90% of You Agree

~/AAQRxQA~/RgRoLG_dP0ThaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuLz9jbXA9ZW1rNTAwMDAwMTU1OCZsaWQ9eWl0ZXJzMDlibDd3JmNtcD1lbWtfQlBfbmV3c2xldHRlcl9NYXlfMjAyNCZhanNfYWlkPWFhNDkxZWY3LWYxZDktNjRlNC1lNzRlMDFkNyZ1dG1fY2FtcGFpZ249Q0VPLUVtYWlsLXwtQnV5ZXJzLVByZW1pdW0tfC1NYXktMTktMjAyNF9CUF9ub3cmdXRtX3NvdXJjZT1icmF6ZSZ1dG1fbWVkaXVtPWVtYWlsVwNzcGNCCmZG3upJZkIYf31SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~   Dear Collectors, Back in February, we announced the biggest changes to our [fee structure](~/AAQRxQA~/RgRoLG_dP0TuaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2FydGljbGVzL3NvdGhlYnlzLWZlZS1zdHJ1Y3R1cmU_bGlkPXJnMG52aHU3cmt3OSZjbXA9ZW1rX0JQX25ld3NsZXR0ZXJfTWF5XzIwMjQmYWpzX2FpZD1hYTQ5MWVmNy1mMWQ5LTY0ZTQtZTc0ZTAxZDcmdXRtX2NhbXBhaWduPUNFTy1FbWFpbC18LUJ1eWVycy1QcmVtaXVtLXwtTWF5LTE5LTIwMjRfQlBfbm93JnV0bV9zb3VyY2U9YnJhemUmdXRtX21lZGl1bT1lbWFpbFcDc3BjQgpmRt7qSWZCGH99Uht0cmlzdHJhbWJhbGR3aW45MEBnbWFpbC5jb21YBAAAAv4~) in more than 40 years. These changes are the result of considerable focus on how to make the Sotheby’s client experience transparent, simple and fair to all our buyers and sellers. For our bidders, we lowered our Buyer’s Premium by 26% on almost everything we sell, and we eliminated our 1% Overhead Premium fee. The positive response has been overwhelming. In fact, in anticipation of the transition to the new rates, we polled tens of thousands of clients to see how the changes will affect their bidding – and 90.6% of respondents told us they will bid higher as a consequence of the reduced buyer’s premium. I can’t remember the last time I saw 90% of people agree on anything. But our new system is indisputably better. And it will welcome more bidders than ever into our sales around the world. The new BP, which takes effect May 20, is a flat 20% atop the Hammer Price for lots up to and including $6 million, plus 10% of any portion of the Hammer Price over $6 million. These fees are, by a significant margin, the lowest in the industry in addition to making it simple for buyers to calculate their total purchase price. We invite you to exercise your increased buying power at one of our [forthcoming auctions](~/AAQRxQA~/RgRoLG_dP0TbaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2NhbGVuZGFyP2NtcD1lbWtfQlBfbmV3c2xldHRlcl9NYXlfMjAyNCZhanNfYWlkPWU0MGUxMzEyLTZmYTMtMDY3NC0zZTYwY2MwYSZ1dG1fY2FtcGFpZ249Q0VPLUVtYWlsLSU3Qy1CdXllcnMtUHJlbWl1bS0lN0MtTWF5LTE5LTIwMjRfQlBfbm93JnV0bV9zb3VyY2U9YnJhemUmdXRtX21lZGl1bT1lbWFpbCZsaWQ9YTkweWtoY3ViNXo3VwNzcGNCCmZG3upJZkIYf31SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~). You have dozens to choose from, including [British & Irish art](~/AAQRxQA~/RgRoLG_dP0RaaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2J1eS9hdWN0aW9uLzIwMjQvbW9kZXJuLWJyaXRpc2gtYXJ0P2xvY2FsZT1lbiZsaWQ9dnBqY3MzM242YjNwVwNzcGNCCmZG3upJZkIYf31SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~), [Magnificent Jewels](~/AAQRxQA~/RgRoLG_dP0RaaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2J1eS9hdWN0aW9uLzIwMjQvbWFnbmlmaWNlbnQtamV3ZWxzP2xvY2FsZT1lbiZsaWQ9cmc0NzVweXlmeWtiVwNzcGNCCmZG3upJZkIYf31SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAC_g~~), and multiple [Design](~/AAQRxQA~/RgRoLG_dP0SGaHR0cHM6Ly93d3cuc290aGVieXMuY29tL2VuL2J1eS9hdWN0aW9uLzIwMjQvbm8tZGV0YWlsLWlzLXNtYWxsLWFydC1kZXNpZ24tZnJvbS10aGUtdGFtb3RzdS15YWdpLWNvbGxlY3Rpb24_bG9jYWxlPWVuJmxpZD02djdqNTZkcmp4NHRXA3NwY0IKZkbe6klmQhh_fVIbdHJpc3RyYW1iYWxkd2luOTBAZ21haWwuY29tWAQAAAL-) sales. The new fee structure applies to all of our auctions around the world, with the exceptions of real estate, automobiles, wine, and spirits. The change comes at a moment of health and strength for the art market. I’m pleased to share that at $633 million, last week’s Modern and Contemporary Art auctions were on par with the equivalent sales in May 2023. We delivered 94% sell through in the Evening Sales, broke 14 artist’s records for the week, and hammered 17 works sold above $10 million. Buyers with the savvy and conviction to seize the moment have acquired true masterpieces – and the proposition becomes even more enticing with our new terms. On behalf of everyone at Sotheby’s, welcome to a whole new era of bidding and buying. Charles F. Stewart Chief Executive Officer, Sotheby’s ~/AAQRxQA~/RgRoLG_dP0TdaHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jaGFybGVzZnN0ZXdhcnQvP2xpZD1pa3NuM2JmYXhnOG8mY21wPWVta19CUF9uZXdzbGV0dGVyX01heV8yMDI0JmFqc19haWQ9YWE0OTFlZjctZjFkOS02NGU0LWU3NGUwMWQ3JnV0bV9jYW1wYWlnbj1DRU8tRW1haWwtfC1CdXllcnMtUHJlbWl1bS18LU1heS0xOS0yMDI0X0JQX25vdyZ1dG1fc291cmNlPWJyYXplJnV0bV9tZWRpdW09ZW1haWxXA3NwY0IKZkbe6klmQhh_fVIbdHJpc3RyYW1iYWxkd2luOTBAZ21haWwuY29tWAQAAAL-   [Facebook](~/AAQRxQA~/RgRoLG_dP0TUaHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3NvdGhlYnlzP2xpZD14Ym53Y3BwdGVjaWomY21wPWVta19CUF9uZXdzbGV0dGVyX01heV8yMDI0JmFqc19haWQ9YWE0OTFlZjctZjFkOS02NGU0LWU3NGUwMWQ3JnV0bV9jYW1wYWlnbj1DRU8tRW1haWwtfC1CdXllcnMtUHJlbWl1bS18LU1heS0xOS0yMDI0X0JQX25vdyZ1dG1fc291cmNlPWJyYXplJnV0bV9tZWRpdW09ZW1haWxXA3NwY0IKZkbe6klmQhh_fVIbdHJpc3RyYW1iYWxkd2luOTBAZ21haWwuY29tWAQAAAL-) 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