irl1
Full Member
Posts โข 9,274
Likes โข 9,380
December 2017
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Auction house buyers premium, by irl1 on May 20, 2018 11:15:15 GMT 1, Some auction houses are going way over the top with the buyers premium. Not only are they charging these high rates, "most" get the sellers premium as well. Can we start posting the high rates here and maybe then they will lower them a bit. I was just looking through AAG Auctions June 4th, 2018 sale. I saw something i might bid on but then saw the buyers premium rates. 34.6% up to 20,000. At those rates it should be "buy one get one free"!..........
0 to 20,000 34.6%, 20,001 to 200,000 30%, 200,001 25%.
*ALWAYS CHECK THE BUYERS PREMIUM BEFORE BIDDING*
www.invaluable.com/auction-lot/harland-miller-yorkshire-1964-2874CDEAE5
Some auction houses are going way over the top with the buyers premium. Not only are they charging these high rates, "most" get the sellers premium as well. Can we start posting the high rates here and maybe then they will lower them a bit. I was just looking through AAG Auctions June 4th, 2018 sale. I saw something i might bid on but then saw the buyers premium rates. 34.6% up to 20,000. At those rates it should be "buy one get one free"!.......... 0 to 20,000 34.6%, 20,001 to 200,000 30%, 200,001 25%. *ALWAYS CHECK THE BUYERS PREMIUM BEFORE BIDDING* www.invaluable.com/auction-lot/harland-miller-yorkshire-1964-2874CDEAE5 |
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Pattycakes
Junior Member
Posts โข 1,379
Likes โข 422
June 2007
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Auction house buyers premium, by Pattycakes on May 20, 2018 17:49:35 GMT 1, The reason for this is you are bidding through invaluable, who are adding 5% onto the amount. Their commission rate is 29.5% which includes VAT. This is pretty much par for the course in terms of House Buyers premium. Bear in mind that on top of this you'll need to add Artist's resale right of 4% on living European Artists or those not dead for the specified amount of time.
Buyers Premium: Depending on the hammerprice the buyer will be charged the following premium:
Up to โฌ 20.000 29,6%
โฌ 20.001 - โฌ 200.000 25%
From โฌ 200.001 20%
All percentages are including VAT.
Please note: there will be a 5% surcharge for bidding through invaluable
I'm afaid 25% plus Vat is standard across the board, if you're bidding from outside the EU you can get the VAT back so it's worth doing that if you are. In most cases the house will automatically remove VAT for non EU buyers (some you'll have to reclaim yourself however)
The reason for this is you are bidding through invaluable, who are adding 5% onto the amount. Their commission rate is 29.5% which includes VAT. This is pretty much par for the course in terms of House Buyers premium. Bear in mind that on top of this you'll need to add Artist's resale right of 4% on living European Artists or those not dead for the specified amount of time.
Buyers Premium: Depending on the hammerprice the buyer will be charged the following premium:
Up to โฌ 20.000 29,6%
โฌ 20.001 - โฌ 200.000 25%
From โฌ 200.001 20%
All percentages are including VAT.
Please note: there will be a 5% surcharge for bidding through invaluable
I'm afaid 25% plus Vat is standard across the board, if you're bidding from outside the EU you can get the VAT back so it's worth doing that if you are. In most cases the house will automatically remove VAT for non EU buyers (some you'll have to reclaim yourself however)
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jbelleit
New Member
Posts โข 764
Likes โข 605
April 2017
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Auction house buyers premium, by jbelleit on May 20, 2018 18:27:29 GMT 1, I am curious about one thing involving the Artistโs Resale premium...if there are artist (say Banksy for example) where not very many people know who the real artist is, how do you know if they are alive or dead?
I am curious about one thing involving the Artistโs Resale premium...if there are artist (say Banksy for example) where not very many people know who the real artist is, how do you know if they are alive or dead?
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Pysgod
Junior Member
Posts โข 1,677
Likes โข 1,347
December 2016
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Auction house buyers premium, by Pysgod on May 20, 2018 18:40:57 GMT 1, Check for a pulse
Check for a pulse
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daniel3886
Junior Member
Posts โข 1,244
Likes โข 992
October 2006
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Auction house buyers premium, by daniel3886 on May 20, 2018 19:29:07 GMT 1, Worth noting for any artists you must sign up to a collection agency like DACS to claim any royalties owed to you. Auction houses are not allowed to pay artists directly. They also start collecting on your behalf without being asked. Itโs government run and non profit but I would assume there is some sort of charge for the service. ARR is 4% of hammer and applies to any lot where the artist is of European birth still alive or died less than 70 years ago.
Worth noting for any artists you must sign up to a collection agency like DACS to claim any royalties owed to you. Auction houses are not allowed to pay artists directly. They also start collecting on your behalf without being asked. Itโs government run and non profit but I would assume there is some sort of charge for the service. ARR is 4% of hammer and applies to any lot where the artist is of European birth still alive or died less than 70 years ago.
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Pattycakes
Junior Member
Posts โข 1,379
Likes โข 422
June 2007
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Auction house buyers premium, by Pattycakes on May 20, 2018 20:45:37 GMT 1, I am curious about one thing involving the Artistโs Resale premium...if there are artist (say Banksy for example) where not very many people know who the real artist is, how do you know if they are alive or dead?
