Buying From Auction Houses, What You Need to Knowadmin
When major auction houses like Christie’s or Sotheby’s hold an auction featuring movie posters, they usually attract some of the rarest and most desired items out there. There are a few things you should consider though before consigning or buying from them. They are so big that they can and DO get away with murder.
● Consignment fee can be up to 30% of the final bid price.
● Usually your items will be auctioned at NO RESERVE, which means they may sell
for a fraction of what you think they are worth.
● There may be other hidden fees in addition to the consignment fee.
● Once you consign the poster to them it may be 6 months or more before
they hold the auction and even longer until you get paid.
● Buyer premiums can add up to 20% or more to your final bid price.
● There may be hidden fees i.e. sales tax.
● There may be NO CHANCE of returning the item if you are unhappy with it.
● Outrageous shipping costs in many cases, sometimes well over
$100.00 to ship a single unframed poster.
● Photos on line and in catalogs may have been digitally touched up/altered,
in many cases disguising defects.
● For restored/linen backed posters, their descriptions can sometimes be
vague and misleading.
● Confirmed cases of shilling and/or auction house employees bidding on items.
● Their grading can be VERY generous.