Sotheby’s has announced they are capping their buyer’s maximum commission to 20%, down from 26 + 1%.
It has been apparent for some time that while auction outcomes for paintings and other high value collectibles were rising, Sotheby’s original business based on rare books, while best in class worldwide in 2023 among the 300 auction houses we cover, was also relatively quiet by their recent standards. Sotheby’s February announcement to lower their commission rates effective May 20th was probably principally based on improving their performance with paintings, their largest category. While Sotheby’s has often dominated collectible paper over the years, Christie’s has been turning paint, pigments and frames into gold. Now Sotheby’s new lower commission rates seem designed to encourage additional bids on paintings by lowering their buyer’s premium. In this calculation, collectible paper is almost an innocent bystander except that collectible paper and paintings share the same rate card. Simply stated, paintings are where the dough is.
Sotheby’s revised rates are logical based on objects worth well into the five figures but very few examples of collectible paper reach that threshold. Last year we covered 658,433 lots offered that turned into 525,664 sales worldwide, from which we have drawn our annual Top 500 lots for 2023. Leading off was Sotheby’s Codex Sassoon at $38,126,000 descending to No. 500, Bonham’s Darwin’s On the Origins of Species [1859] that sold for $93,449.00. Further below were the other 525,164 lots that sold, generating close to a billion dollars with a $1,904.17 average winning realization. In other words, most collectible paper is making tens of thousands of people’s hearts flutter but not many lots are going to be mentioned on the front pages of the New York Times.
My point is Sotheby’s new pricing is aimed to encourage bidders spending major money, while collectible paper is solid and healthy, is a few light years away. Using the same rate card for paper and paintings is going to need imagination.
High value collectibles have been on a very good run for the past 10 years while prices for paper rarely reach $90,000 for single lots [per our annual report]. Hence Sotheby’s adjusting their rates now to cater to the art and high value collectible markets is simply good sense.
While the headlines about Sotheby’s are speaking to and of the lower buyer’s premium, in the weeds is another important change, their fresh incentives to lower estimates. That’s going to increase their percentage of lots sold.
Now Collectible Paper needs to adjust.
For Sotheby’s and other houses that have this lucky predicament, to sell collectible paper and valuable paintings, they can match Sotheby’s headline figure: 20%, by reinstating the previously waived or reduced consigner’s fees. Presto the houses’ net margins are restored and collectible paper’s place in their pantheons remain secure.
This does not suggest that the collectible paper auction market is unhealthy, rather than when an auction house makes policy based on expensive paintings and other high ticket material, collectible paper’s consignor fees are going to be firmer.
In any event, many rising mid-tier auction houses may find themselves benefiting from the focus on higher value material by their stately brethren, leaving them opportunities to sell superb material that falls outside of their target range.
Certainly the vast majority of Collectible Paper will continue to flow easily into those rooms that are open to it. Adjustments in fees will be resolved. And because a fresh wave of Collectible Paper, primarily ephemera is now looking for auction rooms to accommodate them, many houses will offer them a safe harbor.
Forum Auctions Fine Books, Manuscripts and Works on Paper 17th July 2025
Forum Auctions Fine Books, Manuscripts and Works on Paper 17th July 2025
Forum, July 17: Lucianus Samosatensis. Dialogoi, editio princeps, second issue, Florence, Laurentius Francisci de Alopa, 1496. £10,000 to £15,000.
Forum, July 17: Boccaccio (Giovanni). Il Decamerone, Florence, Philippo di Giunta, 1516. £10,000 to £15,000.
Forum, July 17: Henry VII (King) & Philip the Fair (Duke of Burgundy). [Intercursus Magnus], [Commercial and Political Treaty between Henry VII and Philip Duke of Burgundy], manuscript copy in Latin, original vellum, 1499. £8,000 to £12,000.
Forum, July 17: Bible, English. The Holy Bible, Conteyning the Old Testament, and the New, Robert Barker, 1613. £4,000 to £6,000.
Forum, July 17: Bond (Michael). A Bear Called Paddington, first edition, signed presentation inscription from the author, 1958. £4,000 to £6,000.
Forum Auctions Fine Books, Manuscripts and Works on Paper 17th July 2025
Forum, July 17: Yeats (William Butler). The Secret Rose, first edition, with extensive autograph corrections, additions and amendments by the author for a new edition, 1897. £6,000 to £8,000.
Forum, July 17: Byron (George Gordon Noel, Lord). Childe Harold's Pilgrimage, bound in dark green morocco elaborately tooled in gilt and with 3 watercolours to fore-edge, by Fazakerley of Liverpool, 1841. £4,000 to £6,000.
