Whanganui based Heritage Art Auctions has just announced a new commission structure for art sellers. With immediate effect sellers will in the main, find that the sales commission on their entries are reduced and in some cases may be as low as ZERO.
This means the seller will pay no sales commission in the event of a successful sale. This arrangement is perfect for those who are downsizing and seeking the best return on their art.
As Henry Newrick, the director of Heritage Art Auctions, explains.
“With a database of clients now headed towards 1,500, spread across New Zealand and constantly growing, we’re looking to move away from the lower end of the market and are seeking more quality entries.”
All works submitted for sale will be booked in at Heritage Art’s entry commission rate of 18% (+ gst). However, following each sale, the commission will be adjusted to reflect the total hammer price of all a client’s sold items at the sale. Where the total hammer price is less than $500 commission remains at 18% but beyond that it drops to as low as 5% – or even 0%.
The revised commission rates are:
- 18% where total sale realisation is less than $500
- 15% where total sale realisation is between $500-$4999
- 10% where total sale realisation is between $5000-$9999
- 5% where total sale realisation is $10,00 or more
- On any individual item that realises $15,000 or more
“Total sale realisation” means the final hammer price for all works sold by a vendor at any particular auction. Therefore, if a seller had four works in the sale and three sold realising say $3,000, $2,000 and $1,000 then the total realisation would be $6,000. At this level the commission would reduce to 10%.
If any single item fetches $15,000 or more, then that item will be isolated from the total realisation and will be totally exempt from any commission. Any other works sold would then be re-grouped as above.
Heritage Art invites quality entries for its upcoming sales. The next sale is at the end of September. Enquiries should be directed to Henry Newrick on 027 471 2242 or email with details on what you have to henry@heritageArtNZ.com.
See also www.HeritageArtNZ.com. Collection may be possible from sellers in Wellington, Auckland and towns in between.
