How Much Does Sotheby's Charge to Sell Art
💬 CommentsAs one of the biggest names in the art world, Sotheby's is a trusted marketplace for selling your art. If you're interested in selling with them, here's what you need to know about their selling fees, advantages, and minimum consignment values.
- The Seller's Commission
- Fees with Sotheby's
- Advantages of Selling with Sotheby's
- 1. Global Reach
- 2. Experienced Specialists
- 3. Competitive Prices
- Selling Your Own Art on Sotheby's
- Minimum Consignment Values
- Tips and Takeaways
The Seller's Commission
Sotheby's takes a commission from the consignor, which is deduced from the hammer price. For most auctions, including the Fine Arts division, the standard seller's commission fee is 10% of the hammer price. This fee includes marketing, research, and promotion of the artwork before it goes to auction.
Fees with Sotheby's
All Sotheby's auctions are free and open to the public, with no obligation to bid. Most auctions happen during the day, but occasional evening sales may require tickets. You may also be responsible for costs such as insurance and shipping.
Advantages of Selling with Sotheby's
Selling with Sotheby's has many advantages. Here are some of the benefits you can expect:
1. Global Reach
Sotheby's is a multinational company with a global reach, meaning they can help connect you with worldwide buyers. With branches in London, New York, Hong Kong and other locations, Sotheby's can reach audiences from all corners of the world.
2. Experienced Specialists
Sotheby's has a team of experienced art specialists who offer advice and guidance on selling your artwork. Their knowledge of the art market and expertise in specific areas can help you identify the best time and place to sell your art.
3. Competitive Prices
Sotheby's consistently achieves prices that meet or exceed pre-sale estimates, so you can be sure you're getting the best value for your artwork.
Selling Your Own Art on Sotheby's
If you're interested in selling your own artwork on Sotheby's, you can submit images and information through their easy-to-use online estimate form. Sotheby's specialists will contact you about your artwork's sale potential and provide you with an estimate. They will also help you determine when and where to sell your painting based on their upcoming auction schedule.
Minimum Consignment Values
Complimentary estimates are provided for each item meeting a minimum consignment value. Sotheby's minimums for New York are $5,000, £3,000 for London, and HK$40,000 in Hong Kong.
Tips and Takeaways
If you decide to sell your art with Sotheby's, keep these tips in mind:
- Prepare your artwork properly to increase its sale potential.
- Research Sotheby's previous sales and their areas of expertise to determine if it's the right marketplace for your artwork.
- Be aware of additional costs such as insurance and shipping.
- Sotheby's may reject your artwork if they don't feel it's of high enough quality or value for their auctions.
In conclusion, Sotheby's is a trusted marketplace for selling your artwork with a global reach, experienced specialists, and a commitment to achieving competitive prices. With this guide, you should be well equipped to decide if Sotheby's is the right place to sell your art.