Christie's

The client has been in frequent contact with [redacted] despite her claim that our office has not been in touch. She is getting refunded the full amount she paid for the item, including shipping and taxes.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
I understand the business formula for a buyers premium,Which I agree with. My contention here is the amounts that are being charges here in that $10.000 premium on a sales price of $40,000 is not fair or acceptable. If the value of the painting is $40.000 plus $10,000 why should I have to absorb a Commission any way you look at it of over 35%. ($50,000 sales price $17,000 in commissions. Sorry that is not correct nor do I accept this.I really would like to have Christie just send me my $10,000 and close this. [redacted]   
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and...

have determined that my complaint has NOT been resolved because:

[Your Answer Here]Many thanks for Revdex.com's great help. They finally contacted me and I just double confirmed with them the refund amount on **MAR. by email, but I haven't got reply from Christies yet.    
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
Zhou Luna

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here] I am not disputing the business practice of charging a "buyers premium" on the sale. I am disputing the percentages and the amount charged as excessive. The $40,000 hammer price plus a $10,000 buyers premium is a 25% commision on the buy side plus another 12% commission on the sell side, a net 34% commission on the sale! ($17,000/$50,000) I find this disturbing and insulting. I have been taken advantage of and would like to see the $10,000 returned to me as part of the sales price of the work actioned off by Christies.I really would not have to resort to the legal system and fight this in court. Respectfully,
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Dear [redacted]s:
I understand your concerns. Please allow me to explain Christie’s position more fully. The standard business model of auction houses incorporates transaction costs into the sale of a property, which is divided between the seller’s commission and buyer’s premium. Accordingly, Christie’s adds a “buyer’s premium” to the purchase price of an auctioned item. The buyer’s premium is a charge the buyer pays in addition to the “hammer price,” which is the amount of the highest bid the auctioneer accepts for the sale of the lot. Christie’s retains the buyer’s premium and pays the hammer price less charges and fees to the seller. Christie’s notifies the seller of this business practice through its consignment agreements with sellers, sale terms and conditions, and Christie’s website.
As previously explained, the difference between buyer’s premium and hammer price is outlined in your consignment agreement, through which Christie’s agreed to offer your property for sale at auction on your behalf. In particular, the contract states that Christie’s “will be entitled to charge the buyer, and keep, a ‘buyer’s premium’.” I am sorry that was not clear to you prior to the sale.
Sincerely,

Caroline M[redacted]
Senior Counsel

The Handbag department  (** office) is in touch with the client. We have offered to cancel the sale and process a refund to the client.  Thank you.