Beyond the Hammer Price: Total Painting Costs

Start with the difference between hammer and total price

The hammer price is the bid accepted when the auctioneer closes the lot. It is useful for understanding the competitive bidding level, but it is not necessarily the amount that leaves the buyer’s account. The total paid under the sale contract can include the buyer’s premium, VAT treatment, any online-bidding supplement, collection or delivery charges, and charges arising after the sale.

For a painting buyer, the practical task is to separate costs that are fixed by the published conditions from costs that depend on later choices or events. Transport depends on destination, access, packing requirements and carrier arrangements. Conservation or restoration depends on the work’s condition and on the scope agreed with a conservator. Insurance and storage may depend on timing, custody and declared value. These are distinct from the auction charge and should not be silently folded into a hammer comparison.

The central contractual addition is the buyer's premium. Each auction house publishes its own conditions, so a figure copied from another sale is not a reliable substitute for reading the conditions that govern the particular lot.

Read the buyer’s premium and VAT wording closely

The premium is generally calculated by reference to the hammer price, but the applicable rate and tax presentation must be read in the sale’s own conditions. A usual buyer’s premium can begin at 20%.

A usual buyer’s premium can reach 30%.

VAT on the premium is stated at 20%.

VAT for books is stated at 5.5%.

Those general reference points are not a universal fee schedule. In particular, identify whether the published rate is expressed before VAT or after VAT, what it is calculated on, whether it changes by price band, and whether the chosen bidding route adds a separate charge. Preserve the conditions available before bidding as part of the record of the transaction.

An illustration of published commission bands

Ader's commission scale illustrates why a buyer should read bands rather than assume one percentage applies throughout the hammer price. The conditions also describe VAT as applying to the hammer price and premiums. Where printed tax-inclusive presentations appear unclear beside the tax-exclusive rates, seek clarification from the house before relying on a calculation.

Ader excluding VAT premium is 25% for Ader hammer prices up to €1,000,000.

Ader excluding VAT premium is 22% for Ader hammer prices between €1,000,001 and €5,000,000.

Ader excluding VAT premium is 15% for Ader hammer prices above €5,000,001.

These conditions concern that house’s stated scale and are an example of why the hammer price must be matched to the correct band. A buyer can record the hammer amount, applicable premium wording, VAT wording and every explicitly stated supplement separately. That method is clearer than treating a catalogue estimate, hammer price and final invoice figure as interchangeable.

Allow for charges after the sale

After the auction, collection and delivery require a plan. Ask who holds the painting, when collection is possible, whether packing is included, and who bears the risk during transport. Obtain a written transport quotation that identifies collection, packing, delivery, insurance during transit and any handling conditions. Do not assume that a modest work is simple to move: dimensions, glazing, frame condition and destination can all affect the service required.

Restoration should likewise be considered separately from the auction invoice. A condition report may identify issues, but the eventual scope of cleaning, stabilisation, lining, varnish work, frame treatment or other intervention must be defined before a restoration cost can be meaningfully compared. Keep a proposed treatment and its quotation distinct from the price paid at auction.

Insurance is another continuing cost category. Clarify when responsibility transfers, whether cover is already in place during collection and transit, and whether a policy needs to reflect the painting’s location or movement. Storage can arise where collection is delayed, so collection deadlines are financially relevant rather than merely administrative.

Examples of additional conditions

Ader's additional conditions show that collection timing and bidding method can affect the amount due beyond the premium. The conditions state that payment is due immediately after the sale and that cheques are not accepted.

Ader storage charges begin after 14 days.

Ader storage can be charged at €5 per day excluding VAT depending on size.

Ader storage can be charged at €20 per day excluding VAT depending on size.

Ader’s platform surcharge on Drouot or Interencheres is 1.5% excluding VAT.

Ader’s platform surcharge on Invaluable is 3%.

An Ader cultural-goods certificate process can take up to 4 months.

These examples reinforce a simple discipline: confirm the collection deadline, the storage terms and the exact channel used to place a bid. They may be separate from the premium and may only become relevant after a successful bid.

A sale-specific fee presentation

The fees of a Good by Millon sale provide a separate sale-specific illustration rather than a rule for paintings or for other auction houses. That general sale was dated June 11, 2025.

Millon stated a premium excluding VAT of 29.17%.

Millon stated a premium with VAT of 35%.

Millon stated a delivery fee of €2.40 including VAT.

Millon’s platform surcharge on Interencheres or Invaluable was 3%.

Millon’s platform surcharge on Drouot was 1.5%.

The lesson is not to transfer these terms to another sale. Instead, distinguish the house, sale, lot category, tax wording, collection arrangements and bidding channel before using any published fee information in a total-cost worksheet.

Compare prices only on the same basis

A meaningful comparison begins by labelling every number. Record whether it is a hammer price, a hammer price plus premium, an invoice amount, or a broader acquisition total that also includes transport, restoration, insurance and storage. If one record gives hammer alone while another includes the premium, they do not measure the same thing. A higher hammer can therefore be paired with a lower or higher overall commitment depending on the stated conditions.

Use the same currency and tax treatment across the comparison. Keep auction charges separate from optional or later services unless both records include the same categories. For historical records, note whether the source states an estimate, an unsold lot, a hammer price, or a total price. This prevents an estimate or a partial figure from being treated as evidence of the amount actually due.

For a buyer taking a work out of France, export administration can affect timing and logistics. The export thresholds for cultural goods have applied since January 1, 2021.

The export certificate threshold for a qualifying painting is €300,000.

The export certificate rule for a qualifying painting refers to an age of 50 years.

The export certificate threshold for watercolours and gouaches and pastels is €50,000.

The export certificate threshold for drawings is €30,000.

The export customs formalities distinguish national documentation from an EU licence when a work leaves the European Union. The relevant thresholds and documentary requirements may not coincide, so the route and classification of the work matter.

A national certificate exemption can apply where the good has been in France for less than 2 years.

Before committing funds, assemble the published sale conditions, the premium and VAT wording, the bidding-channel terms, collection deadline, transport proposal, insurance arrangement and any anticipated conservation scope. This produces a transparent total-cost view without confusing contractual auction charges with later practical expenditure.

Monart is a tool for private buyers to search for historical European paintings and, before buying, to check what a seller states against independent public records. Monart does not sell artworks, take payment for artworks or deliver artworks. Monart does not attribute works, guarantee authenticity or forecast prices or returns.