Sotheby’s is one of the leading auction houses globally, renowned for its high-profile art, jewelry, and collectibles auctions. If you’re interested in buying items at Sotheby’s auctions, it’s essential to understand the charges involved. In this article, we will explore the different fees and costs associated with purchasing items from Sotheby’s.
Buyer’s Premium
One of the primary charges to consider when buying from Sotheby’s is the buyer’s premium. This is a fee that is added to the hammer price of each item you successfully bid on. The buyer’s premium varies depending on the category of the item being auctioned. For example, the buyer’s premium may be different for fine art compared to jewelry or collectibles.
Fine Art
For fine art pieces, such as paintings or sculptures, the buyer’s premium at Sotheby’s is typically calculated based on a percentage of the hammer price. The percentage can vary, but it is often around 12-25%. It’s crucial to review the auction catalog or contact Sotheby’s directly to determine the specific buyer’s premium for the artwork you are interested in.
Jewelry
When it comes to jewelry, Sotheby’s buyer’s premium may have a different structure. In some cases, they charge a flat fee based on the price range of the jewelry piece. For example, the buyer’s premium may be $500 for jewelry priced below $10,000 and increase to $1,000 for jewelry priced between $10,000 and $20,000. Again, it’s important to check the specific buyer’s premium for the item you wish to purchase.
Additional Charges
Aside from the buyer’s premium, there may be additional charges involved when buying from Sotheby’s. These charges can include applicable taxes, any shipping or handling fees, as well as any restoration or certification costs if applicable. It’s recommended to review the auction terms and conditions or consult with Sotheby’s directly to understand all the potential additional charges.
Payment Terms
Sotheby’s usually requires immediate payment from successful bidders. They accept various forms of payment, including bank transfers, cash, and specific credit cards. It’s important to familiarize yourself with the accepted payment methods and any specific payment deadlines mentioned in the auction terms and conditions.
Purchasing items from Sotheby’s auctions involves a buyer’s premium, which is added to the hammer price of the item. The buyer’s premium can vary depending on the category of the item being auctioned. Additionally, there may be other charges such as taxes, shipping fees, and restoration costs to consider. For specific information on fees and costs, it is recommended to review the auction catalog or contact Sotheby’s directly. Happy bidding!
