10109
Sotheby’s to Raise Charges for Art Buyers
Art And Culture

Sotheby’s to Raise Charges for Art Buyers

Buying art at Sotheby’s will soon become more expensive as the top international auction house announced it is increasing its buyer’s premium, the rates it charges a successful bidder.
Beginning Sunday, anyone who purchases a work of art will pay 25 percent to the auction house on the first $200,000 of the hammer price, compared with the earlier threshold of $100,000.
Above $200,000 and up to and including $3 million the rate will be 20%, a rise from the earlier range of $100,000 to $2 million, reports Reuters.
For the remainder of the hammer price above $3 million the charge will be 12%, compared with $2 million under the previous rate structure that has been in place since 2013.
Bill Ruprecht, the chairman and president of Sotheby’s, said the changes were needed to boost the New York-based auction house financially.
“This will improve Sotheby’s revenue, strengthen the company’s profit margins, fund innovation, help us continue to make interesting and exciting investments in the business, and support our growing online and traditional engagement with clients around the world,” Ruprecht said in a statement. He announced last year he would be leaving the company.
Sotheby’s main competitor, Christie’s, owned by French luxury-goods magnate Francois Pinault, last raised its rates two years ago. A spokeswoman said it had no plans to follow the example of Sotheby’s, a publicly traded company.
Privately owned British auction house Bonhams said it also has no plans to change its premiums.

 

Short URL : http://goo.gl/FXl6M7

You can also read ...

Cover of the book
Prolific Afghan translator Jawid Mojaddedi has released an...
Special Street Stroll
There is an old, stone-paved street in south Tehran called 30-...
Kolbeh Tour, a travel agency in the city of Minudasht,...
Fuman Calling
Gando Tour will take enthusiasts to Fuman, Gilan Province, to...
Desert Attractions
A journey to the desert attractions of Kashan and Aran-Bidgol...
Palangi Coming to Ariana With Ethnic Memories
An exhibition featuring a collection of fine art and apparel...
Monir Farmanfarmaian caressing her work
Negarestan Garden Museum in Tehran, affiliated to Tehran...
Art Exhibit to Support People With Autism
Niavaran Cultural Center will be hosting the 2nd visual...

Trending

Googleplus