Page 41 - Artoteque Online Gallery: Art Project by Petru Russu -Catalogue 2024

the art purchase process

The gallery serves as a platform to display the artist’s work and makes efforts in contacting
collectors and art buyers interested in contemporary art. However, it is not responsible for
selling and shipping the artwork.

When a buyer expresses interest, all transaction details are forwarded to the artist. The
financial transactions are then handled directly between the gallery and the customer.
The gallery takes a 38%* commission from the sale, and the remaining proceeds go to the
artist.

This arrangement allows artists to concentrate on their creative process, while the gallery
manages the business aspects, including promoting the artists’ work and facilitating the
initial contact with potential buyers.

Artists should be mindful of the commission rate when pricing their work. It’s a good
practice to factor in these costs to ensure they receive the desired net income from their
sales.

The responsibility of shipping the original artwork that a customer is potentially interested
in buying lies with the artist. The artist sends the original artwork to the gallery. After
careful examination, the gallery issues a Certificate of Authenticity and sends the artwork
in a safe package to the purchaser.

When a sale is made, the financial transaction is handled directly between the gallery and
the customer. The gallery then takes a 38% commission from the sale, and the rest of the
proceeds go to the artist.

This allows artists to focus on their creative process while the gallery handles the business
side of things. However, artists should be aware of the commission rate and factor it into
their pricing. This ensures that even after the gallery’s commission, artists receive a fair
price for their work.

This model allows the gallery to focus on promoting the artists and their work, and
the artists to focus on their creative process, while also ensuring that the artists are
compensated fairly for their work. It’s a win-win situation for both parties.

* Galleries typically retain between 30% and 60% of the selling price.
Commission on work sold through boutique shops or specialist stores may reach as much as 250%, or more.

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