MADAM – Raymond Woodruffe was fortunate to receive 63.4% of the proceeds of his sale item (Letters, ATG No 2285).
Had he used a London auction house he would have probably have received less than 50%. A buyer’s premium of 25% and 15% commission plus VAT would come to 48% alone.
Then add in photography, insurance plus the 2% surcharge imposed by one London auction house on items that sell above the higher estimate, and the figures speak for themselves.