Buying at auctions, an expensive approach

Personal experience

The recent purchase of a small engraving by Miro cost me $3 173.31 Can, excluding transportation. The seller received $1 967.00 (62% of the total), a difference of $1 206.31 or 38%. The "hammer price" of the work was $ 2 400.00.

How to break down the gap?

• The cost of sales (amount assumed by the seller) was $ 433 and distributed like this:
  • Commission "seller" (seller's premium) 15% of the "hammer" or $ 360
  • Insurance: 2% of the "hammer" is $ 48
  • Fixed amount of $ 25
• The acquisition cost (amount assumed by the buyer) stood at $ 773.31 ventilated as follows:
  • Commission "buyer" (buyer's premium) 15% of the "hammer" or $ 360
  • GST $ 138.00
  • QST $ 275.31

​​​You want to experiment by yourself the break down of the differents costs associated to a transaction in auction?

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