This article responds to individuals, families, estates or institutions who received an inherited art collection and want to consider selling the paintings.
When someone close to us dies, it's often one of the most difficult times in our lives. Along with the grieving process, we have to deal with all of their belongings . This can be especially hard when it comes to artwork, many feeling overwhelmed with what to do with inherited art.
This 8-step guide offers comprehensive guidance on managing your inherited art collection. Authored by an Artelier curator with extensive experience in collection and estate management, its insights extend beyond just managing paintings. The article features carefully curated advice, expert tips, and industry statistics from professionals across legal, sales, and creative fields, providing well-rounded and holistic guidance.
© Infographic by Artelier Art Consultancy showing How to Sell your Inherited Paintings in 2024
Preview & Summary
Selling inherited artworks is a thorough process, taking days to years, so it is highly recommended to enlist a professional art consultancy like Artelier that can oversee all aspects of collection management. A single mistake in inventory management, due to the paperwork involved, could lead to mistaxing or losing thousands worth of pounds.
First, assess whether your collection holds significant value, as the majority of inherited collections don't. Secondly, legal documentation, such as wills and asset lists, is crucial to claiming ownership. Taxes, like Inheritance Tax and Capital Gains Tax, may affect profit margins, so professional advice is recommended. Thirdly, create a detailed inventory of the artworks, then seek appraisals from trusted experts. For lower-value pieces, consider auctions or online platforms, while high-value works may be best sold through renowned auction houses or private specialist dealers. Alternatively, donating artworks is a great way to preserve cultural artistry, maintain a sentimental bond and to start your legacy as a patron.
Step 1: Learn the cold-hard facts
During a difficult and emotional time of your life, it might be hard to create a selling strategy for your inherited art collection.
However, a short period committed to research and organisation will greatly influence a process that could take hours, days, months, or even years of your time. Time aside, let's not forget how an (in)effective selling strategy will impact your mental energy (at times exciting, inspirational or tiring and stressful), finances (whether incoming or outgoing to manifest the collection's outcome), or legacy (your inheritance being handled in the private or public sphere).
Some cold-hard facts about receiving inherited collections
Unfortunately, 80% of inherited collections hold no significant monetary value.
Only a few thousand artists have any presence in the secondary resale market at auction.
Unless you invest time and money into running your own gallery to boost the collection's popularity, it may not gain value.
Most museums can’t accommodate an entire collection by one artist but may accept a dozen pieces based on the curator's interest.
Selling pieces individually could reduce the collection's overall value.
Artelier offers a free consultation to discuss your inherited art collection with a face-to-face value assessment. Mindful of your goals, Artelier's industry experience will notify you if there is an effective selling strategy suitable for your inherited paintings.
© Kelly Tooze Studio / Artelier Project One at Palm, Dorchester Collection, Dubai, UAE
Step 2: Know what is yours legally
A staggering 50% of UK adults do not have a will. If you receive 100 inherited oil canvas paintings found at the back of storage with no inventory nor any explicit ownership in the will, how do you claim it as yours?
Read over donor documentation such as letter of wishes to prevent any conflict over division of personal possessions. This could include:
A list of assets and savings
Accounts and their passwords
List of gifts
End of Life Planning: Have a Chat
While it is a difficult conversation to have with loved ones, if you have the chance to discuss end-of-life planning with your donor, confirm which artworks from their estate will be included in the will. Talking about legal documents and involving key professionals in advance can help ensure their wishes for their art collection are honoured later on.
Artelier's 'Art Concierge' service manages a tailored team of market-leading appraisers with the most informed on-the-pulse advice on art finance.
Step 3: Learn the types of taxes
As Chris Rock famously put it; "You don't pay taxes-they take taxes."
Tax affairs are a vital step in selling an inherited art collection, but following the death of a loved one, it can create unnecessary emotional and practical difficulties. What you think might have financial value might be jeopardised by unexpected tax regulations. For example, the UK, an art collection will need to be valued by a professional for inheritance tax (IHT) purposes and may be liable to IHT at a rate of 40%.
