Sotheby’s New Sales Record

Sotheby’s set a new record sale price for a painting sold at auction. The sale in New York City of Edvard Munch’s The Scream netted a dizzying $119,900,000.

Full article in the WSJ.

Congrats to Sotheby’s.

Commissions

One part of the story that interested me was the commissions charged by the auction house.

The work had been priced to sell for about $80 million. Sale prices, unlike estimates, include the auction house’s commission, which is 25% on the first $50,000, 20% up to $1 million and 12% above $1 million.

That makes the 6% commission to sell your home with an amazing Sotheby’s Realty agent such as Marta Walsh looks remarkably low.

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