Sotheby’s has announced they are capping their buyer’s maximum commission to 20%, down from 26 + 1%.
It has been apparent for some time that while auction outcomes for paintings and other high value collectibles were rising, Sotheby’s original business based on rare books, while best in class worldwide in 2023 among the 300 auction houses we cover, was also relatively quiet by their recent standards. Sotheby’s February announcement to lower their commission rates effective May 20th was probably principally based on improving their performance with paintings, their largest category. While Sotheby’s has often dominated collectible paper over the years, Christie’s has been turning paint, pigments and frames into gold. Now Sotheby’s new lower commission rates seem designed to encourage additional bids on paintings by lowering their buyer’s premium. In this calculation, collectible paper is almost an innocent bystander except that collectible paper and paintings share the same rate card. Simply stated, paintings are where the dough is.
Sotheby’s revised rates are logical based on objects worth well into the five figures but very few examples of collectible paper reach that threshold. Last year we covered 658,433 lots offered that turned into 525,664 sales worldwide, from which we have drawn our annual Top 500 lots for 2023. Leading off was Sotheby’s Codex Sassoon at $38,126,000 descending to No. 500, Bonham’s Darwin’s On the Origins of Species [1859] that sold for $93,449.00. Further below were the other 525,164 lots that sold, generating close to a billion dollars with a $1,904.17 average winning realization. In other words, most collectible paper is making tens of thousands of people’s hearts flutter but not many lots are going to be mentioned on the front pages of the New York Times.
My point is Sotheby’s new pricing is aimed to encourage bidders spending major money, while collectible paper is solid and healthy, is a few light years away. Using the same rate card for paper and paintings is going to need imagination.
High value collectibles have been on a very good run for the past 10 years while prices for paper rarely reach $90,000 for single lots [per our annual report]. Hence Sotheby’s adjusting their rates now to cater to the art and high value collectible markets is simply good sense.
While the headlines about Sotheby’s are speaking to and of the lower buyer’s premium, in the weeds is another important change, their fresh incentives to lower estimates. That’s going to increase their percentage of lots sold.
Now Collectible Paper needs to adjust.
For Sotheby’s and other houses that have this lucky predicament, to sell collectible paper and valuable paintings, they can match Sotheby’s headline figure: 20%, by reinstating the previously waived or reduced consigner’s fees. Presto the houses’ net margins are restored and collectible paper’s place in their pantheons remain secure.
This does not suggest that the collectible paper auction market is unhealthy, rather than when an auction house makes policy based on expensive paintings and other high ticket material, collectible paper’s consignor fees are going to be firmer.
In any event, many rising mid-tier auction houses may find themselves benefiting from the focus on higher value material by their stately brethren, leaving them opportunities to sell superb material that falls outside of their target range.
Certainly the vast majority of Collectible Paper will continue to flow easily into those rooms that are open to it. Adjustments in fees will be resolved. And because a fresh wave of Collectible Paper, primarily ephemera is now looking for auction rooms to accommodate them, many houses will offer them a safe harbor.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 156: Cornelis de Jode, Americae pars Borealis, double-page engraved map of North America, Antwerp, 1593.
Swann, Dec. 9: Lot 206: John and Alexander Walker, Map of the United States, London and Liverpool, 1827.
Swann, Dec. 9: Lot 223: Abraham Ortelius, Typus Orbis Terrarum, hand-colored double-page engraved world map, Antwerp, 1575.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 233: Aaron Arrowsmith, Chart of the World, oversize engraved map on 8 sheets, London, 1790 (circa 1800).
Swann, Dec. 9: Lot 239: Fielding Lucas, A General Atlas, 81 engraved maps and diagrams, Baltimore, 1823.
Swann, Dec. 9: Lot 240: Anthony Finley, A New American Atlas, 15 maps engraved by james hamilton young on 14 double-page sheets, Philadelphia, 1826.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 263: John Bachmann, Panorama of the Seat of War, portfolio of 4 double-page chromolithographed panoramic maps, New York, 1861.
Swann, Dec. 9: Lot 265: Sebastian Münster, Cosmographei, Basel: Sebastian Henricpetri, 1558.
