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sothebys.com
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updates@email.sothebys.com
Sent On
Thu, Feb 1, 2024 12:02 PM
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Announcing our new and simplified global fee structure ͏ ͏ ?
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Announcing our new and simplified global fee structure
Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  ~/AAQRxQA~/RgRnng1oP0TFaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuLz9jbXA9ZW1rNTAwMDAwMTU1OCZsaWQ9bHVqMHlkNGFobWZrJmFqc19haWQ9YWE0OTFlZjctZjFkOS02NGU0LWU3NGUwMWQ3JnV0bV9jYW1wYWlnbj1DRU8tZW1haWwtSmFuLTIwMjRfVmFyaWFudC0xX25vdyZ1dG1fc291cmNlPWJyYXplJnV0bV9tZWRpdW09ZW1haWwmY21wPWVtazUwMDAwMDE5NjlXA3NwY0IKZbppiLtleCqSwlIbdHJpc3RyYW1iYWxkd2luOTBAZ21haWwuY29tWAQAAAL- â [Buying and Selling at Sotheby's](~/AAQRxQA~/RgRnng1oP0TSaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2FydGljbGVzL3NvdGhlYnlzLWZlZS1zdHJ1Y3R1cmU_bGlkPXpzNjNsem40YjN0eiZhanNfYWlkPWFhNDkxZWY3LWYxZDktNjRlNC1lNzRlMDFkNyZ1dG1fY2FtcGFpZ249Q0VPLWVtYWlsLUphbi0yMDI0X1ZhcmlhbnQtMV9ub3cmdXRtX3NvdXJjZT1icmF6ZSZ1dG1fbWVkaXVtPWVtYWlsJmNtcD1lbWs1MDAwMDAxOTY5VwNzcGNCCmW6aYi7ZXgqksJSG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~) As a Sothebyâs client, you deserve clarity and simplicity when buying and selling with us. So today, in response to consistent feedback, weâre announcing the most significant changes to our fee structures in more than 40 years. First, weâve reduced our buyerâs premium to a flat rate of 20% on purchases of a hammer value up to $6 million â and 10% on any amount above that. This represents a 26% decrease for the vast majority of our sales, and a reduction at all price points. And of course, whatever is good for buyers is good for sellers. For sellers, weâve standardized our commission rate to 10% up to $500,000 across all categories (i.e., a cap of $50,000 per lot). Recognizing that our largest customers deserve preferred terms, we will waive our sellerâs commission for consignments above $5 million, and will also rebate 40% of our buyerâs premium to sellers for consignments above $20 million. And weâve eliminated our Overhead Premium, which was previously a 1% administrative fee on all sales. Hereâs the new fee structure at a glance. [Fee Structure Chart](~/AAQRxQA~/RgRnng1oP0TSaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2FydGljbGVzL3NvdGhlYnlzLWZlZS1zdHJ1Y3R1cmU_bGlkPWx2bmE4ZnZvc2ZwcyZhanNfYWlkPWFhNDkxZWY3LWYxZDktNjRlNC1lNzRlMDFkNyZ1dG1fY2FtcGFpZ249Q0VPLWVtYWlsLUphbi0yMDI0X1ZhcmlhbnQtMV9ub3cmdXRtX3NvdXJjZT1icmF6ZSZ1dG1fbWVkaXVtPWVtYWlsJmNtcD1lbWs1MDAwMDAxOTY5VwNzcGNCCmW6aYi7ZXgqksJSG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~) To preserve fairness for all sellers, these fee structures will not be negotiable, as was often previously the case. Larger sellers will receive the benefits of waived sellerâs commissions as a reward for their valuable business. These simplified terms will help sellers focus on what is most important, which is how Sothebyâs can use its industry-leading expertise, marketing capabilities and powerful global audience platform to maximize the value of their art and luxury objects. Consignments signed after April 15 will reflect these new terms for sellers, and the new buyerâs premiums will go into effect globally on May 20. This applies to all auctions excluding wine and spirits. For a reminder of the auctions we have planned this spring and beyond, please visit our [sales calendar](~/AAQRxQA~/RgRnng1oP0TtaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2FydGljbGVzL3NvdGhlYnlzLTIwMjQtc2FsZXMtY2FsZW5kYXItaGlnaGxpZ2h0cz9sb2NhbGU9ZW4mbGlkPW03M3N0amg0emZweCZhanNfYWlkPWFhNDkxZWY3LWYxZDktNjRlNC1lNzRlMDFkNyZ1dG1fY2FtcGFpZ249Q0VPLWVtYWlsLUphbi0yMDI0X1ZhcmlhbnQtMV9ub3cmdXRtX3NvdXJjZT1icmF6ZSZ1dG1fbWVkaXVtPWVtYWlsJmNtcD1lbWs1MDAwMDAxOTY5VwNzcGNCCmW6aYi7ZXgqksJSG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~). Going forward, we will publish jargon-free rate cards for both buyers and sellers, providing an easy-to-use guide to the fee structure. And the terms are always published and available on [our website](~/AAQRxQA~/RgRnng1oP0TSaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2FydGljbGVzL3NvdGhlYnlzLWZlZS1zdHJ1Y3R1cmU_bGlkPW42cXd2bWt5bGJlNCZhanNfYWlkPWFhNDkxZWY3LWYxZDktNjRlNC1lNzRlMDFkNyZ1dG1fY2FtcGFpZ249Q0VPLWVtYWlsLUphbi0yMDI0X1ZhcmlhbnQtMV9ub3cmdXRtX3NvdXJjZT1icmF6ZSZ1dG1fbWVkaXVtPWVtYWlsJmNtcD1lbWs1MDAwMDAxOTY5VwNzcGNCCmW6aYi7ZXgqksJSG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~) for your reference. We think this clearer, more intuitive system is the absolute best in class and will contribute to fairer auctions, characterized by increasing values. We look forward to seeing you at our 2024 sales. Charles F. Stewart
Chief Executive Officer, Sothebyâs ~/AAQRxQA~/RgRnng1oP0TBaHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jaGFybGVzZnN0ZXdhcnQvP2xpZD12bjI4OHVoczlsaTgmYWpzX2FpZD1hYTQ5MWVmNy1mMWQ5LTY0ZTQtZTc0ZTAxZDcmdXRtX2NhbXBhaWduPUNFTy1lbWFpbC1KYW4tMjAyNF9WYXJpYW50LTFfbm93JnV0bV9zb3VyY2U9YnJhemUmdXRtX21lZGl1bT1lbWFpbCZjbXA9ZW1rNTAwMDAwMTk2OVcDc3BjQgplummIu2V4KpLCUht0cmlzdHJhbWJhbGR3aW45MEBnbWFpbC5jb21YBAAAAv4~ â [Facebook](~/AAQRxQA~/RgRnng1oP0S4aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3NvdGhlYnlzP2xpZD1ybHZnNmFvMTh1amwmYWpzX2FpZD1hYTQ5MWVmNy1mMWQ5LTY0ZTQtZTc0ZTAxZDcmdXRtX2NhbXBhaWduPUNFTy1lbWFpbC1KYW4tMjAyNF9WYXJpYW50LTFfbm93JnV0bV9zb3VyY2U9YnJhemUmdXRtX21lZGl1bT1lbWFpbCZjbXA9ZW1rNTAwMDAwMTk2OVcDc3BjQgplummIu2V4KpLCUht0cmlzdHJhbWJhbGR3aW45MEBnbWFpbC5jb21YBAAAAv4~) 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