What Bonhams is and how it operates

Bonhams is an international auction house that sells fine art, antiques, jewelry, wine, and collectibles. Unlike a retail store, Bonhams does not set prices — instead, items go to auction where buyers bid against each other, and the highest bid wins. The house operates in major cities including London, New York, Los Angeles, and San Francisco, with additional salerooms in other locations.

When you sell through Bonhams, the auction house takes a percentage of the final sale price as its commission. This commission is separate from any fees the buyer pays. Before your item goes to auction, Bonhams staff examine it, research its value, photograph it, and write a description for the catalog. Your item is then grouped with similar pieces in a themed sale — for example, a Victorian painting might go into an "Old Masters" sale rather than a contemporary art sale.

Bonhams holds auctions on a regular schedule, typically multiple sales per week depending on the location and category. Sales happen both in person at the auction house and online, with bidders able to participate remotely by phone, internet, or absentee bid (a written bid placed in advance).

Key Takeaways

  • Bonhams charges a seller's commission that ranges by location and sale type, so you should ask for the exact percentage before consigning your item.
  • The auction house estimates what your item will sell for, but the actual price depends entirely on what bidders are willing to pay on the day of the sale.
  • You must bring your item to Bonhams for evaluation before consigning, or arrange for them to view it if you cannot travel to a saleroom.
  • Payment from a sale typically arrives 30 to 45 days after the auction closes, not when ready after the gavel falls.
  • Items that do not sell at auction (called "buy-ins") are returned to you, and you may still owe fees depending on your consignment agreement.

How to consign an item to Bonhams

The first step is to contact the appropriate department at your nearest Bonhams location. The auction house has separate departments for paintings, decorative arts, jewelry, wine, and other categories. You can find department phone numbers and email addresses on the Bonhams website, organized by location and specialty.

When you contact them, describe your item and provide photographs if possible. A specialist will tell you whether the item fits their upcoming sales and whether it meets the minimum value threshold — Bonhams typically does not accept items expected to sell for very small amounts, as the cost of cataloging and handling would exceed the commission earned. If the specialist is interested, they will ask you to bring the item in for a formal evaluation, or they may arrange to view it at your location if it is large or fragile.

During the evaluation, the specialist examines the item's condition, authenticity, and provenance (ownership history). They research comparable sales to estimate a price range, which becomes the "estimate" printed in the catalog. This estimate is not a may provide — it is the specialist's educated guess about what the market will pay. You and the specialist discuss whether you want to proceed, and if you do, you sign a consignment agreement that spells out the commission rate, insurance costs, and what happens if the item does not sell.

Understanding estimates, reserves, and what you actually receive

The estimate is a range, usually shown as "£5,000–£7,000" or "$8,000–$12,000" depending on location. This range reflects the specialist's research into recent sales of similar items, but it is not binding. An item might sell for less than the low estimate if few bidders show interest, or it might exceed the high estimate if two collectors compete fiercely for it.

You can set a reserve, which is the minimum price you will accept. If bidding does not reach the reserve, the item does not sell and is returned to you. Reserves are confidential — bidders do not see them. Setting a reserve protects you from selling at a loss, but it also means the item might not sell at all if the reserve is too high relative to the estimate.

When an item sells, the buyer pays the hammer price (the final bid) plus a buyer's premium, which is typically 25% of the hammer price at Bonhams. The buyer's premium goes to the auction house, not to you. You receive the hammer price minus the seller's commission, which varies by location and sale type but often ranges from 10% to 20%. You may also owe insurance costs if Bonhams insured the item during the sale period. Payment is usually sent 30 to 45 days after the sale closes, once the buyer has paid and the auction house has processed all transactions.

What happens if your item does not sell

If no bid reaches your reserve, or if there is no reserve and bidding straightforward does not happen, your item is a "buy-in." The auction house will contact you to arrange return of the item. Depending on your consignment agreement, you may owe a buy-in fee (typically 5% to 10% of the low estimate) even though the item did not sell. Some agreements also charge for insurance and handling during the period the item was held.

Before consigning, ask the auction house in writing what fees explore if the item does not sell. This is a critical detail that affects whether selling through auction makes financial sense for you. If the buy-in fees are high and you are uncertain the item will sell, you might consider selling through a dealer or private sale instead.

