Selling Painting to get out of debt

queenpiggy

Hi

Been a bit of a lurker for a while but thought i'd ask you wonderful people some advise. I have managed to get my debt down from £10K to £5K in the last few years but now I am keen to be debt free asap.

A relative of mine is quite a famous painter and he gave me a painting of his about 2 years ago for Christmas, his paintings are currently selling for around £3,000 and I would love to sell it if I can to help me out a bit.

Does anyone know how I might do this or where to find out how to do this? I am not really an expert.

Thanks in advance everyone

QP

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mr218

why not ask your relative about who sells his work. it might be the best way to do it to ensure you get the maximum amount.

of course it might be delicate to approach your relative. but tell him that you are in dire financial straits and i am sure he will understand

queenpiggy

Hi mr218

Thanks for your reply, he has an agent and sells through exhibitions, I don't really want to approach his agent to be honest. I just can'ty think of what to do.

Also, he wont understand the situation at all, were not actually all that close and he is not a very helpful person with peoples problems.

But thanks for the ideas

QP

takeachillpill

Sounds like a right barrel of laughs!

I see you are probably in the right part of the world though. Perhaps approach some galaries directly, or auction houses who specialise in the type of art you have got your hands on.

I will take it off yer hands for a fiver if that helps!!!!!!

rchddap1

Please think carefully about what you are proposing. This was a gift, and from the sounds of it a gift worth quite a bit of money. Also, many people buy paintings as an investment, thinking that their value will rise in the long-term. Are you willing to forfeit this?

What would happen if your friend found out that you'd sold it? What would you say if he visited you and couldn't see his painting? Would he understand? Would you still be as good friends?

Its not as simple as selling a painting and paying off your debt. If it were me, and I could afford to pay off the debt slowly myself without selling it I would do so.

takeachillpill

Fair point, but if it keeps the wolves away?

Also, the poster says he is not close to the geezer concerned - I would gather a break down in that relationship might not be the end of the earth.

As for its value, that's very true, but needs must some times. Its all about priorities in the hear and now in my view.

queenpiggy

Hi rchddap1

thanks for this message, to explain the "relative" he is actually my mothers ex partner who we no longer see, Mum owns lots of his paintings too and therefore we wont be selling the only one we have, in fact just one small one which we arent to keen on any way.

I cannot afford to pay my debt off and if I don't fix the problem soon I will be in even worse trouble. I have done everything I can to save money and pay it off, and I think I have done very well so far. This will just give me the push I need to get my life in order. I am not just looking for an easy way out, this is something I have seriously thought about for some time I am just not sure aobut how to go aobut doing it.

Thanks

QP

takeachillpill

Answered your own question then mate, get down to a specialised auction house or perhaps a gallery - there may be a waiting list for this bloke's stuff.

It was a no to the £5 offer then?

Tee hee.

TAKP

rchddap1

It all depends how sharp the wolves' teeth are I suppose.

I was simply trying to encourage the OP to think about this carefully before they take the leap and make a firm commitment. Certainly not something I'd want to do and then regret later.

Edit: Understand it now. If that is your only option then go for it and get the job done.

queenpiggy

Thanks takeachillpill

I have tried that, got no where. Hee hee might have to go for the £5 option.

By the way I am a she not a he! easy mistake to make I guess

Ok folks thanks any way, I guess it was never meant to be

Happy Moneysaving

QP

skintchick

Try Bonhams or similar - they will have somewhere locally and can advise. Look int he phone book.