Actually, it’s 25%, not 20% premium

In a chain email to Heritage Auctions’ subscribers, the auction house announced:

“To conform with Heritage’s industry-standard Buyer’s Premium for all of our additional Art categories, please note that for auctions ending Wednesday, July 1 or later, the Buyer’s Premium on Original Comic Art will be 25%. That’s for art only. Our Comic Books auctions remain at 20% Buyer’s Premium.”

This is not the highest premium rate when compared to Sotheby‘s 27-15% range, depending on price. Still, it’s a raise compared to Hake‘s 15% or Comic Link‘s 3%.

“HAKE’S BUYER’S PREMIUM IS 18%. Reduced to 15% for check, money order or wire payment.”

“All transactions are subject to a three percent (3%) Buyer’s Premium which is in addition to the purchase price, which premium may be fully discounted if the total amount due is received by COMICLINK”

In a previous piece, I stated that 20% was added to a sale of Jock’s art. Let me correct that here, as the raise to 25% will take place now. I would like to learn more about how these rates are calculated. I’m noticing a trend where creators and artists could hold on to their original art, speculating that it will rise in value in the future. How will this trend affect the behavior of buyers and sellers? And ultimately, how and who is setting the “industry-standard”? 

Not many people will purchase items at high-end auctions like these. Still, this could be an indication of where the general collector market is headed. 

I’m interested in hearing your perspective on this. Is it a positive situation or a cause for concern? I’d like to know what you think.

Anyway, apologies. 

I’ll be better tomorrow.