Forum, July 17: Miró (Juan), Wassily Kandinsky, John Buckland-Wright, Stanley William Hayter and others.- Spender (Stephen). Fraternity, one of 101 copies, with signed engravings by 9 artists. £6,000 to £8,000.
Forum, July 17: Sowerby (George Brettingham). Album comprising 22 leaves of original watercolour drawings of fossil remains of Cheltenham and Vicinity, [c.1840]. £6,000 to £8,000.
Forum, July 17: Mathematics.- Blue paper copy.- Euclid. De gli Elementi, Urbino, Appresso Domenico Frisolino, 1575. £12,000 to £18,000.
Sotheby’s Books, Manuscripts and Music from Medieval to Modern Now through July 10, 2025
Sotheby’s Books, Manuscripts and Music from Medieval to Modern Now through July 10, 2025
Sotheby’s, Ending July 10: Book of Hours by the Masters of Otto van Moerdrecht, Use of Sarum, in Latin, Southern Netherlands (Bruges), c.1450. £20,000 to £30,000.
Sotheby’s, Ending July 10: Albert Einstein. Autograph letter signed, to Attilio Palatino, on his research into General Relativity, 12 May 1929. £12,000 to £18,000.
Sotheby’s, Ending July 10: John Gould. The Birds of Europe, [1832-] 1837, 5 volumes, contemporary half morocco, subscriber’s copy. £40,000 to £60,000.
Sotheby’s Books, Manuscripts and Music from Medieval to Modern Now through July 10, 2025
Sotheby’s, Ending July 10: Ian Fleming. A collection of James Bond first editions, 8 volumes in all. £8,000 to £12,000.
Sotheby’s, Ending July 10: J.K. Rowling. Harry Potter and the Philosopher's Stone, 1997, first edition, hardback issue. £50,000 to £70,000.
Sotheby’s, Ending July 10: J.R.R. Tolkien. Autograph letter signed, to Amy Ronald, on Pauline Baynes's map of Middle Earth, 1970. £7,000 to £10,000.
DOYLE, July 23: STOKES, I. N. PHELPS. The Iconography of Manhattan Island, 1498-1909. New York: Robert H. Dodd, 1915-28. Estimate: $3,000-5,000
DOYLE, July 23: [AUTOGRAPH - US PRESIDENT]FRANKLIN D. ROOSEVELT. A signed photograph of Franklin D. Roosevelt. Estimate $500-800
DOYLE, July 23: [ARION PRESS]. ABBOTT, EDWIN A. Flatland. A Romance of Many Dimensions. San Francisco, 1980. Estimate $2,000-3,000.
DOYLE, July 23: TOLSTOY, LYOF N. and NATHAN HASKELL DOLE, translator. Anna Karénina ... in eight parts. New York: Thomas Y. Crowell & Co., [1886]. Estimate: $400-600
DOYLE, July 23: ROWLING, J.K. Harry Potter and the Goblet of Fire. London: Bloomsbury, 2000. Estimate $1,200-1,800
Freeman’s | Hindman Western Manuscripts and Miniatures July 8, 2025
Freeman’s | Hindman Western Manuscripts and Miniatures July 8, 2025
Freeman’s | Hindman, July 8. FRANCESCO PETRARCH (b. Arezzo, 20 July 1304; d. Arqua Petrarca, 19 July 1374). $20,000-30,000.
Freeman’s | Hindman, July 8. CIRCLE OF THE MASTER OF THE VITAE IMPERATORUM (active Milan, 1431-1459). $15,000-20,000.
Freeman’s | Hindman, July 8. CIRCLE OF ATTAVANTE DEGLI ATTAVANTI (GABRIELLO DI VANTE) (active Florence, c. 1452-c. 1520/25). $15,000-20,000.
Freeman’s | Hindman, July 8. FOLLOWER OF HERMAN SCHEERE (active London, c. 1405-1425). $15,000-20,000.
Freeman’s | Hindman, July 8. An exceptionally rare, illuminated music leaf from a Mozarabic Antiphonal with sister leaves mostly in museum collections. $11,500-14,000.
Freeman’s | Hindman, July 8. Exceptional leaf from a prestigious Antiphonary by a leading illuminator of the late Duecento. $11,500-14,000.
Freeman’s | Hindman, July 8. CIRCLE OF THE MASTER OF MS REID 33 and SELWERD ABBEY SCRIPTORIUM (AGNES MARTINI?) (active The Netherlands, Groningen, c. 1468-1510). $10,000-15,000.
Freeman’s | Hindman, July 8. Previously unknown illumination from one of the most renowned Gothic Choir Book sets of the Middle Ages. $6,000-8,000.