Seller's contract & payment

The seller contract covers two important issues that will affect your bottom line: the reserve price and Sotheby's commissions.

The reserve is the confidential minimum selling price to which a consignor (you) and Sotheby's agree before the sale - your property's "floor" price, below which no bid will be accepted. If bidding on your item fails to reach the reserve, Sotheby's will not sell the piece and will advise you of your options. It is important to consider the reserve price in light of the fact that Sotheby's will assess fees and handling costs for unsold lots.

Sellers pay a commission that is deducted, along with any agreed-upon expenses, from the hammer price. Should you have any specific questions regarding the selling commission, please call the appropriate Sotheby's specialist department for more information.

Shortly after the sale, you will receive a listing of the final hammer price for each item you consigned. Sotheby's will send payment within 35 days from the day of the sale provided Sotheby's is in receipt of the buyer's payment.