When you`re looking to sell a high-value item, such as fine art or rare collectibles, consignment can be a great option. Sotheby`s, one of the world`s leading auction houses, offers a consignment agreement that could be a perfect fit for your needs.

What is a Consignment Agreement?

A consignment agreement is a contract between a consignor (the person who owns the item) and a consignee (the auction house or reseller). The agreement outlines the terms under which the consignor will give the consignee the right to sell their item.

In a consignment agreement, the consignor retains ownership of the item until it is sold. The consignee is responsible for marketing and selling the item, and they take a percentage of the sale price as their fee.

Sotheby`s Consignment Agreement

Sotheby`s consignment agreement is a comprehensive document that covers all aspects of consigning your item with the auction house. Some of the key features of the agreement include:

1. Commission Rates: The commission rate is the percentage of the sale price that Sotheby`s takes as their fee. The commission rate depends on the type of item being sold, but it typically ranges from 10% to 25% of the sale price.

2. Valuation: Sotheby`s will provide a valuation of your item based on current market conditions and past sales of similar items. The valuation is an estimate of the sale price that your item is likely to achieve at auction.

3. Reserve Price: The reserve price is the minimum price that the consignor will accept for their item. Sotheby`s will work with the consignor to set a reasonable reserve price based on the valuation and market conditions.

4. Marketing and Promotion: Sotheby`s has a large and engaged audience of collectors, dealers, and enthusiasts. They will market and promote your item through their website, social media channels, email campaigns, and other channels.

5. Payment: Once your item is sold, Sotheby`s will provide you with a detailed settlement statement outlining the sale price, commission, and any other fees. They will pay you within 35 days of the sale.

Conclusion

If you`re looking to sell a high-value item, consigning with Sotheby`s is a great option. Their consignment agreement is comprehensive and covers all aspects of the consignment process. With their expertise and global reach, you can be confident that your item will be marketed to the right buyers and achieve a great sale price.