Here are some tax regulations to know before exploring selling your inherited art collection (UK-based).
Capital Gains Tax
Artist’s Resale Right’s
Customs Duties.
Inheritance Tax (IHT)
Artelier's 'Art Concierge' provides a tried-and-tested model to help sellers navigate the complexities of tax management - whether local or international - associated with art. From planning legacies to making donations, Artelier's specialist team provides industry advice to streamline taxation of your art collection.
Step 4: Prepare an Inventory
One of the first steps to selling your paintings is to make an inventory; the more detailed, the more your life will be easier. This may seem intimidating, but is achievable to anyone of any background. It does not require having an academic or professional background to organise the basics. Once you have a complete and accurate inventory, you will be ready to start approaching dealers and auction houses about selling.
9 Simple steps to prepare an inventory
A typical inherited art collection inventory might include:
Artist name
Title of artworks
Date the art was made
Dimensions
Frame specifications
Condition
Medium (i.e. watercolour, oil, print)
High-resolution photos of each artwork etc)
Provenance of artworks (meaning the recorded journey of an artwork from its origin through one or more owners to the present day. This can be found through previous inventories, inventory numbers found directly on the paintings or auction sale catalogues).
Bridging the gaps: Helpful contacts to consult when completing the art inventory
Framers & Galleries
Check the back of the painting for a gallery label, and contact the framer or gallery if they're still in business.
Academics
Reach out to other academics, researchers or professors specialising in the artist's genre (i.e. German Impression of the 1950s, Cubism in 20th-century Montréal)
Artists
Connect with those who specialise in the same technique. The artist of the inherited collection likely had a network that can provide valuable insights on origins, value, and history.
Resources to prepare an inventory
For cost: Microsoft Excel Inventory Template (free)
For user friendliness: Artwork Archive ($8 - $24 month)
For simple design : My Art Collection (starting at $329 upfront with no monthly fees)
© Examples of My Art Collection's Software
At this point, you might wonder if it's worth bringing in a trusted art expert to handle your inventory. However, an "Art Concierge" or a professional art consultancy will be able to:
Correctly catalogue the collection following industry standards without risk of error
Take the mental load off what can be seen as overwhelming and frustrating
Oversee and manage a potentially lengthy, administrative process
Organise data formatted in favour of tax and insurance legislation i.e. Capital Gains Tax, Artist’s Resale Right’s, and Customs Duties.
Finalise the inventory with accurate industry, professional and academic qualifications and knowledge
© Artelier Artist Christoph Schrein
Step 5: Get your art valued by a professional
Securing a professional valuation is vital when selling your inherited paintings . Professional appraisals should give you a more accurate understanding of artwork's true worth, as well as an insight into the current market trends. It is important to find a certified and reliable appraiser so that you don't run into any unpleasant surprises. A seasoned art expert will take considerable time to properly examine each painting; this is important particularly to authenticate works by big name artists.
Who to contact to get your inherited art collection valued:
Art advisory or Art Consultancy
With over 20 years' industry experience, Artelier’s team brings unparalleled academic and professional expertise, combining deep historical knowledge, market insight, and a sharp, intimate eye for the everchanging art market. As specialists across a broad range of art genres and periods, we adhere to the highest ethical standards to ensure accurate and reliable valuations.
Individual Appraiser
Hire a certified appraiser (AAA or ISA) with knowledge of your artist, ensuring they can provide a written valuation.
Departments
In wealth management firms, they will be referred to as the "Valuations, Trusts, and Estates Department." In galleries, auction houses, and museums, they will be known as the "Sales & Appraisals Department."
Collectors
Connect with other collectors who may have already acquired works from the same artist or focus on similar genres or mediums. Their expertise will ensure the artwork is sold for a higher profit, with a pre-arranged percentage cut for you. With their network of industry contacts, they could donate to a museum, which not only enhances the artwork’s value but ensures a lasting legacy for your heirloom.
