Scott, As a consignor to many different auction houses over the last 40+ years, including the two major one's, Sotheby's and Christie's, it's important to know that all seller fees are negotiable.
The auction houses do make a ton of profit on EVERY item for their 20 or 25% Buyer's Premium and their 20% Seller's Commission. That is 45% of every item!! When I consign to Sotheby's and Christie's, the two largest auction houses in the world, who by far, have the best PR departments, my consignor fees are a flat ZERO!! My thinking is, isn't it enough for them to get the 25% Buyer's Premium? That's why as a consignor, it's always important to try to negotiate the Seller's Commission. Best, Todd ________________________________ From: MoPo List <[email protected]> on behalf of Scott Burns <[email protected]> Sent: Thursday, June 8, 2023 5:29 PM To: [email protected] <[email protected]> Subject: Re: [MOPO] Heritage fees Thanks for the explanation Zach. I was clear on the BP situation—that’s easy to understand. I was just curious how much I might have to pay to Heritage should I ever consign posters for auction. The commission rate varies? How is that determined? Basically, Heritage gets paid via the Buyer’s Premium AND a commission charged to the seller based on hammer price. Yikes! To be honest, that double whammy makes me hesitant to ever consider consigning, especially anything not likely to get a substantial price (which probably describes most of my collection.) I’ll leave the auctions to the high rollers. 😊 Scott From: MoPo List <[email protected]> On Behalf Of Zach Pogemiller Sent: Thursday, June 8, 2023 4:02 PM To: [email protected] Subject: Re: [MOPO] Heritage fees The fee structure at Heritage works the same way as it does at Prop Store, Sotheby’s, Christie’s, or any other auction house that charges a buyer’s premium. For a seller: Commission is assessed on the hammer price (winning bid amount). The seller nets the hammer price less commission. The seller’s commission is typically a percentage of hammer for each lot sold. If you have a 20% commission rate, you will net $800 from a winning bid of $1000. For a buyer: The buyer pays the hammer price + buyer’s premium. The buyer’s premium is calculated based on the hammer price. In Movie Posters, the buyer’s premium is 20% or a minimum buyer’s premium of $29. Other categories have different Buyer’s Premiums. For instance, in a Hollywood memorabilia auction, the buyer’s premium is 25% or a minimum buyer’s premium of $49. As a buyer, the auction platform calculates and shows you your final price before you place a bid. There’s no mystery as to the fee. You literally have to agree to a bid twice for it to register. If you won a lot for a bid of $1000, the sale price would be $1200 (winning bid + buyer’s premium). On Thu, Jun 8, 2023 at 1:44 PM Scott Burns <[email protected]<mailto:[email protected]>> wrote: I was curious about HA’s fees, too. As I was watching their TV memorabilia auction this past, weekend I looked all over their website but didn’t find a clear answer on fees, other than the 25% BP. Am I correct to assume HA keeps the Buyer’s Premium of 25%, PLUS a cut of whatever the final bid price is? If I consign a poster and it sells for $200, the buyer pays $250 with the BP, then tax and shipping charges. As the consigner, what do I actually have in my pocket after the sale? Scott MoPo List Owner From: MoPo List <[email protected]<mailto:[email protected]>> On Behalf Of peter contarino Sent: Wednesday, June 7, 2023 11:32 AM To: [email protected]<mailto:[email protected]> Subject: [MOPO] Heritage fees Can anyone provide me with a link to HA auction fees please? I have been looking at their site for 10 minutes and can't find anything. Everything else under the sun is easily available. Thanks, Peter ________________________________ To unsubscribe from the MoPo-L list, click the following link: https://listserv.american.edu/scripts/wa-american.exe?SUBED1=MoPo-L&A=1 ________________________________ To unsubscribe from the MoPo-L list, click the following link: https://listserv.american.edu/scripts/wa-american.exe?SUBED1=MoPo-L&A=1 ________________________________ To unsubscribe from the MoPo-L list, click the following link: https://listserv.american.edu/scripts/wa-american.exe?SUBED1=MoPo-L&A=1 ________________________________ To unsubscribe from the MoPo-L list, click the following link: https://listserv.american.edu/scripts/wa-american.exe?SUBED1=MoPo-L&A=1 Visit the MoPo Mailing List Web Site at www.filmfan.com ___________________________________________________________________ How to UNSUBSCRIBE from the MoPo Mailing List Send a message addressed to: [email protected] In the BODY of your message type: SIGNOFF MOPO-L The author of this message is solely responsible for its content.
