Christie's and Sotheby's increased commissions again
ARTinvestment.RU   20 октября 2016

The amount of Commission (Buyer's Premium) at Sotheby's ahead of its eternal rival

Increase occurred on the eve of key fall auctions in new-Йорке where exhibited the most expensive and valuable work and set new records. But no matter how good Nov from the point of view of consumer activity (according to one version, to increase demand in the November new-Йорке can influence the correct weather), potential buyers still need to act with an eye on the new rates of Buyer's Premium, then to not be excruciatingly painful for additionally spent funds.

Used both auction houses made up of several terms. The largest percentage (25 %) is paid from the first few hundred thousand dollars from the price of the hammer. A further 20%-ной Commission taxable amount from the previous threshold of up to several million dollars (or any other currency in which the transaction was conducted, but we for simplicity will consider only dollars). And already anything above these several million, subject to a discounted Buyer's Premium of 12 %.

What has changed compared to previous Commission rate? Let's start with Christie's to raise the Commission from 19 September 2016. Previously, 25% of BP was paid with the first $75 million — now this threshold is raised to $150 thousand a Commission of 20% previously charged for the part of the hammer price from $75 thousand to $1.5 million For a new fee, 20% will be charged on a fraction of the price from $150 thousand to $3 million And everything above $3 million, subject to a Commission of 12 % (before Commission "discount" started from $1.5 million).

the answer Sotheby's, whose new rates will take effect from November 13, 2016? Buyers take only a day to finding yourself in a new reality, this auction house the next day, November 14, will hold an evening auction of impressionist and modern art, evening auction of contemporary art will take place in 3 days — on November 17. So, at Sotheby's before the 25% pay for the first $200 thousand — will now pay for the first $250 million (it turns out that Christie's even after raising the threshold below $100 thousand). Accordingly, 20% of the fee will now be charged on a fraction of the price in the range of $250 thousand — $3 million As you can see, the $3 million for himself has acknowledged significant both auction giant. But after it, the differences continue. At Christie's decided to keep the usual 12% on that part of the price that exceeds $3 million, and Sotheby's raised the rate half a percentage point — from 12% to 12.5 %. It would seem, a trifle, but when it comes to the amount of tens or even hundreds of millions of dollars, half a percentage point turn into a tidy sum.

For clarity, comparable to the Commission of Christie's and Sotheby's in new rates for customers in different weight categories. Let's say you bought the lot for $300 thousand So, at Christie's you will pay in excess of the hammer price of $67.5 thousand, and Sotheby's — $72.5 thousand For the lot cost $3 million, the Commission, at Christie's will be $607.5, and Sotheby's — $612,5 thousand And per item price of $30 million at Christie's you will pay an additional $3,847 million, and Sotheby's — $3,987 million.

Sources: sothebys.com, christies.com, artnet.com, artinvestment.ru



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Индексы арт-рынка ARTIMX
Индекс
Дата
Знач.
Изм.
ARTIMX
13/07
1502.83
+4,31%
ARTIMX-RUS
13/07
1502.83
+4,31%
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