Online communities
Post photos of valuable pieces on forums like r/WhatIsThisPainting for potential insights.
Tip: Get your painting collection valued by at least 2 separate estimates from different sources. This will build confidence in the pricing range and authenticity of the work.
© Oil on Canvas commissioned for Raffles Al Areen Palace, Bahrain
Step 6: Selling low market value inherited art
More often than not, inherited art collections are not worth a lot of money. The appraiser values your paintings worth less than £50o. Is it worth selling them at all? Artelier's curator, Calypso Lyhne-Gold, an expert in researching the art market for grassroots and emerging artists, recommends the following strategies for selling lower-value inherited artworks:
Learn how auctions work for selling passed-down paintings
The auction house will photograph the artworks, list them online, and provide a set period for public bidding. Once the auction concludes, they will retain a percentage of the sale price (with part of this fee covered by the buyer), and you will receive payment for your share.
Pro: While you may be offering 100 pieces for £100, some may sell well enough to cover the rest that may fail to sell.
Con: The cost for auctioning these pieces may exceed their estimated amount, and you'll end up spending more money than you'd make in return.
Con: According to a former art appraiser for an auction house, they will not be interested in an artist who does not have notional recognition, or whose works are selling for under £10,000.
Recommended auction houses for selling low-value inherited art
Leslie Hindman Auctioneers is a Chicago-based auction house founded in 1982. Sold to Sotheby's in 1997 and then reopened in 2003, the company hosts auctions for a variety of items, including contemporary art, fine jewellery, French furniture, and rare books.
Heritage Auctions, suggested by Reddit users, is the largest auctioneer for collectibles and the third-largest auction house globally. It's also the biggest auction house established in the U.S. With a leading internet presence, they have over 1.83 million registered online bidders from 195 countries.
Alternative ways to sell inherited art collections that aren't auction houses or dealers
MyArtBroker: An online market facilitating private sales, valuations and industry leading prints and editions data with 0% seller fees
Rent a Booth: Rent a booth at an art show or an outdoor festival.
Sell Online: You can sell your art online by building your own ecommerce site, using a marketplace like Etsy, or on social media. You can also use Google Ads to display an ad in Google's search results when someone types in something relevant to your art. However, avoid Ebay and Craigslist.
If the auction house responds to your inherited collection by stating 'we feel that it is valuable but it probably would be better if you sold it locally', then this means it is not worth over £1000.
Step 7: Selling high market value inherited art
Is your inherited art collection valued at least £10,000? Marie Boutignon, Alice Voss and Erin Endres - a strong workforce representing Artelier's project directors - argue this is the optimal amount, with experience in handling blue-chip artists across Europe, Asia, and the Middle East.
View below the pros and cons of dealing with auction houses versus private dealers to guarantee the maximum profit for your art collection:
© Infographic by Artelier Art Consultancy on the pros and cons of selling with auction houses for inherited paintings
Recommended and reputable dealers include Sotheby’s, Christie’s, Bonhams, and Phillips, all known for their international reach and expert specialists.
These auction houses operate on a "hammer price" basis, which is the final winning bid for an item. The amount you receive, referred to as the net sale proceeds, will be calculated by deducting the agreed seller’s commission and any pre-arranged expenses, such as illustration fees or loss and damage warranty, from the hammer price. (SOURCE)
© Infographic by Artelier Art Consultancy on the pros and cons of selling with private dealers for inherited paintings
Sale commissions typically average around 25%. While selling pieces individually can sometimes be more profitable, it may harm the artist's reputation and legacy to break up their collection.
© Faultlineslab.com / Matthias de Vogel
Step 8: If selling is not an option, donate.
Sometimes, selling an inherited art collection is not an option. While this may be because it has no monetary value, or you may alternatively have sentimental attachment to the work. Alternatively, it could have historic or cultural value, whether in the local region of the artist or to a wider artist movement.
5 ways to pass down inherited paintings without selling them:
Decorate your home and add some personal flare
By adding it the walls of your home. Inherited paintings are often rich in family histories which can be shared over conversations in a homely space.
