Deciding whether or not to sell a collection is one of the hardest decisions a collector has to make. But once that decision is made, a collector must choose between selling the collection to a dealer, or consigning the collection to an auction house.
There are pros and cons to both choices. If the collector sells to a dealer, immediate payment is received. But there is a chance the collection would have sold for more in an auction. On the other hand, if the collection goes through an auction house, immediate payment is not received, but the collection could sell for more than what a dealer offered. It could also sell for less than what a dealer offered. It’s not an easy decision for collectors to make.
EAC Gallery and University Archives are teaming up to make that decision easier for collectors. EAC Gallery and University Archives are introducing the Sell & Consign Program, which gives collectors the best of both worlds, by adopting the advantages of both selling to a dealer and consigning to an auction house.
According to Larry Rosenbaum, president of EAC Gallery, here is how the program works: “Basically, all any collector needs to do is contact John Reznikoff at University Archives and tell him they want to participate in the program. John will purchase their collection and the collector will receive a check in 24 hours by Federal Express. University Archives will then consign that collection, on the collector’s behalf, to an EAC Gallery auction.
At the conclusion of the auction, if the EAC Gallery auction consignment settlement amount is greater than the University Archives purchase amount (minus auction fees), the collector will receive an additional check for the difference. In essence, we will take all the risk and if the items sell for less than the purchase price we will absorb the loss. The collector is in a win/win situation.”
Rosenbaum stated that he and Reznikoff had been throwing around the idea for this program for a few months, after many lengthy conversions between the two of them about similar concerns from their clients.
According to Rosenbaum, the Sell & Consign Program helps take away the fear collectors have about making the wrong decision about selling to a dealer or consigning to an auction house. In addition, it allows collectors to take advantage of the 60 years of combined experience between EAC Gallery and University Archives.
Despite the fact EAC Gallery and University Archives assume all the risk in this program, it is still beneficial for both companies. “The benefit to us is, we feel that because we are the only house offering the benefits of both, that hopefully we will be getting more property than we have been getting,” said Rosenbaum. “The collector that can’t make a decision about selling or consigning has this reason to do it with us.”
“I really believe it is going to permit a lot of great material to come to market that hasn’t come to market. This is going to give a large base of collectors the comfort level to say ‘I’ve been wanting to bring my property to market, now finally, here is a program that I’m comfortable with.’ I really believe this is going to bring a lot of fresh material to the market place.
For more information about the Sell & Consign Program offered by EAC Gallery and University Archives, see their full-page ad on page 19.