How Global Art Auctions Expose FX Fees Imbalance - Overpasses For America

How global art auctions expose FX fees imbalance - Overpasses For America

Nymphéas. It sold last year at Sotheby’s, New York after a competitive bidding war lasting only 17 minutes. And the price? $65.5m. That is just for starters. One might be forgiven for thinking that the auction house commission for the sale would be paid by the seller. High Yield Savings Offers Powered by Money.com – Yahoo may earn commission from the links above. Retail Banker International, a GlobalData owned brand. The information on this si…

How global art auctions expose FX fees imbalance

Imagine for a minute that you were the winning bidder last year for Claude Monet’s Nymphéas. It sold last year at Sotheby’s, New York after a competitive bidding war lasting only 17 minutes. And the price? $65.5m. That is just for starters. One might be forgiven for thinking that the auction house commission for the sale would be paid by the seller. One would of course be wrong. There is the buyer’s premium to calculate. In this case, if Sotheby…