We’re proud to offer the clearest, fairest terms in the industry. Here’s everything buyers and sellers need to know.
As a Sotheby’s client, you deserve clarity when buying and selling property with us. So we've made the most significant changes to our fee structure in more than 40 years.
Most notably we reduced our Buyer’s Premium, which is the amount above the hammer price that is paid as part of the total purchase price. We also introduced a uniform commission rate for sellers across all categories.
It’s a streamlined approach to doing business that sets a new industry standard, and it’s effective on lots purchased at auctions on or after May 20, 2024.
Click here to see international currencies.
Highlights of the new fee structure include:
A reduced Buyer’s Premium at every price point.
To remove barriers to entry and to provide buyers with increased spending power, Sotheby’s has reduced its Buyer’s Premium across all price points, representing a 26% reduction of Buyer’s Premium for the vast majority of lots.
The new rate is 20% on purchases of a hammer value up to $6 million – and 10% of the portion of the hammer price above $6 million. An object that sells for $10 million, for example, carries a 20% premium on the first $6 million and a 10% premium on the remaining $4 million. (Buyer’s Premium rates continue to be subject to local currency exchange rates where applicable.)
The reduction in the Buyer’s Premium incentivizes more bidding from buyers. And more bidding results in higher hammer prices for sellers.
To further encourage active bidding, we’ve eliminated the 1% administrative Overhead Premium feeon all salesincluded in the new fee structure.
The new standardized fee structure applies to all Sotheby’s auctions globally, excluding cars, real estate, wine, and spirits. The terms will remain here on our website for your reference.
A uniform commission rate for sellers across categories.
Sotheby’s now has a uniform seller’s commission rate of 10% on the first $500,000 of the hammer price per lot, across all categories. We do not charge a seller’s commission on the portion of the hammer price above $500,000 per lot. This eliminates the complexity associated with varying rates and, instead, grants every client access to consistent and unambiguous pricing.
Recognizing the need for different terms on high-value consignments, Sotheby’s has waived the seller’s commission for consignments valued above $5 million low estimate. The idea is to prioritize transparency and simplicity for our clients, and to fully focus on realizing the highest value based on our unparalleled expertise, vast reach to clients around the world, and global selling strategies.
Lastly, for consignments with a total low estimate in excess of $20 million and up to and including $50 million, sellers receive 40% of Sotheby’s Buyer’s Premium in addition to the hammer price.
Sotheby’s has a success fee of 2% on all lots where the hammer price exceeds the high estimate.
All terms outlined above apply to lots that do not have a guarantee, which account for the bulk of Sotheby’s auction business. For guaranteed works, Sotheby’s has a fixed guarantee commitment fee: 4% of the guarantee amount, chargeable to the seller.
“Since 1979, when Sotheby’s first introduced Buyer’s Premium in our salerooms, the market has largely shifted the transaction burden onto buyers. The result has been high costs for buyers and tiered commission structures that require a calculator to even understand, as well as an entirely opaque fee structure for sellers which distracts from what is most important to them. We are confident our simplified and clarified terms will benefit both buyers and sellers going forward.”
–Charles F. Stewart, Chief Executive Officer, Sotheby’s
We’ve designed our streamlined fee structure in part to welcome new clients who may have previously found auctions intimidating. Bidders should know what they’re paying right from the start, just as they would in any other transaction. Newcomers might also find it helpful to read ourglossary of auction terms like “hammer price.”
Our simplified fee structure is the clearest and fairest in the industry, and it reflects our unwavering commitment to deliver the best-in-class experience for our clients. We invite you to browse our forthcoming auctions and exercise your increased buying power.
Upcoming Auctions
Type: auctionCategory: Upcoming Auction Books, Manuscripts and Music from Medieval to Modern 26 June–11 July 2024 | London View Auction
Type: auctionCategory: Upcoming Auction Distilled | Whisky + Moutai 28 June–11 July 2024 | 12:00 PM HKT | Hong Kong View Auction
Type: auctionCategory: Upcoming Auction Ancient Sculpture and Works of Art 28 June–5 July 2024 | 3:00 PM BST | London View Auction
Type: auctionCategory: Upcoming Auction Space Exploration 2–18 July 2024 | 10:00 AM EDT | New York View Auction
Type: auctionCategory: Upcoming Auction Master Works on Paper from Five Centuries 3 July 2024 | 10:00 AM BST | London View Auction
Type: auctionCategory: Upcoming Auction Master Sculpture from Four Millennia 3 July 2024 | 2:00 PM BST | London View Auction
Load More
FAQs
Lastly, for consignments with a total low estimate in excess of $20 million and up to and including $50 million, sellers receive 40% of Sotheby's Buyer's Premium in addition to the hammer price. Sotheby's has a success fee of 2% on all lots where the hammer price exceeds the high estimate.