Swann, Dec. 9: Lot 271: Abraham Ortelius, Epitome Theatri Orteliani, Antwerp: Johann Baptist Vrients, 1601.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 283: Joris van Spilbergen, Speculum Orientalis Occidentalisque Indiae, Leiden: Nicolaus van Geelkercken for Jodocus Hondius, 1619.
Swann, Dec. 9: Lot 285: Levinus Hulsius, Achtzehender Theil der Newen Welt, 14 engraved folding maps, Frankfurt: Johann Frederick Weiss, 1623.
Swann, Dec. 9: Lot 341: John James Audubon, Carolina Parrot, Plate 26, London, 1827.
SD Scandinavian Art & Rare Book Auctions The Odfjell Collection Polar – History – Ornithology – Colour Plate Books Ending December 4th
Scandinavian Art & Rare Books Auctions, Dec. 4: ROALD AMUNDSEN: «Sydpolen» [ The South Pole] 1912. First edition in jackets and publisher's slip case.
Scandinavian Art & Rare Books Auctions, Dec. 4: AMUNDSEN & NANSEN: «Fram over Polhavet» [Farthest North] 1897. AMUNDSEN's COPY!
Scandinavian Art & Rare Books Auctions, Dec. 4: ERNEST SHACKLETON [ed.]: «Aurora Australis» 1908. First edition. The NORWAY COPY.
Scandinavian Art & Rare Books Auctions, Dec. 4: ERNEST SHACKLETON: «The heart of the Antarctic» + SUPPLEMENT «The Antarctic Book», 1909.
Scandinavian Art & Rare Books Auctions, Dec. 4: SHACKLETON, BERNACCHI, CHERRY-GARRARD [ed.]: «The South Polar Times» I-III, 1902-1911.
SD Scandinavian Art & Rare Book Auctions The Odfjell Collection Polar – History – Ornithology – Colour Plate Books Ending December 4th
Scandinavian Art & Rare Books Auctions, Dec. 4: [WILLEM BARENTSZ & HENRY HUDSON] - SAEGHMAN: «Verhael van de vier eerste schip-vaerden […]», 1663.
Scandinavian Art & Rare Books Auctions, Dec. 4: TERRA NOVA EXPEDITION | LIEUTENANT HENRY ROBERTSON BOWERS: «At the South Pole.», Gelatin Silver Print. [10¾ x 15in. (27.2 x 38.1cm.) ].
Scandinavian Art & Rare Books Auctions, Dec. 4: ELEAZAR ALBIN: «A natural History of Birds.» + «A Supplement», 1738-40. Wonderful coloured plates.
Scandinavian Art & Rare Books Auctions, Dec. 4: PAUL GAIMARD: «Voyage de la Commision scientific du Nord, en Scandinavie, […]», c. 1842-46. ONLY HAND COLOURED COPY KNOWN WITH TWO ORIGINAL PAINTINGS BY BIARD.
Scandinavian Art & Rare Books Auctions, Dec. 4: JAMES JOYCE: «Ulysses», 1922. FIRST EDITION IN ORIGINAL WRAPPERS.
Sotheby’s Book Week December 9-17, 2025
Sotheby’s, Dec. 11: Darwin and Wallace. On the Tendency of Species to form Varieties..., [in:] Journal of the Proceedings of the Linnean Society, Vol. III, No. 9., 1858, Darwin announces the theory of natural selection. £100,000 to £150,000.
Sotheby’s, Dec. 11: J.K. Rowling. Harry Potter and the Philosopher's Stone, 1997, first edition, hardback issue, inscribed by the author pre-publication. £100,000 to £150,000.
Sotheby’s, Dec. 11: Wolfgang Amadeus Mozart. Autograph sketchleaf including a probable draft for the E flat Piano Quartet, K.493, 1786. £150,000 to £200,000.
Sotheby’s, Dec. 12: Hooke, Robert. Micrographia: or some Physiological Descriptions of Minute Bodies made by Magnifying Glasses. London: James Allestry for the Royal Society, 1667. $12,000 to $15,000.
Sotheby’s, Dec. 12: Chappuzeau, Samuel. The history of jewels, first edition in English. London: T.N. for Hobart Kemp, 1671. $12,000 to $18,000.
Sotheby’s, Dec. 12: Sowerby, James. Exotic Mineralogy, containing his most realistic mineral depictions, London: Benjamin Meredith, 1811, Arding and Merrett, 1817. $5,000 to $7,000.