Sothebys...Stealing from the Rich.. to make themselves Richer!!
Bad news fellow Art Collectors.....Sotheby's has raised their commission rates they charge art buyers...grrrrrr!
Sotheby's has raised the commission rate (buyer's premium) which was 20% on the first $200,000, and then 12% on the balance, to 20% on the first $500,000, and then 12%.
So that is the equivalent to an increase of $24,000 additional commission on an item with a selling price of $500,000. Ouch!
So?? Christies?? Are they going to raise their rates as well??
Overall it's pretty offensive given these 2 companies have
an oligopoly been posting record earnings the last few years.. plus the level of customer service is such a total joke. Here's a Bloomberg News story written by Lindsay Pollock Download Sothebys_Gouge_ArtCollectors.htm