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kleinbl00  ·  227 days ago  ·  link  ·    ·  parent  ·  post: Banksy painting Girl With Red Balloon 'self-destructs' after £1m sale at Sotheby's

    The Times notes that the loss for the seller will have been worse due to buyer's premium, seller's fees and storage costs.

If I recall correctly, art auctions are like any other auction - you pay about a 10% buyer's premium and with taxes and all the rest, your overhead is about 19-20%. If you can't sell a $500k Hirst for $600k, you've lost money.