What Is the Commission Rate at Sotheby's

If you're considering selling a high-value item such as a work of art or a piece of jewelry, you may be wondering about commission rates. This is particularly important if you're considering selling through an auction house, such as Sotheby's or Christie's, which are known for specializing in high-end sales. In this guide, we'll take a closer look at commission rates at these two auction houses, as well as some tips on how to negotiate and what to expect in terms of typical commission prices.

1. Sotheby's Commission Rates
2. Christie's Commission Rates
3. Typical Commission Prices
4. Negotiating with Auction Houses
5. Tips for Selling at Auction Houses
6. Conclusion

Sotheby's Commission Rates

Sotheby's is one of the largest auction houses in the world, with offices located around the globe. As mentioned earlier, commission splits at Sotheby's vary depending on the location, and each office follows its own policy. However, anecdotal sources suggest that most offices give a 70/30 commission split.

Christie's Commission Rates

Christie's is another major player in the art auction industry, with a global presence. Christie's follows a seller's commission policy, which includes a base commission rate as well as additional fees for services such as shipping, restoration, and framing. The base commission rate varies based on the item and the value of the sale, but generally falls between 10-25%. In addition, there is an additional 2% Performance Commission fee if your item sells for over the high estimate agreed upon with you.

Typical Commission Prices

When it comes to determining a commission rate, the factors that come into play can vary widely depending on the specifics of the transaction. However, a range of 20-30% is often cited as a reasonable commission rate when selling high-value items such as art or jewelry. It is important to note that the commission rate will typically be lower for higher-priced items, as there is less work involved in managing the sale.

Negotiating with Auction Houses

You might be wondering if you can negotiate the commission rate with auction houses such as Sotheby's and Christie's. The short answer is: it depends. While it may be possible to negotiate, the success of your negotiation will depend on a variety of factors, such as the value of the item you're selling, the relationship you have with the auction house, and the current state of the market.

However, it’s important to note that Sotheby's offers a 'Buy Now' option on their online platform, where select items are available for purchase at a fixed price. Some of these items also have a “Make an Offer” option through which potential buyers can negotiate the price.

Tips for Selling at Auction Houses

If you're considering selling a high-value item at an auction house, here are some tips to keep in mind:

• Research the auction house thoroughly before making a decision.
• Understand the commission rates, as well as any additional fees or services that may be required.
• Make sure you have a clear understanding of the terms and conditions of the sale before committing to anything.
• Be realistic about the value of your item and don't expect a sales price that is wildly above market value.
• Understand that high-value items may not always sell at auction, so have a backup plan in place just in case.

Conclusion

In summary, Sotheby's and Christie's are two major players in the high-end auction industry, and commission rates can vary widely between the two auction houses. While it is possible to negotiate the commission rate, success in doing so will depend on a variety of factors, including the value of the item you're selling. By conducting thorough research and having a clear understanding of the terms and conditions of the sale, you'll be better positioned for a successful transaction at an auction house.