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Displaying items by tag: hammer price

Christie's London staged a really solid sale this evening that realized £117 million ($178 million) against a presale estimate of £93–132 million and achieved all but five of 62 lots selling. These figures hide what was actually a fairly see-saw event, as 25 lots went for hammer prices above their estimate, three of them for record prices. Twenty lots struggled, selling for hammer prices on or below the low estimates, including five of the top 10 lots. (Estimates do not include buyer's premium, whereas sale prices given here do.) So, while the sale was the third highest for Christie's contemporary in London (the previous high was £133 million in June 2012), it wasn't entirely smooth sailing.

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Tuesday, 30 September 2014 17:06

Christie’s to Charge a 2% Performance Fee

According to The Art Newspaper, Christie’s has boosted its seller’s commission in its contracts with consignors. The auction house will now charge 2% of the hammer price of a work that meets or exceeds its high estimate. After the 2% performance fee, Christie’s charges commission using a sliding scale based on a work’s final hammer price.

In order to attract powerful sellers offering blue-chip works, auction houses often waive the seller’s commission for preferred clients. Christie’s new 2% performance fee, which is in addition to the fixed buyer’s premium (the percentage of the hammer price paid by the buyer), ensures that the auction house will receive a portion of the profits from both sides of a blockbuster sale.

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Christie’s announced that its Buyer’s Premium will be an amount equal to 25% of the hammer price of each lot up to and including $100,000; 20% of the hammer price from $100,001 up to and including $2,000,000; and 12% of any sales above $2,000,001. Christie’s previously charged 25% of the hammer price up to and including $75,000; 20% on the amount from $75,001 to $1.5 million; and 12% on anything exceeding $1.5 million.

This is the second time that Christie’s has adjusted its Buyer’s Premium, a fee charged to buyers at auction, this year. Prior to the initial change, which went into effect on March 11, 2013, Christie’s Buyer’s Premium had been unchanged since 2008.

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