For example, a saleroom may charge 15% on the first £500, and 12.5% thereafter. This means for an item that sells at £600, you would pay £75 commission on the first £500 (15%) and an additional £12.50 (12.5%) on the remaining £100 - a total of £87.50.
The following table shows some example vendor's commission rates charged by auction houses:
Hammer Price Commission
Up to £500 15%
£501 - £1,000 12.5%
£1,000 - £59,999 10%
£ 60,000 - £149,999 8%
£ 150,000 - £299,999 7%
£ 300,000 - £599,999 5%
£ 600,000 - £1,499,999 4%
There may be other charges to consider, such as insurance fees (which will need to be paid whether the item is successfully sold or not) and illustration fees. If you decide to withdraw the lot before the sale, there will be a withdrawal charge to pay.
There will be an additional 17.5% VAT charge payable on all fees and commissions.