Short answer: buyers pay hammer plus a tiered premium; sellers receive hammer minus commission, disbursements and tax. Premiums are marginal: only the part of the hammer price falling inside a band attracts that band's rate.
This guide works two full examples from an official published rate card, then lists the seller-side costs most often omitted. All rates carry a source and an effective date; rely on the written schedule supplied before signing.
Key points (text version)
- Hammer
- Buyer + premium
- Published result
- Seller - fees
- Net proceeds
1. Four figures on one line
| Figure | Calculation | Who cares |
|---|---|---|
| Hammer | Highest bid confirmed | Shared basis |
| Buyer pays | Hammer + tiered premium + tax | Buyer |
| Published result | Usually hammer + premium | Press and price databases |
| Seller receives | Hammer - commission - costs - tax | Consignor |
Chinese auction terminology standards define the hammer bid as the sale price, while post-sale releases commonly add the buyer's premium. Confirm the basis before comparing records.
2. An official rate card: Christie's Hong Kong, September 2026
| Hammer band (HKD) | Rate on that band | Note |
|---|---|---|
| 0 - 15,000,000 | 28% | Highest band |
| 15,000,001 - 60,000,000 | 22% | Only the excess over 15m |
| Above 60,000,001 | 15% | Only the excess above 60m |
The same official page lists 25% flat for most wine sales (20% in Shanghai) and a separate Gooding Christie's schedule. Any premium figure needs three qualifiers: location, category and effective date.
Key points (text version)
- First HK$15m | 28%
- To HK$60m | 22%
- Above HK$60m | 15%
- Effective 1 Sep 2026
3. Two worked examples
At a HK$2,000,000 hammer, the whole amount sits in band one: premium HK$560,000, total HK$2,560,000 before tax. At HK$20,000,000, the first HK$15m attracts 28% (HK$4.2m) and the next HK$5m attracts 22% (HK$1.1m): premium HK$5.3m, total HK$25.3m, an effective rate of 26.5%. Applying 28% to the full amount would overstate the premium by HK$300,000.
| Item | Case A | Case B |
|---|---|---|
| Hammer | HK$2,000,000 | HK$20,000,000 |
| Band 1 at 28% | HK$560,000 | HK$4,200,000 |
| Band 2 at 22% | - | HK$1,100,000 |
| Premium | HK$560,000 | HK$5,300,000 |
| Total before tax | HK$2,560,000 | HK$25,300,000 |
| Effective rate | 28.0% | 26.5% |
Key points (text version)
- HK$2m | premium 560k | 28.0%
- HK$20m | premium 5.3m | 26.5%
4. The seller's side
Net proceeds = hammer - seller commission - catalogue/photography - insurance - packing, freight and storage - restoration - applicable tax. Article 56 of the PRC Auction Law caps an unagreed seller commission at 5% of the sale price; market practice is set by written agreement, which must be checked line by line.
| Item | Common basis | Check |
|---|---|---|
| Seller commission | Agreed %, deducted from proceeds | Separate from buyer's premium |
| Catalogue / photography | Per lot or per page | Payable if bought in? |
| Insurance | Share of estimate | Sum insured and exclusions |
| Freight and storage | Actual or agreed | Customs for cross-border |
| Buy-in charges | Varies widely | Must be in writing |
| Tax | By jurisdiction and status | Seek professional advice |
Key points (text version)
- Commission
- Catalogue
- Insurance
- Freight & storage
- Buy-in terms
- Tax
5. Four commonly missed items
- Marginal, not flat: applying the top rate to the full hammer overstates cost.
- Currency: Hong Kong, Macao, mainland and overseas sales differ in currency, tax and payment route.
- Published basis: price databases may show premium-inclusive or exclusive figures.
- Buy-in cost: catalogue, insurance and handling can still be charged when a lot does not sell.
6. From verbal promise to written clause
Chinese auction industry associations publicly warn that established houses generally do not charge consignors before a sale, and flag 'submission, appraisal, catalogue, booth and promotion fees' as scam patterns, usually paired with inflated estimates and guaranteed-sale language. A May 2026 municipal commerce notice describes a three-step pattern: inflate, stage, then charge.
This is a factual summary of third-party warnings, not a fee commitment by this platform. Our fees and settlement terms are set out in the written schedule provided before signing.
- Obtain the current conditions of sale and note the effective date
- Get every fee item in writing, including buy-in terms
- Model net proceeds in both a high and a low outcome
- Confirm settlement date, currency and payment route
- Confirm insurance cover while the object is in custody
- Verify licences and never pay into a personal account
Key points (text version)
- Current rules
- Itemised fees
- Two scenarios
- Settlement terms
- Insurance
- Licence & payment
7. FAQ
Is the premium 28% of the whole hammer price?
No. Rates are marginal. On a HK$20m hammer under the 2026 Hong Kong tiers, the premium is HK$5.3m, an effective 26.5%.
Does 'sold for' include the premium?
Both usages exist. Terminology standards define the hammer bid as the sale price; post-sale releases usually add the premium. Always confirm.
What else does a seller pay?
Catalogue, photography, insurance, freight, storage, restoration and tax, plus any buy-in clauses. Amounts come from the written schedule.
Are there charges if a lot is bought in?
Practices differ and this is the most disputed clause. Confirm in writing before signing.
Why does the 5% statutory cap not match market practice?
The cap applies where no commission was agreed. Art auction rates are set by written agreement and reflect catalogue, insurance and exhibition costs.
Do rates change?
Yes. The current 28/22/15 Hong Kong tiers took effect on 1 September 2026. Always check the current conditions of sale.
Why do net proceeds differ between locations?
Currency, premium tiers, tax, freight, insurance and payment routes all differ. Compare net proceeds, not hammer.
Is 'guaranteed sale, pay a promotion fee first' credible?
Industry associations and commerce authorities list guaranteed-sale language and pre-sale fees as classic warning signs.
8. Sources and review
- 佳士得官方「買方酬金費率」（2026 年 9 月 1 日起生效） — 香港：落槌價首 HK$15,000,000 為 28％、其後至 HK$60,000,000 為 22％、逾 HK$60,000,000 為 15％。分段累進，僅適用於落入該區間的部分。
- 雅昌藝術市場監測中心《藝術品拍賣全攻略》與季濤〈不要混淆拍賣場上的各種價格〉 — 定義估價、保留價、起拍價、落槌價、成交價；並指出 2012 年《拍賣術語》行業標準與市場發布習慣存在差異。
- 《中華人民共和國拍賣法》第五十六條（佣金約定規則） — 委託人與拍賣人未約定佣金時，拍賣人可向委託人收取不超過成交價 5％ 的佣金；實務費率以雙方書面約定為準。
- 北京拍賣行業協會／雲南省拍賣行業協會〈關於警惕以「拍賣」為名實施詐騙的風險提示〉 — 提示「拍前收費」、虛估天價、冒用知名拍賣行名義，並説明資質核驗渠道。
- 鄂州市商務局〈風險提示〉（2026 年 5 月） — 歸納「畫大餅—演大戲—收費用」三步套路，提示長者為主要受害羣體。