Sotheby’s is still the straw that stirs the drink
Sotheby’s has announced they are capping their buyer’s maximum commission to 20%, down from 26 + 1%. It has been apparent for some time that while auction outcomes for paintings and other high value collectibles were rising, Sotheby’s original business based on rare books, while best in class worldwide in 2023 among the 300 auction houses we cover, was also relatively quiet by their recent standards. Sotheby’s February announcement to lower their commission rates effective May 20th was probably principally based on improving their performance with paintings, their largest category. Wh...
