Understanding Art Consignment Agreements
If you’re a football fan and are regrettably still not in the know about an art consignment agreement, no matter if you’re mostly into European or American art, this article is both timely and useful. And if you didn’t know already, you can’t be faulted for wanting to do a bit of digging on an art consignment agreement for the sake of protecting your Manchester United memorabilia. While you may not consider it an art collectible, it very well could be worth a lot of money, and most importantly, hold significant meaning. An art consignment agreement is basically a contract between an art gallery and an artist regarding the sale of the artist’s works from the gallery.
Now we’re sure you’re probably asking yourself how an art consignment agreement relates to football, more particularly, Manchester United football memorabilia that you may have on hand. While this may seem like a stretch at first, to put it outright, the two worlds are quite similar indeed.
Notably, the requirements of an art consignment agreement is that it must include the following elements: Firstly, these terms of sale are similar to those associated with selling off your Manchester United memorabilia, some of which may not be all that cheap to begin with.
The main feature of a consignment agreement is that the items that the artist is selling are owned by that artist until sold. In essence, an agreement like this protects the seller (the owner of the articles) if the consignment period goes awry in any way.
The biggest risk of not having an art consignment agreement in place is the possibility that a dispute arises about ownership of the articles being sold. By not having a mutually agreed upon contract, you run the risk of becoming embroiled in a battle over whether or not the items were meant to be sold, loaned out or were simply left at the gallery after the artist left. And in doing so, you potentially take away the profits that you would have received by selling your works through the gallery.
This point cannot be stressed enough. Sort of like the American Football Hall of Fame, there are quite a few museums in England as well, and a number of them have specialty collections dedicated to Manchester United memorabilia in separate exhibitions from regular memorabilia that they have on display. And when they do that, they are able to use the displays to make money off of the memorabilia that fans like you have donated. Now think about how much of a windfall you could make by donating your memorabilia.
A little-known fact is one of the most famous pieces of sports memorabilia was sold through consignment some time ago. That piece was the “Flying Wedge Formation” made by the Chicago Bears during a 1920s game against the Columbus Panhandles. However, that was nowhere near the most expensive piece of sports memorabilia sold on consignment. Another piece of sports memorabilia sold through an art consignment agreement was the US football uniform worn by a soccer player in the 2014 FIFA World Cup. The cost of that first piece was $100,000, while the cost of the second piece was $55,000.
The steps to create a consignment agreement for your Manchester United memorabilia include: First things first, it goes without saying that if you want a piece of memorabilia to be included in your consignment agreement, you have to actually have it in your possession. So make sure you have a complete list of everything that you want included and have those items physically standing by for the artwork agreement for sale.
Most importantly, ensure that you have a general idea of what you want the price on the memorabilia to be. After all, you don’t want to ask for a piece of memorabilia to be included in the art consignment agreement worth too much money or too little money. Either way, it could be seen as taking advantage of the party that you are working with, whether it be your friend or an auction house.
If you are a Manchester United football fan, you may have a piece of memorabilia that the Manchester United Soccer Club™ may be interested in from a gift shop that is worth a lot of money. For example, a golden FIFA World Cup Trophy Replica, or a 2008 Team Jersey that you paid $1,500 for could be a piece in an art consignment agreement for sale.