me around the end of 2008. The gallery went under and they still had my deposit, as well as others who were left being owed money (collectors & artists). The gallery was in a different state, which made the situation all the more difficult. furthermore, the principal person that I had dealt with (owner/Director of gallery) had relocated to yet another State. To my surprise I eventually got paid back in full over the course of a year or so, but it wasn't easy. I had probably done more investigation into the principal, and actually had some leverage on the situation that others may have not considered. I also tried helping out the artist that i had originally contacted the gallery about. All in all, Weezy's comment is certainly one thing to consider. I am sure some others here may had to have dealt with this before over the last couple of years with some galleries shutting down. |
|
djsp
Full Member
Posts: 134
|
Post by djsp on Sept 28, 2011 7:50:10 GMT -8
I have found another nice thing when dealing with artists directly is many times they will offer layaway. I have not always used it, but it is fantastic to find artists willing to make their work more accessible.
|
|
|
|
Post by highbrow on Sept 28, 2011 21:07:07 GMT -8
Brobt, was the gallery you speak of in Atlanta?
|
|
brobt
Full Member
Posts: 154
|
Post by brobt on Sept 29, 2011 6:47:07 GMT -8
Brobt, was the gallery you speak of in Atlanta? No, I don't think I have ever actually dealt with any galleries in Atlanta. |
|
|
|
Post by grotesqueanimal on Oct 10, 2011 6:33:02 GMT -8
What bugs me most about the whole collecting art obsession, is I consciously understand that my spending barometer is very skewed when it comes to buying art. I have been wanting to replace my 10 year old tv for a new one for about the past two years, but I can't get myself to spend the 1-1.5k to do so. I am missing part of my floor in my living room, but haven't replaced it yet because I buy art instead. It's sad, because I can buy a piece of artwork I kinda like without blinking an eye if it's around $750 or less. But I penny pinch all other areas of my life (I don't buy pop in restaurants for example, I bring my own pop from home for all fast food purchases, because that is where they get you, I buy all my furniture on craigslist or outlets, etc.)... It's a disease I think, and I should probably seek treatment. I totally loved reading that and can assure you that you are definitely not alone...I spend 500$ on a Ryden print without hesitation (I don't see that as money spent, it is more like feeding an obsession), and if I must have a piece of art, I do everything to get that, and if it means not going on travels, not eating out for a long time, not buying new clothes, saving the money for the hairdresser and instead cutting my own hair (something I actually do not recommend  ) . When my sister tells me she spent 200€ on a pair of jeans, I cannot help thinking something like "That's one pair of jeans from the thrift store plus 9 Tiny Showcase prints", and when I hear how much money she spends on a vacation just to lie on a beach somewhere on the other side of the world, I get jealous but at the same time think that 2 weeks at the beach in Croatia cost a fraction of that and so give me the opportunity to buy a nice piece of art. And when I complain to my boyfriend that I am broke he just points to the wall, haha. So I am a hopeless case too and should maybe also seek treatment. |
|
|
|
Post by grotesqueanimal on Oct 10, 2011 7:02:31 GMT -8
And to get back to the original theme of the thread:
I have done gallery layaways a few times, the first time I was a bit timid to ask as it was a really low amount, but to my surprise the gallery agreed.
If it is not a piece from a super-sought after artist who has long waiting lists, I think most galleries agree to a payment plan, and so I would always ask if I did not have the full amount ready.
Also I see more and more galleries encouraging collectors to ask for a payment plan.
Usually it worked for me paying half of the amount upfront and the other half when the piece was ready to be shipped.
|
|
) .