How much does Sotheby's charge for an appraisal? ›
Wonder how much your art or object might be worth and how to sell it? Simply follow the steps below and our specialists will review your submission at no cost and provide preliminary estimates for items that can be included in one of our sales channels in 15 to 20 days.
Is there an entrance fee for Sotheby's? ›
Sotheby's galleries are open to the public and free to visit.
What is the commission for Sotheby's sellers? ›
As of May 20, 2024, Sotheby's has a uniform seller's commission rate of 10% on the first $500,000 of the hammer price per lot, across all categories. We do not charge a seller's commission on the portion of the hammer price above $500,000 per lot.
Is Sotheby's better than Keller Williams? ›
Sotheby's International Realty scored higher in 1 area: CEO Approval. Keller Williams scored higher in 8 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Career Opportunities, Recommend to a friend and Positive Business Outlook.
Are Sotheby's estimates accurate? ›
We take great care providing accurate and informed estimates for all items that are potentially suitable for sale with us. These estimates are preliminary, subject to physical or virtual (for Buy Now) examination of the item, as well as market fluctuations.
Do Sotheby's and Christie's offer online appraisals for free? ›
If you wish to sell with Sotheby's please access our free and easy-to-use online valuation service. You only need to provide some information and upload images from your phone or laptop.
What commission does Christie's charge sellers? ›
How do auction fees work? The seller's commission at major auction houses, such as Christie's or Sotheby's, is 15%. On top of that, you'll be asked to pay shipping, LDL (loss, damage and liability insurance), as well as a hefty marketing and cataloguing fee.
Do appraisals usually match selling price? ›
Appraisals often align closely with the sales price of a property due to a variety of factors. One significant reason is that real estate appraisers typically consider recent comparable sales in the same neighborhood or area when determining a property's value.
What are the charges against Christie's and Sotheby's? ›
In September of 2001, Sotheby's agreed to plead guilty to conspiring with Christie's to fix sellers' commissions, and agreed to pay a fine of forty-five million dollars over five years. Sotheby's maintained their innocence with respect to fixing buyers' premiums.
Sotheby's promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail.
Are Sotheby's courses worth it? ›
Placement into the Sotheby's auction house is implied, but does not actually happen. If you want to spend a lot of money, but not further your career goals at all, this is it. If you want to actually get a job in the art industry, go elsewhere.
How much of a cut does Sotheby's take? ›
Consider the example of a painting with a “hammer price,” or winning bid, of $400,000. The buyer would pay Sotheby's a 26% premium, for a total of $504,000. The seller would pay 10%, $40,000, and receive $360,000 from the sale. Sotheby's would pocket $144,000; 28.6% of what the buyer actually paid.
What is Sotheby's split? ›
Moreover, each office is operated independently. However, from anecdotal sources, it has been known that the usual commission split is 70/30. Meaning that the agent gets 70% and the office gets 30% of the commission. Although Sotheby's follows a traditional style, it does have a cap system.
What is Christies Buyers Premium? ›
What is the buyer's premium? The buyer's premium is a percentage of the final hammer price that the buyer pays in addition to the hammer price of an object. In addition to the buyer's premium and hammer price, the buyer is responsible for paying all relevant taxes and shipping costs.
What percentage does Christie's take? ›
At Christies for instance, its 26% up to 1 million, 21% from 1 million to 6 million and 15% above 6 million. The average artist consignment fees are a different matter altogether and typically involve retail galleries as opposed to auction houses. Fees range from 50% - 70%.
What percentage do most auction houses take? ›
Typically, auctioneers charge around 10% to 20% of the gross sales as their commission. Sometimes, they might also receive bonuses depending on the specific deal. It's important to note that auctioneer fees can be subject to state laws, with some states setting maximum rates, while others have no specific limits.
How much is the buyer's premium at Christie's? ›
Christie's last adjustment dates to September 2020. During that time, it focused on the buyer's premium rate in the highest threshold increased from 13.5 to 14.5 per cent. The remaining two thresholds remained at 25 and 20 per cent.