Preserve your family paintings for future generations
Leave it in a trust. It might not have value in this current decade, but it might in the future depending on socio-economic and political circumstances. There may be tax advantages depending on your region by using this method.
Donate to a university
They may have an interest in acquiring the art and archives. Places like Harvard, Yale, Cambridge and Oxford have multiple museums, libraries, and archives and often like being able to house everything.
Display to the public
Not only is this enjoyable to the public, the constant exposure will increase the popularity of the collection.
Donate to a local gallery or museum.
To create legacy, you will become a patron preserving cultural and artistic innovations.
However, if you're lucky, the works will likely be viewed once in an exhibition and never to be viewed again.
" Above all, get your works appraised before approaching any creative institution. Draft up a general 'collections' or 'curatorial' email including your inventory. Find the name of the curator or department by looking on the website. Even if it's hand delivered, it's a big gesture of politeness to do this research before-hand. Make sure to research the institution; do they already have some of the artists' work? Will they want a large collection? Is the institution from the artist' home region? Or has the artist done residences, single or group exhibitions there already? Some museums only receive paintings through a public-facing policy, so familiarise yourself the styles and techniques they already have. Bear in mind that an institution might not be able to accept all 500 objects but they might be interested in a selection. This is often due to issues like storage and funding constraints on their end. "
Ella Forster, Curator & Researcher at Artelier
Artelier's tailored service researches and explore opportunities to display valuable pieces in public institutions. Using a philanthropic approach, Artelier creates a meaningful legacy that benefits the community. Excelling in forging partnerships with cultural institutions and museums, our collection team facilitate the public exhibition of art collections.
© Simon Kennedy Photography / Eaton Place, London by Artelier
Some common FAQS about handling inherited paintings
Do initial art valuations cost anything?
Initial valuations usually do not cost anything and are also confidential. They can be done online or in person.
Who handles the shipping and local drop-off of the artworks?
Artelier, auction houses and private dealers will have their own logistic companies to arrange end-to-end management of the shipping journey. With industry experience in art handling, they will be familiar with museum-quality crate packing and shipping documents such as export/import customs declarations or certificate of origins.
Are valuations fixed?
Estimates based on photographs are initial estimates and may change after a firsthand inspection and additional research. After further reception, inspection, and research your item, our specialists will review it and, if necessary, adjust estimate.
© Kelly Tooze Studio / Raffles Al Areen, Bahrain Project by Artelier
Step 7: Request a Valuation Online: Work with an "Art Concierge"
Selling inherited art can be an intimidating and drawn-out process.
Taking inventory, getting an appraisal, understanding the complex process of consignment. All of these aspects have to be carefully considered before the final sale; it may be time consuming and emotionally taxing during an already difficult time. This is why many art owners turn to a professional "Art Concierge" for help.
Artelier provides an "Art Concierge" package, providing comprehensive services from evaluating the artwork, researching its history, securely packing and transporting it, to finding the best sales solution whether it be an auction house or private dealer. We are intimately familiar with the art market and will place the artwork in front of potential buyers through direct outreach or by submitting it to relevant auctions or re-marketing platforms. We look out for the client's best interest when it comes to achieving a final sale protecting the client from the many pitfalls of the art world. What is absolutely essential when navigating the delicate process of selling inherited works is mutual understanding, transparency, and respect.
If you would like to find out more about our art concierge services discover our dedicated page or simply get in touch so an advisor can get back to you as soon as possible.
Other useful reading resources from Artelier:
About the Writer
Ella Forster
Curator, Researcher and Editor
Ella holds a BA in History & French from King's College London, complemented by a year of international study focused on History of Art at the University of Montréal. Fluent in English and French, Ella has immediate experience consulting private clients on art collection management, including advising on market trends, cataloguing and optimising storage methods. Explore our other team members here.
I had no idea they went through tax legislation, a good reminder for all!
Interesting read, thanks