Auctioneers are in charge of selling the world’s most expensive artworks. They are also a crucial part of the art market as they help fulfill gaps in the supply chain.
To win bids, auctioneers must learn how to speak comfortably and at a pace that will keep the audience interested. It takes a lot of practice, but they do it all to bring in the highest possible price for their clients.
How do the auctioneers make money?
Auctioneers are professionals who bid on items in auctions, usually for a fee. Individuals, businesses, or estate sales often hire them to help run Columbus Elite Auctioneers‘ auction process. Many people may wonder how these auctioneers make money from these events.
Generally speaking, an auctioneer will charge a commission based on the total amount of the sale. This commission is typically calculated as a percentage of the total sale and can range from 1-10%.
For example, if an item sells for $1000 and the commission rate is 5%, then the auctioneer will make $50 off that one sale. In addition to this fee, some auctioneers charge setup fees such as travel and administrative charges.
Sotheby’s
Founded in London in 1744, Sotheby’s is one of the world’s leading auction houses, specializing in fine art and antiques. Today, the firm has a global network of sales offices and galleries, with headquarters in New York and London.
Sotheby’s offers catalogues with thorough descriptions, exhibition histories, literary reference notes, and estimated selling prices. Its catalogs also include Absentee Bid forms for those who cannot attend in person.
In the United States, Sotheby’s is headquartered in New York City and has salesrooms in Hong Kong and Paris. In addition, it has two retail stores, Sotheby’s Wine and Sotheby’s Diamonds.
The 1990s and early 2000s were a boom for Sotheby’s, which was especially successful in selling 20th-century art. Picasso’s Garcon a la pipe (1905) and Warhol’s Silver Car Crash (Double Disaster) both sold for record prices at Sotheby’s. Other high-profile paintings by artists such as Rubens and Van Gogh were also well received at Sotheby’s. During this period, Sotheby’s was also a leader in the sale of jewelry.
Bonhams
Founded in 1793, Bonhams is one of the world’s oldest and largest auctioneers of fine art and antiques. The company is owned by private equity firm Epiris.
Bonhams is located in 25 countries and has a network of salerooms and regional representatives worldwide. Its London salesrooms in Knightsbridge and New Bond Street are the main venues, along with other offices in Europe, the US, Australia and Asia.
The company also holds online auctions, called The Market by Bonhams, which has boosted its hammer value in the UK and Europe. The auction house has a dedicated team of specialists and professionals that aim to establish Bonhams as the prime auctioneer of choice for buyers and sellers.
When it comes to digital marketing, Bonhams has a well-defined strategy, with plans to grow online registrants by 25 to 30 percent and to sell around 40 percent of their lots online. The goal is to make auctions more accessible for everyone, regardless of their location or time constraints.
Julien’s
Julien’s has established a reputation as the world’s leading auctioneer of art, music and sports memorabilia. Using innovative marketing campaigns, Julien’s produces high profile auctions customized to specific markets and collectors.
The next sale at Julien’s features the personal artifacts of American actor Betty White, who starred in television shows such as I Love Lucy and The Honeymooners. Her estate includes an oil painting by Sir Henry Edwin Landseer entitled Waiting For His Master, a red velvet ottoman and other memorabilia.
Another highlight is a guitar signed by Jimi Hendrix from his time in the Blues Brothers band. A framed black and white photograph of Stevie Nicks from Fleetwood Mac is also up for bid.
Darren Julien, a co-owner of the auction house, is an entrepreneur who has built an online business that specializes in collecting and selling pop culture and contemporary memorabilia. He was among the first to adopt digital real-time bidding and has helped develop a global buying audience for Julien’s.
Antiquorum
Antiquorum is the world’s leading auctioneer of watches. It is based in Geneva and has branches in several cities around the world.
When a watch is offered for sale at an auction, the experts at Antiquorum examine every aspect of it. This includes the condition, the brand, and the model.
This is why they can often offer a much higher starting price than the seller expects. The auction house is committed to respecting the wishes of their clients and ensuring that they are able to find a buyer who will pay a price they are comfortable with.
A large number of potential sellers come to appraisal days held in different cities, at the Antiquorum headquarters or partner boutiques and hotels. These events are generally announced in the press, allowing the auctioneers to determine how much a particular watch is worth.
