Market Overview

Online Auction Buyers to Pay the Same as Floor Buyers with New Invaluable Pricing Model

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Invaluable,
the world's leading online marketplace for fine art, antiques and
collectibles, today announced it will eliminate the 5% fee - often
passed on to buyers - at select auction houses. The change is aimed at
increasing business for those auctioneers.

Under the new Invaluable pricing model, successful Invaluable bidders
will pay the same as anyone attending the auction or participating by
phone: the buyer's premium, shipping costs and any applicable taxes.

Participating auction houses will also benefit from a new tiered pricing
structure, offered to any house opting into parity. "Tiered pricing will
effectively decrease the cost to an auction house for selling online as
a lot value increases," said Weisberg. "All these steps are designed to
engage and reward bidders and, by extension, our auction house partners
who should see energized sales."

Under the program, the new tiered commission for participating houses
would be as follows:

  • 5% on works sold for $4,999 or less
  • 4% on works sold for between $5,000 and $9,999
  • 3% on works sold for between $10,000 and $14,999
  • 2% on works sold for between $15,000 and $19,999
  • 1% on works sold for over $20,000

These are flat commission rates, not progressive rates. Therefore, a
$7,000 lot sold online would be a 4% commission, or $280; while a
$21,000 lot sold online would be a 1% commission, or just $210. Auction
houses take more to their bottom line on higher priced lots.

"We believe this move benefits everyone – the successful bidder who no
longer pays the 5% fee and the auction house because it will draw more
bidders into sales," said Invaluable CEO Rob Weisberg.

Auction houses moving to the new pricing model must have pricing parity
for all bidders – floor, phone, absentee and online, Weisberg explained.
Auction houses have total discretion to set their buyer's premiums.
Invaluable is recommending a modest increase.

The new pricing model takes effect Aug. 10. Catalogs uploaded after that
date will reflect the new pricing. Auction houses should contact their
Invaluable representatives for details.

For more information on Invaluable, and the new tiered pricing tiers,
please visit https://www.invaluable.com/invaluable/houseServices.cfm.

About Invaluable
Invaluable is
the world's leading online marketplace for buying fine art, antiques and
collectibles. Working with more than 5,000 of the world's premier
auction houses, dealers and galleries, Invaluable helps buyers from
nearly 200 countries connect with the things they love. With
best-in-class online bidding technology, along with a fixed-price retail
platform, Invaluable provides sellers with e-commerce and marketing
solutions, as well as auction management software. Recently called "one
of the fastest growing e-commerce sites in the art world" by Blouin
ArtInfo, Invaluable has also been recognized by Deloitte's Technology
Fast 500™ and the EY Entrepreneur Of The Year® program in
both 2015 and 2016. Headquartered in Boston, Invaluable also has offices
in the United Kingdom, France, Germany, Belgium and Australia. For more
information, visit www.invaluable.com or
follow us on Twitter at @InvaluableLive.

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