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I would like to hear your recommendation for selling items appraised between $4,000-25,000 in North America. Big auction names (bonhams/christies/sothebys) realize high prices but with the combined commission and buyer premium coming up close to 1/3 of the final price, it makes you wonder about other alternatives. In your opinion, is the increased visibility from selling through big auction houses always worth it?
I know nothing about auction houses in a North America, but I’m guessing that you have several items with values in this range?
I do buy and sell a lot at local auction houses, but I would not put anything valued at over £5000 in my local auction. Where did you get the valuations? If you got them at one of the big auction houses, it may be worth using them, if that’s what they think they can achieve, and you’re happy with their valuations.
if you had the valuation elsewhere, it may be worth asking them what they think too? They may have a very different opinion which could help you decide what to do.
Good luck!
Nic
There are a number of rather good action houses around that in this price range could do as good a job as the three major firms.
That said, no matter which one you select, the basic costs are about the same regardless. Today, nearly all charge a Buyer's Premium of 20% to 25%, and a seller's commission of 8% to 17% for things in the value range you're discussing.
The only thing you can do is, check with several firms and see which one offers the best package. If the items you're contemplating selling are well known types i.e. not esoteric, your list of possible selling venues is fairly good size.
Beyond Christie's, Sotheby's and Bonhams, you can also look at these six auctioneers: DOYLE New York, Brunks North Carolina, Hindman, Freeman, Heritage and I-Gavel (online only. All have good Internet presences, and get good attendance in person and/or online as any other.
Of course, you can in this price range also sell them on eBay for almost no commission and could easily net out as much or more than the auctioneers mentioned above. Keep in mind, your final selling price at a traditional auction house must be 35% to 40% higher than on eBay to net out the same amount. A $25,000 sale on eBay for a Store has a CAP of around $750 or 3%. A $25,000 sale on eBay is not at all rare, we've had many transactions in this range and upward to over $100,000 on eBay.
Hope this helps...good luck..Peter
Peter
Thank you Peter. What is your experience with selling items for over $15,000 on ebay? Did the buyers pay with paypal? Have you ever had to deal with problematic buyers trying to take advantage of paypal/ebay's policies with high price lots on ebay? Thanks
Actually, we have had very, very few issues with items selling for over $10,000. The buyers tend, we've found, to be more serious buyers and are quite co-operative in concluding the transactions in a pleasant manner. On several occasions with the objects that sold for $50K and up the buyer's have flown here to pay and pick up their purchase(s) in person from China. Which is a nice treat for us as well.
One fellow bought a bowl from us for $55,000, paid by wire transfer, and then asked we hold onto it for 4 months. As he was away from Hong Kong on business for a while. Upon his return he simply contacted us and asked we send it along. No hassles or worries.
I hope this helps answer you concerns.
Best Peter
Peter
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