Bonhams consignment agreement is a document that outlines the terms and conditions of consigning items to Bonhams for sale at auction. Bonhams is a leading auction house that specializes in fine art, antiques, jewelry, and collectibles.
The consignment agreement serves as a legal contract between the consignor (the person who is consigning the item) and Bonhams. It details the commission rates, auction estimates, and other fees that will be charged by the auction house. The agreement also establishes the rights and responsibilities of both parties during the consignment process.
When consigning an item to Bonhams, it is important to carefully review the consignment agreement to ensure that you understand the terms and conditions of the auction. Here are some key aspects of the Bonhams consignment agreement that you should be aware of:
Bonhams charges a commission based on the hammer price (the final selling price of the item) of each lot. The commission rate varies depending on the category of the item being sold, as well as the expected selling price. In general, commission rates for high-value items are lower than for lower-value items.
Bonhams provides an estimated selling price range for each item that is consigned to the auction. This range is based on the auction house`s expertise and knowledge in the specific category of the item. It is important to note that the estimate is not a guaranteed selling price, but rather a projection of what the item might sell for at auction.
In addition to the commission charged by Bonhams, there may be other fees associated with the consignment process. For example, there may be a fee for photography and cataloging of the item, as well as fees for insurance and storage. These fees should be clearly outlined in the consignment agreement.
Once an item is sold at auction, Bonhams will deduct its commission and any other fees from the hammer price. The remaining balance will be paid to the consignor. It is important to note that payment may not be made immediately after the auction, as it may take some time to process payments and settle accounts.
Overall, the Bonhams consignment agreement is an important document that outlines the terms and conditions of consigning items to the auction house. By carefully reviewing the agreement and understanding the commission rates, auction estimates, fees, and payment process, consignors can ensure a smooth and successful consignment experience with Bonhams.