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Think Nobody Wants Your Parents’ Art? Think Again. By Richard Eisenberg
Auction houses won't likely be interested in your parents' art if the artist is unknown to them, which was my case. I contacted several local auction houses and sent photos of the paintings with the artists' names. I didn't get a nibble. Matt Paxton, host of public television's “Legacy List with Matt Paxton,” says: “Auction houses need big names, and the reality is you probably don't have them. But it doesn't mean [your inherited art pieces] don't have some financial value.”
Recently, when my wife Liz and I needed to unload art in her mother's beach condo, I wondered: Does anyone want your parents' art? After talking with experts, I learned it's quite possible that someone does . But to find that person or charity, you'll need to commit time and effort. Otherwise, you'll likely wind up junking the art, and that would be a shame. Exactly how much money you'll receive — if any — will depend on where you look for a buyer and the size, type and condition of the art and reputation of the artist. Fortunately, the internet, a few apps and Facebook have made it easier to snag a buyer or donate inherited art.
How to Unload Inherited Art
Odds are, you won't be saying Hello, Dali if you inherit art. But here's what to do if you suddenly must figure out what to do with your parents' art that you don't want to keep: Keep It in the Family. The art may have senti- mental value to a sibling or other family member. Art “is very personal,” says David Ekerdt, author of “Downsizing.” Prepare to Sell. Take photos of the art, artist's signature and frame. Measure the frame, too. A frame itself may have value, possibly more valuable than the art. “Sometimes, those frames are worth two hundred, three hundred or four hundred bucks,” says Paxton. “People will buy them.” Sell It Yourself. To sell art online yourself, experts say Facebook Marketplace is a good place to start. You can quickly see what similar pieces sell for, and posting photos of your art and your price, you'll know quickly if there are potential buyers. “If it doesn't sell in a day on Facebook Marketplace, it's not going to sell there,” says Paxton.
A man in Massachusetts bought this drawing at an estate sale for $30 in 2017. Four years later it went up for sale in a London gallery for $50 million after it was identified as the work of Albert Durer, a key figure in the 16th century German Renaissance. Credit: Agnews Gallery, London
Read more of this story on NextAvenue.org.
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