Auction glossary
Seller's commission
Also known as · Vendor's commission · Consignor's commission · Selling commission
- Definition
- The fee the auction house deducts from the hammer price when settling with the consignor, usually a percentage agreed in the consignment contract. Lot fees, insurance or other agreed costs may be deducted as well.
The seller's commission is negotiated with each consignor and depends on the value of the consignment, the type of objects and the relationship. It is deducted, together with any other agreed charges, on the consignor settlement statement.
In Selloff, the commission is part of the sales terms attached to each consignment, alongside a fixed fee per lot and insurance rates for sold and unsold lots. It can also be set lot by lot when needed, and a broker's share can be calculated from it.
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