a thoughtful web.
Good ideas and conversation. No ads, no tracking.   Login or Take a Tour!
comment
kleinbl00  ·  2019 days ago  ·  link  ·    ·  parent  ·  post:

    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.