Sender: Rare book and manuscripts <EXLIBRIS-L@LISTSERV.INDIANA.EDU>
This is a caveat to my prior comment. The amount of the commission,
if any, that a private seller is paying is never disclosed by the auction
house. Bidders generally assume that the seller is paying a commission but that
may not be correct. In cases of major art works (but rarely books or
manuscripts) the auction house may gladly waive the seller's commission and rely on
the buyer's premium alone to yield a nice profit. Sometimes if the art work or
the seller is famous, an article in the NY Times or elsewhere will hint or
state outright that the seller is paying commission because of the competition
between S. and C. to get the item.
Another relatively recent device is for the house to guarantee the
seller a minimum price for the work no matter what amount is generated in the room
at the auction. As noted ,this also is very rare when dealing with a literary
property. If it did happen the item would surely have to be truly "rare",
e.g. a Gutenberg.
Paul F.
Helfer
Attorney at Law
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