What Is the Seller's Commission at Christie's

In this section, we will discuss the seller's commission at Christie's, including the commission percentage and any additional fees for external services.

1. Seller's Commission Percentage
2. Additional Fees for External Services
3. The Seller's Commission at Sotheby's
4. Seller's Commission Percentage
5. The Buyer's Premium at Christie's
6. Buyer's Premium Rates
7. Christie's Minimum Consignment Value
8. Minimum Consignment Value
9. Useful Tips
10. Conclusion

Seller's Commission Percentage

The seller's commission at Christie's is calculated based on the high estimate agreed upon with the consignor. If the item sells for a price higher than the high estimate, an additional 2% performance commission fee will be applied. It is important to note that these commission rates may vary depending on the specific agreement made between the seller and Christie's.

Additional Fees for External Services

In addition to the seller's commission, consignors may also be charged for other external services provided by Christie's. These services can include shipping, restoration, and framing. However, the costs for these services will be discussed and agreed upon with the consignor beforehand. This ensures transparency and allows both parties to reach a mutual understanding regarding the fees associated with these services.

The Seller's Commission at Sotheby's

In this section, we will explore the seller's commission at Sotheby's, including the commission percentage deducted from the hammer price.

Seller's Commission Percentage

At Sotheby's, the standard seller's commission for most auctions, including those in the Fine Arts division, is 10% of the hammer price. This commission percentage is deducted from the final sale price of the item. It is important to note that different auction categories or special sales may have different commission rates, so it is crucial for consignors to be aware of the specific terms and conditions for their consignments.

The Buyer's Premium at Christie's

In this section, we will discuss the buyer's premium at Christie's, including the applicable rates based on the hammer price.

Buyer's Premium Rates

The current buyer's premium rates at Christie's are as follows:

• For lots with a hammer price up to and including £800,000/US$1,000,000, the buyer's premium is set at 26% of the hammer price.
• For lots with a hammer price from £800,001/US$1,000,001 up to and including £4,500,000/US$6,000,000, the buyer's premium is set at 21% of the hammer price.
• For lots with a hammer price exceeding £4,500,001/US$6,000,001, the buyer's premium is set at 15% of the hammer price.

It is important for buyers to take these buyer's premium rates into consideration when participating in auctions at Christie's, as they will impact the total amount that needs to be paid for the purchased item.

Christie's Minimum Consignment Value

In this section, we will discuss the minimum consignment value accepted by Christie's, as mentioned by their CEO Steven Murphy.

Minimum Consignment Value

According to Christie's CEO Steven Murphy, the company's 80 collecting departments are open to handling goods priced as low as $200. This means that Christie's is willing to accept consignments with a wide range of values, catering to a diverse group of sellers and items. By accepting consignments with a minimum value, Christie's ensures accessibility and inclusivity in their auction process.

Useful Tips

1. When consigning an item with Christie's or Sotheby's, it is crucial to thoroughly read and understand the terms and conditions, including the commission rates and any additional fees.
2. Engage in open communication with the auction house to discuss and negotiate the terms of the consignment, including the commission percentage, performance commission fees, and any external service charges.
3. Research and compare the commission rates and buyer's premium rates of different auction houses to make an informed decision on where to consign or participate in auctions.
4. Keep in mind that the minimum consignment value may vary between auction houses, so it is important to inquire about any specific thresholds they have in place.

Conclusion

Understanding the commission structure and fees at auction houses like Christie's and Sotheby's is essential for both consignors and buyers. By familiarizing yourself with the seller's commission percentages, additional fees for external services, buyer's premium rates, and minimum consignment values, you can make informed decisions and have a transparent understanding of the costs associated with consigning or purchasing items at these prestigious auction houses.