I am curious about one thing involving the Artistโs Resale premium...if there are artist (say Banksy for example) where not very many people know who the real artist is, how do you know if they are alive or dead? The short answer is Banksy knows who he is, and has signed up (or rather his company has) with DACS, who collect the ARR on his behalf. |
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Deleted
Posts โข 0
Likes โข
January 1970
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Auction house buyers premium, by Deleted on May 20, 2018 21:29:14 GMT 1, Psygods answer is much shorter ๐
Psygods answer is much shorter ๐
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irl1
Full Member
Posts โข 9,274
Likes โข 9,380
December 2017
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Auction house buyers premium, by irl1 on May 20, 2018 21:38:18 GMT 1, The reason for this is you are bidding through invaluable, who are adding 5% onto the amount. Their commission rate is 29.5% which includes VAT. This is pretty much par for the course in terms of House Buyers premium. Bear in mind that on top of this you'll need to add Artist's resale right of 4% on living European Artists or those not dead for the specified amount of time. Buyers Premium: Depending on the hammerprice the buyer will be charged the following premium: Up to โฌ 20.000 29,6% โฌ 20.001 - โฌ 200.000 25% From โฌ 200.001 20% All percentages are including VAT. Please note: there will be a 5% surcharge for bidding through invaluable I'm afaid 25% plus Vat is standard across the board, if you're bidding from outside the EU you can get the VAT back so it's worth doing that if you are. In most cases the house will automatically remove VAT for non EU buyers (some you'll have to reclaim yourself however)
The reason for this is you are bidding through invaluable, who are adding 5% onto the amount. Their commission rate is 29.5% which includes VAT. This is pretty much par for the course in terms of House Buyers premium. Bear in mind that on top of this you'll need to add Artist's resale right of 4% on living European Artists or those not dead for the specified amount of time. Buyers Premium: Depending on the hammerprice the buyer will be charged the following premium: Up to โฌ 20.000 29,6% โฌ 20.001 - โฌ 200.000 25% From โฌ 200.001 20% All percentages are including VAT. Please note: there will be a 5% surcharge for bidding through invaluable I'm afaid 25% plus Vat is standard across the board, if you're bidding from outside the EU you can get the VAT back so it's worth doing that if you are. In most cases the house will automatically remove VAT for non EU buyers (some you'll have to reclaim yourself however) I understand this, but a lot of auctions through invaluable/liveauctioneers e.t.c are a lot less. 25% should be the top rate, + invaluabe fees. 29.6% buyers fee is way too much IMO. I have purchased many times with a lot less and some auctions have no buyer fees. (mind you there are not that many) I have often won lots that should have ARR fees but never get charged them. I find the French auctions seem to charge the ARR more than most. |
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Deleted
Posts โข 0
Likes โข
January 1970
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Auction house buyers premium, by Deleted on May 20, 2018 22:10:35 GMT 1, My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs....
That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be.
My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs....
That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be.
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irl1
Full Member
Posts โข 9,274
Likes โข 9,380
December 2017
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Auction house buyers premium, by irl1 on May 20, 2018 22:24:50 GMT 1, My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs.... That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be.
My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs.... That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be. I know most on here will check the fees first. Its really for new collectors who might jump in on the spur of the moment without checking the fees. I have read many posts on here about members not bidding because of the high fees. Yes your right they won't give a toss about this thread, but there are auctioneers on here who might just make a comment. If the rest start putting up fees they will lose buyers. Nobody wants to pay those high fees. |
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Deleted
Posts โข 0
Likes โข
January 1970
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Auction house buyers premium, by Deleted on May 20, 2018 22:46:41 GMT 1, My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs.... That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be. I know most on here will check the fees first. Its really for new collectors who might jump in on the spur of the moment without checking the fees. I have read many posts on here about members not bidding because of the high fees. Yes your right they won't give a toss about this thread, but there are auctioneers on here who might just make a comment. If the rest start putting up fees they will lose buyers. Nobody wants to pay those high fees.
just to turn it on its head a little
I don't think this forum really buys from auction houses.
Reason being is that most of what we collect we pretty much know the value of it, so unless it is a bargain inc the premium then it goes un sold or to someone who isn't as clued up about prices
We register for the auction for the odd bargain (just in case)
If we/they do buy from an auction house, and have registered and have the paddle etc, then the sellers fee is known about.
Auction houses have to pay "the saleroom" if you buy through them and other 3rd party sites that bring them a lot of traffic.
Also artist sale rights, lets not forget the vat, there may also be a deal with the guy who is setting up the 'bespoke' auction as there are quite a few self employed guys that organise on behalf of the smaller auction houses and they split the commission.
My thought would be that if you start listing the higher fees that houses charge then those houses with lower fees will see what they are missing out on and "up" theirs.... That said, i don't think any auction house will give a flying fook about a thread of this nature on here and will charge whatever they can get away with; if their fees cause a buyer concern then the best, if not the only course of action is to not use said auction house. I expect that most people purchasing at auction will be well aware of the premium coming their way should they be successful, if not, then they should be. I know most on here will check the fees first. Its really for new collectors who might jump in on the spur of the moment without checking the fees. I have read many posts on here about members not bidding because of the high fees. Yes your right they won't give a toss about this thread, but there are auctioneers on here who might just make a comment. If the rest start putting up fees they will lose buyers. Nobody wants to pay those high fees. just to turn it on its head a little I don't think this forum really buys from auction houses. Reason being is that most of what we collect we pretty much know the value of it, so unless it is a bargain inc the premium then it goes un sold or to someone who isn't as clued up about prices We register for the auction for the odd bargain (just in case) If we/they do buy from an auction house, and have registered and have the paddle etc, then the sellers fee is known about. Auction houses have to pay "the saleroom" if you buy through them and other 3rd party sites that bring them a lot of traffic. Also artist sale rights, lets not forget the vat, there may also be a deal with the guy who is setting up the 'bespoke' auction as there are quite a few self employed guys that organise on behalf of the smaller auction houses and they split the commission. |
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