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.
