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 withMy contention here is the amounts that are being charges here in that $premium on a sales price of $40,is not fair or acceptableIf the value of the painting is $plus $10,why should I have to absorb a Commission any way you look at it of over 35%($50,sales price $17,in commissionsSorry that is not correct nor do I accept this.I really would like to have Christie just send me my $10,and close this [redacted] *** 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 concernsPlease allow me to explain Christie’s position more fullyThe 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 premiumAccordingly, Christie’s adds a “buyer’s premium” to the purchase price of an auctioned itemThe 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 lotChristie’s retains the buyer’s premium and pays the hammer price less charges and fees to the sellerChristie’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 behalfIn 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
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 helpThey finally contacted me and I just double confirmed with them the refund amount on **MARby 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 saleI am disputing the percentages and the amount charged as excessiveThe $40,hammer price plus a $10,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 insultingI have been taken advantage of and would like to see the $10,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 courtRespectfully, In order for the Revdex.com to appropriately process your response, you MUST answer the question above Sincerely, [redacted] ***
The client has been in frequent contact with [redacted] despite her claim that our office has not been in touchShe is getting refunded the full amount she paid for the item, including shipping and taxes
It is well known and common practice in the auction industry for an auction house to charge what is commonly referred to as a “buyer’s premium” to the purchaser of an item offered at auction. The buyer’s premium is a charge the buyer pays on top of 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 sellerThis information was explained to the seller/complainant in his contract with Christie’s, through which Christie’s agreed to offer the seller’s property for sale at auction on his behalf. In particular, the contract states that Christie’s “will be entitled to charge the buyer, and keep, a ‘buyer’s premium’.” “Buyer’s premium” is defined in the agreement as “the charge the buyer pays [Christie’s] along with the ‘hammer price’ as set out in the ‘buyer’s agreement’.” The agreement also states that Christie’s “will send you the ‘proceeds of sale’ days after the auction if we have received cleared payment in full from the buyer by then[.]” “Proceeds of sale” are defined in the agreement as “in relation to a ‘lot’, the ‘hammer price’ less all ‘charges’ and other amounts owed to us under this agreement (if any).” Here, the seller’s/complainant’s property sold for a hammer price of $40,000. The buyer was required to pay a buyer’s premium of $10,000, plus the $40,and any taxes, shipping expenses or other charges that may have applied, in order to purchase the property. As set forth in the contract with the seller/complainant, Christie’s was entitled to retain the $10,buyer’s premium and pay the proceeds of sale to the seller/complainant
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]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
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,
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] 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]
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 withMy contention here is the amounts that are being charges here in that $premium on a sales price of $40,is not fair or acceptableIf the value of the painting is $plus $10,why should I have to absorb a Commission any way you look at it of over 35%($50,sales price $17,in commissionsSorry that is not correct nor do I accept this.I really would like to have Christie just send me my $10,and close this [redacted] *** 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 concernsPlease allow me to explain Christie’s position more fullyThe 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 premiumAccordingly, Christie’s adds a “buyer’s premium” to the purchase price of an auctioned itemThe 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 lotChristie’s retains the buyer’s premium and pays the hammer price less charges and fees to the sellerChristie’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 behalfIn 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
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 helpThey finally contacted me and I just double confirmed with them the refund amount on **MARby 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 saleI am disputing the percentages and the amount charged as excessiveThe $40,hammer price plus a $10,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 insultingI have been taken advantage of and would like to see the $10,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 courtRespectfully, In order for the Revdex.com to appropriately process your response, you MUST answer the question above Sincerely, [redacted] ***
The client has been in frequent contact with [redacted] despite her claim that our office has not been in touchShe is getting refunded the full amount she paid for the item, including shipping and taxes
The Handbag department ( [redacted] office) is in touch with the clientWe have offered to cancel the sale and process a refund to the client Thank you
It is well known and common practice in the auction industry for an auction house to charge what is commonly referred to as a “buyer’s premium” to the purchaser of an item offered at auction. The buyer’s premium is a charge the buyer pays on top of 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 sellerThis information was explained to the seller/complainant in his contract with Christie’s, through which Christie’s agreed to offer the seller’s property for sale at auction on his behalf. In particular, the contract states that Christie’s “will be entitled to charge the buyer, and keep, a ‘buyer’s premium’.” “Buyer’s premium” is defined in the agreement as “the charge the buyer pays [Christie’s] along with the ‘hammer price’ as set out in the ‘buyer’s agreement’.” The agreement also states that Christie’s “will send you the ‘proceeds of sale’ days after the auction if we have received cleared payment in full from the buyer by then[.]” “Proceeds of sale” are defined in the agreement as “in relation to a ‘lot’, the ‘hammer price’ less all ‘charges’ and other amounts owed to us under this agreement (if any).” Here, the seller’s/complainant’s property sold for a hammer price of $40,000. The buyer was required to pay a buyer’s premium of $10,000, plus the $40,and any taxes, shipping expenses or other charges that may have applied, in order to purchase the property. As set forth in the contract with the seller/complainant, Christie’s was entitled to retain the $10,buyer’s premium and pay the proceeds of sale to the seller/complainant
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.
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.
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
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
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] 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]