This painting sold in Auckland for over $15,000. If sold in Whanganui the commission would have been 0 per cent.
This painting sold in Auckland for over $15,000. If sold in Whanganui the commission would have been 0 per cent.
Whanganui-based Heritage Art Auctions has just announced a new commission structure for its sellers of art.
With effect from their upcoming end-of-September sale, sellers of art will in the main find that the sales commission of their entries are reduced and in some cases may be as low aszero. That is, the seller will pay no sales commission in the event of a successful sale.
As Henry Newrick, the director of Heritage Art Auctions, explains.
“With a database of clients now headed towards 1500, 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.”
From September, Heritage Art is therefore introducing a new commission structure on all future sales.
All works submitted for sale will be booked in at Heritage Art’s standard commission rate of 18 per cent (+ GST). However, following any particular sale, the commission will be adjusted based on the total hammer price of all the client’s sold items at the sale. Where the total hammer price is less than $500 the commission remains at 18 per cent, but beyond that it drops all the way down to 5 per cent.
In the event that any individual item fetches $15,000 or more, then the commission on that sale will be zero and the vendor will receive the full amount their artwork sells for.
“Total sale realisation” is 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 $3000, $2000 and $1000, then the total realisation would be $6000. At this level, the commission would be reduced to 10 per cent.
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 regrouped as above.
Heritage Art invites further quality entries for its September and 2024 sales. Enquiries should be directed to Henry Newrick at 027 471 2242 or email Henry@HeritageArtNZ.com with details on what you have. Henry will also be visiting both Auckland and Wellington before the September sale and may be able to collect entries from vendors in those cities and towns in between.
