9/28/2023 0 Comments Stacks coin auction 134Auction house presale estimates usually do not include buyer’s fees, while reported prices realized typically do include the buyer’s premium, as that amount - the hammer price plus the buyer’s premium - represents the sum that a buyer pays for an object.Ī higher buyer’s fee means that lower seller’s fees can be offered to entice sellers to consign. In the 1990s the “BP” started to creep up to 15 percent and the 2000s saw a new staggered approach that’s used today by many fine art auctioneers to charge buyers more for lower-value lots where the profit margin is thinner.įor example, Sotheby’s New York charges a buyer 25 percent on the first $250,000 bid, 20 percent on the amount in excess of $250,000 up to and including $3 million, and then 12.5 percent on the portion of the hammer price in excess of $3 million.Īlong with the buyer’s fee, sellers at auction are charged a commission. Many collectors can remember a time when there was no buyer’s fee the concept was popularized by Christie’s and Sotheby’s only in the mid-1970s. In September 2016 Christie’s announced that it would be raising buyer’s fees and Sotheby’s quickly followed a month later. 14.Īuctioneers dealing in similar areas often move together when announcing rates. Heritage confirmed with Coin World that it would also introduce a 20 percent buyer’s fee for all U.S. There was a time when the Morgan dollar was actually a half dollar: Another column in the July 31 issue of Coin World explains how collectors can create their own archival-quality holders for oversized paper money. The firm’s president, Brian Kendrella said in a statement, “Our new buyer’s premium remains one of the lowest of all major collectibles and now provides our clients simplicity and uniformity when participating in our auctions regardless of the auction location, format or bid source.” 14 with its Hong Kong Showcase Auction, it would be standardizing its buyer’s fee to 20 percent across all auction formats including live and online sales. On June 30 Stack’s Bowers announced that, effective Aug. The upcoming official auctions held at the American Numismatic Association World’s Fair of Money in Denver the first week of August will represent the end of an era as the sales mark the final year of a 17.5 percent buyer’s premium for the convention’s official auctioneers: Stack’s Bowers Galleries and Heritage Auctions.
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