Sotheby's Eliminates Buyer's Commissions for Online Auctions
On September 16, 2017, Sotheby's revealed plans to abolish buyer's premiums for lots sold through online auctions, although sellers will continue to incur commissions. This strategy is designed to streamline the buying process, improve outcomes for sellers, and draw in new clientele. In 2016, the auction house conducted 16 online-only auctions, a figure that is set to double in 2017, with aims to enhance both the volume and quality of items sold. This move comes after Phillips' early foray into the online auction space. Sotheby's began its online auction journey in 2016 through a partnership with eBay. Meanwhile, the UK's Consumer Contracts Regulation now permits a 14-day withdrawal period. In June 2017, TEFAF introduced TEFAF TEN, featuring 93 exhibitors ahead of TEFAF New York (October 28–November 1), while Limoncello launched the online fair "Dream."
Key facts
- Sotheby's will eliminate buyer's commissions for online auction lots starting September 16, 2017.
- Sellers will continue to pay their commissions.
- Sotheby's held 16 online-only auctions in 2016, doubling to 32 in 2017.
- Phillips pioneered online auctions via a partnership with Tumblr, creating Paddle8, later merged with Auctionata.
- Sotheby's entered the online market in 2016 after a prior partnership with eBay.
- UK's Consumer Contracts Regulation gives online buyers a 14-day right of withdrawal and return.
- TEFAF launched TEFAF TEN in June 2017 with Invaluable, featuring rotating exhibitors offering works for immediate sale.
- TEFAF New York 2017 will take place October 28–November 1 at Park Avenue Armory with 93 exhibitors.
- Online fair 'Dream' was created by Limoncello gallerists Rebecca May Marston and Bernie Page.
Entities
Artists
- Rebecca May Marston
- Bernie Page
Institutions
- Sotheby's
- Phillips
- Tumblr
- Paddle8
- Auctionata
- eBay
- TEFAF
- Invaluable
- Limoncello
- Park Avenue Armory
Locations
- United Kingdom
- New York
- United States