After a buy-in, you have the option to consign the item to a future sale, adjust the reserve, or withdraw it entirely. Some sellers choose to lower the reserve and try again in a different sale category or season, when different bidders might be present.

Timing and what to expect during the auction process

From the moment you sign a consignment agreement to the day of the auction, the timeline typically spans 6 to 12 weeks, depending on which sale your item enters. Bonhams catalogs sales well in advance, and your item's description, estimate, and photograph will appear in the printed catalog and online several weeks before the sale date.

During this period, the auction house insures the item and stores it securely. Potential buyers can view the item in person during scheduled viewing hours at the saleroom, or they can examine high-resolution photographs online. Some buyers request condition reports, which Bonhams provides by email — these are detailed written descriptions of any damage, repairs, or wear.

On the day of the sale, an auctioneer conducts the bidding, either in the saleroom or online. The entire sale might take a few hours, and your item's lot number determines when it comes up. You do not need to be present. After the sale closes, Bonhams sends you a settlement statement showing the hammer price, buyer's premium, your commission, insurance, and any other fees. Payment follows 30 to 45 days later.

Costs and fees to factor into your decision

Selling through Bonhams involves several costs beyond the seller's commission. These include insurance (usually a small percentage of the estimate), catalog photography and description, and potentially a buy-in fee if the item does not sell. Some locations also charge a handling fee or storage fee if the item is held for an extended period.

Before you commit, ask for a written breakdown of all fees. A typical scenario might look like this: an item with a $10,000 estimate, a 15% seller's commission, 1% insurance, and a 5% buy-in fee if unsold. If the item sells at the estimate, you receive roughly $8,350 after commission and insurance. If it does not sell, you owe the buy-in fee and insurance, reducing what you get back. For lower-value items, these fees can consume a significant portion of the sale price, so it is worth comparing auction to other selling methods.

Differences between Bonhams locations and sale types

Bonhams operates in multiple countries, and commission rates, fees, and sale schedules vary by location. The London saleroom, for example, may have different commission structures than the New York or Los Angeles locations. Some locations specialize in particular categories — the San Francisco office, for instance, has a strong reputation for decorative arts and jewelry — while others handle a broader range.

Sales are also categorized by type: fine art sales, decorative arts sales, jewelry sales, wine sales, and others. Your item's category determines which sale it enters and which specialists evaluate it. A painting might go to a "British Paintings" sale or a "Contemporary Art" sale depending on its style and period. The sale type affects the audience of bidders and can influence the final price.

If you are selling a high-value item, ask whether Bonhams recommends a dedicated sale (where your item is the star) or a group sale (where it is one of many lots). Dedicated sales are more expensive to produce but can attract serious collectors willing to travel or bid heavily. Group sales are more economical but may receive less attention.

Frequently Asked Questions

How do I know if my item is worth selling through Bonhams?

Contact the relevant department with photographs and a description. Specialists will tell you whether the item fits their sales and what estimate range they would assign. If the estimate is below a certain threshold (which varies by location and category), Bonhams may decline to take it because the commission would not justify the cataloging costs. There is no cost to ask.

Can I sell my item if I live far from a Bonhams location?

Yes. You can mail photographs and a detailed description to the appropriate department, and a specialist may be willing to evaluate the item remotely. For high-value items, Bonhams sometimes arranges to send an appraiser to your location. Alternatively, you can ship the item to the saleroom for in-person evaluation, though you would bear the shipping cost.

What if I change my mind after consigning?

You can withdraw your item before the sale, but your consignment agreement may specify a withdrawal fee, especially if the item has already been photographed and cataloged. Ask about withdrawal terms before you sign. Once the sale has begun, withdrawal is not possible.

How is the hammer price determined?

The auctioneer starts bidding at a level set by the auction house (usually below the low estimate) and accepts bids from the room, phone bidders, and online bidders. The highest bid when the auctioneer closes the lot becomes the hammer price. The final price depends entirely on how many bidders are interested and how much they are willing to pay.

Do I have to pay taxes on the money I receive from a sale?

That depends on your location and tax situation. In the United States, proceeds from selling personal property may be subject to capital gains tax if you sold the item for more than you paid for it. Consult a tax professional about your specific circumstances. Bonhams will not provide tax information, but they will provide a settlement statement showing the sale price, which you can use for your tax records.