JFCC
New Member
Posts • 340
Likes • 345
May 2020
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Sothebys Banksy 20th April, by JFCC on Apr 27, 2022 10:05:02 GMT 1, Sorry for any confusion!!
So here is an example of the calculation as I do it to work out what the buyer actually paid or the "all in" price:
Using Thrower which is listed as £277,200 on the website this is made up of from the Hammer Price plus 26% (BP 25% and Admin 1%).
So hammer price is £220,000. (£277,200/1.26)
The buyers premium is subject to VAT so to add this it is 26% + 20% VAT = 31.2%.
ARR is a sliding scale so I use about 4% as this works for most prints hence the rounded 35% I use.
The all up price or what the buyer paid therefore is Hammer price x 35% so for Thrower this is £297k.
This also works back to the BanksyValue site.
Hope this helps!
Sorry for any confusion!!
So here is an example of the calculation as I do it to work out what the buyer actually paid or the "all in" price:
Using Thrower which is listed as £277,200 on the website this is made up of from the Hammer Price plus 26% (BP 25% and Admin 1%).
So hammer price is £220,000. (£277,200/1.26)
The buyers premium is subject to VAT so to add this it is 26% + 20% VAT = 31.2%.
ARR is a sliding scale so I use about 4% as this works for most prints hence the rounded 35% I use.
The all up price or what the buyer paid therefore is Hammer price x 35% so for Thrower this is £297k.
This also works back to the BanksyValue site.
Hope this helps!
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JFCC
New Member
Posts • 340
Likes • 345
May 2020
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Sothebys Banksy 20th April, by JFCC on Apr 27, 2022 10:17:14 GMT 1, For UK sales rule of thumb for all-in cost is times the Hammer price by 1.30x. (That excludes any ARR and assumes buyers premium at 25% of hammer) The after sales prices quoted by auction houses only includes Buyer's Premium because VAT may not be applicable depending on where you live, i.e. non UK tax resident.
For UK sales rule of thumb for all-in cost is times the Hammer price by 1.30x. (That excludes any ARR and assumes buyers premium at 25% of hammer) The after sales prices quoted by auction houses only includes Buyer's Premium because VAT may not be applicable depending on where you live, i.e. non UK tax resident. As a small point there are virtually no jurisdictions where you can bring artwork in duty free, most countries actually have a higher rate based on the value. Exceptions are Liechtenstein, Monaco, San Marino, etc so it's actually a "blind" by the auction houses to make their fees appear more reasonable. |
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cama1556
New Member
Posts • 10
Likes • 5
July 2021
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Sothebys Banksy 20th April, by cama1556 on Apr 27, 2022 11:37:21 GMT 1, For UK sales rule of thumb for all-in cost is times the Hammer price by 1.30x. (That excludes any ARR and assumes buyers premium at 25% of hammer) The after sales prices quoted by auction houses only includes Buyer's Premium because VAT may not be applicable depending on where you live, i.e. non UK tax resident. As a small point there are virtually no jurisdictions where you can bring artwork in duty free, most countries actually have a higher rate based on the value. Exceptions are Liechtenstein, Monaco, San Marino, etc so it's actually a "blind" by the auction houses to make their fees appear more reasonable.
Completely agree!
For UK sales rule of thumb for all-in cost is times the Hammer price by 1.30x. (That excludes any ARR and assumes buyers premium at 25% of hammer) The after sales prices quoted by auction houses only includes Buyer's Premium because VAT may not be applicable depending on where you live, i.e. non UK tax resident. As a small point there are virtually no jurisdictions where you can bring artwork in duty free, most countries actually have a higher rate based on the value. Exceptions are Liechtenstein, Monaco, San Marino, etc so it's actually a "blind" by the auction houses to make their fees appear more reasonable. Completely agree! |
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artlike
New Member
Posts • 178
Likes • 62
November 2021
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Sothebys Banksy 20th April, by artlike on Apr 27, 2022 12:05:42 GMT 1, I am now more confused than ever, how do we know what the hammer price was? Previously at auctions it seemed to be only the hammer price was shown, and then some member would kindly make a list of the sold prices including everything else to show the final price that the buyer paid.
They do it now to make the results look better. Which was needed here for sure
I am now more confused than ever, how do we know what the hammer price was? Previously at auctions it seemed to be only the hammer price was shown, and then some member would kindly make a list of the sold prices including everything else to show the final price that the buyer paid. They do it now to make the results look better. Which was needed here for sure |
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