How Much Are Christie's Auction Selling Fees

When selling items at major auction houses like Christie's or Sotheby's, it is important to understand the various fees involved. In the case of Christie's, the seller's commission is set at 15% of the final sale price. However, this is not the only fee that sellers have to consider. Let's delve deeper into the breakdown of the selling fees at Christie's auction:

1. 1. Seller's Commission
2. 2. Additional Costs
3. 3. Minimum Consignment Value
4. 4. Comparison with Other Auctioneers
5. Useful Tips and Conclusions

1. Seller's Commission

The primary fee that sellers need to be aware of is the seller's commission, which is a percentage of the final sale price. For Christie's, this commission is set at 15%. It is important to note that this commission is deducted from the hammer price, which is the price at which the auctioneer's gavel falls and the item is sold.

2. Additional Costs

In addition to the seller's commission, sellers are also responsible for other costs associated with selling their items at Christie's auction. These costs include:

• Shipping: Sellers are expected to cover the shipping costs of delivering the item to the auction house.
• LDL (Loss, Damage, and Liability Insurance): Sellers may also be required to pay for insurance coverage to protect against any potential loss, damage, or liability during transit and while the item is in the possession of the auction house.
• Marketing and Cataloguing Fee: Christie's charges a fee for marketing and cataloguing the item. This fee covers the expenses incurred in promoting the auction and creating a comprehensive catalog for potential buyers.

3. Minimum Consignment Value

It is worth noting that Christie's does not have a specific minimum consignment value for the items they handle. According to Christie's CEO Steven Murphy, the company's 80 collecting departments deal with goods across a wide range of prices, even as low as $200. This highlights the inclusivity of Christie's, as they cater to sellers with diverse collections and items of various values.

4. Comparison with Other Auctioneers

While Christie's seller's commission is set at 15%, it is important to compare this with other auction houses and auctioneers. In the auction industry, the commission percentage varies, and it is crucial for sellers to consider this aspect before choosing where to consign their items. Below are some insights into the commission percentages charged by other auctioneers:

• Auctioneers typically charge a commission, which is a percentage of the auction's gross sales. The range for this commission is usually between 10% to 15%, depending on the auctioneer and the nature of the items being sold.
• In some cases, auctioneers may also receive bonuses or additional compensation based on the specific terms of the consignment agreement. This can vary and may depend on factors such as the value of the items, exclusivity, and additional services provided.

Useful Tips and Conclusions

When selling items at auctions, it is crucial to consider all the associated fees and costs to ensure a smooth and profitable transaction. Here are some helpful tips and conclusions to keep in mind:

1. Research Different Auction Houses: Take the time to research and compare the fees and commissions charged by different auction houses. This will help you make an informed decision and maximize the profitability of your sale.
2. Consider the Value of Your Item: While some auction houses may have lower commission rates, it is essential to consider the overall value and reputation of the auction house. Higher-end auction houses like Christie's or Sotheby's often attract a larger pool of buyers, which can result in higher prices for your items.
3. Negotiation: Don't be afraid to negotiate the commission rate with the auction house. Depending on the value and uniqueness of your item, they may be willing to offer more favorable terms to secure your consignment.
4. Understand the Terms and Conditions: Read and understand the terms and conditions of the consignment agreement before entering into any agreement. Pay attention to any hidden fees or additional costs that may apply.

Selling items at auction can be an exciting and potentially profitable venture. By understanding the selling fees involved and making informed decisions, sellers can optimize their experience and achieve the best possible results.