How is the commission on auction sales calculated?
The commission is calculated on the hammer price and is regulated by the auction contract. The commission falls due upon the successful sale of the artwork and is deducted from the hammer price. The commission covers the scientific research about the artwork, the reproduction included in the auction catalogue, the printing and mailing of the catalogue, marketing for the auction and the insurance cover provided from the date on which the artwork is handed over to Galerie Kornfeld.
What ancillary costs are charged on a sale at auction?
The following services are included in the Consignor's Commission:
a. all scholarly research required for the description of the item;
b. any photographic reproduction of the item, depending on its significance;
c. publication and mailing of the auction catalogues as well as publicity for the auction;
d. insurance on the consigned item (with the standard exclusions applicable to art insurance) at the estimated price agreed to with the Consignor, as from the time of delivery of the item to Galerie Kornfeld;
e. invoicing and receipt of the purchase price (collection activities).
Unless otherwise agreed in writing, any necessary expenditures (specifically for obtaining expert reports and attestations of authenticity, transport, customs expenses, restoration, etc.) arranged by Galerie Kornfeld so as to obtain the best possible price are invoiced additionally.
Is value added tax due on a sale?
Value added tax (currently 8.1%) is levied on the commission payable by private sellers who are resident in Switzerland. If the artwork is consigned by a dealer who is subject to Swiss value added tax or a collector who is subject to margin taxation, VAT (currently 8.1%) is only levied on the commission.
Does Switzerland apply droit de suite
Switzerland does not have droit de suite. As a result, buyers and sellers are taxed up to 4% less (maximum EUR 12,500) on art purchases and sales than in EU countries.
Can you help me with the delivery of the artworks?
We would be happy to advise you about fast and safe transport, adequate insurance cover and any customs formalities involved in sending artworks to us. Whenever possible we would prefer you to deliver works on paper without frames.
Is it necessary to have my artwork undergo conservation?
Depending on the condition of your artwork it may be advisable to have it undergo conservation. We would be happy to make recommendations about how to earn the best possible price for your artwork. Galerie Kornfeld works closely with conservators of paintings, sculptures and works on paper.
When will I receive my payment?
After the auction we will send you a detailed statement. The settlement amount (hammer price minus commission and any other expenses) is paid to the consignor after Galerie Kornfeld has received the full hammer price. The settlement amount is paid by bank transfer in Swiss francs to an account in the name of the consignor only.
What is a post-auction sale?
Artworks that did not sell at auction can be offered at post-auction sale by Galerie Kornfeld for a period agreed with the consignor. Post-auction sales are subject to the same conditions as sales at auction. The bid that is accepted must at least equal the agreed reserve.