What Christie's does and how it operates
Christie's is a private auction house that sells art, jewellery, wine, watches, furniture, and collectibles to buyers around the world. Unlike a gallery or dealer, Christie's does not own the items it sells — it acts as an intermediary between sellers (called consignors) and buyers. The house takes a commission from the sale price, typically ranging from 10 to 25 percent depending on the item category and sale value, though these rates vary and are negotiable for high-value consignments.
Christie's operates through live auctions held in its physical locations in London, New York, Paris, Hong Kong, and other cities, as well as online auctions and private sales. Before each auction, the house publishes a catalogue with descriptions, estimated values, and photographs of each lot. Buyers can view items in person during preview days, bid live in the auction room, bid remotely by phone or internet, or place absentee bids in advance.
The auction process is governed by Christie's own terms and conditions, which differ from those of other auction houses. Buyers pay a buyer's premium on top of the hammer price (the final bid amount) — this is typically 25 percent on the first portion of the hammer price, then lower percentages on higher amounts. Sellers receive the hammer price minus Christie's commission and any other agreed-upon costs.
Key Takeaways
- Christie's takes a commission from sellers (10 to 25 percent of the sale price) and charges buyers a premium (typically 25 percent on lower portions of the hammer price) in addition to what they bid.
- Items must be valued and authenticated by Christie's specialists before they enter an auction, and the house will decline items it cannot sell or verify.
- Sellers can consign items directly to Christie's, but the house sets reserve prices (the minimum acceptable bid) and may estimate value differently than the owner expects.
- Buyers at Christie's auctions are legally bound by the house's terms, which include payment important date, return policies, and dispute resolution procedures that differ from retail purchases.
- Online auctions and private sales at Christie's operate under the same commission structure but offer different bidding formats and timelines than live catalogue sales.
How to consign items to Christie's for sale
If you own an item you want to sell through Christie's, you begin by contacting the appropriate department — jewellery, fine art, decorative arts, wine, or another category depending on what you have. You can reach out through the Christie's website, by phone, or by visiting a Christie's location in person. A specialist will ask for photographs, dimensions, condition details, and provenance information (the documented history of ownership).
The specialist will then assess whether the item meets Christie's standards for sale. Not all items are accepted; Christie's declines pieces it cannot authenticate, that have condition problems affecting value, or that it believes will not attract sufficient bidder interest. If the item is accepted, Christie's will propose an estimate — a price range the house believes the item will sell for — and a reserve price, which is the lowest bid the house will accept. You can negotiate the reserve, but Christie's retains final authority.
Once consigned, your item enters the catalogue for an upcoming auction. Christie's handles photography, condition reporting, insurance during the sale process, and marketing. The house typically holds items for 60 to 90 days before the auction date. After the sale, if your item sells, you receive payment minus Christie's commission and any costs (insurance, shipping, restoration) that were agreed upon in writing beforehand. If it does not sell, you must arrange to collect it or pay for its return.
Understanding estimates, reserves, and what affects final sale price
The estimate Christie's publishes in the catalogue is not a may provide of sale price — it is the house's prediction based on comparable sales, condition, and current market demand. Estimates can be wrong, and items regularly sell above or below the published range. The low estimate is what the house thinks is a realistic minimum; the high estimate reflects optimistic market conditions.
The reserve price is the actual minimum bid Christie's will accept. It is confidential and not published in the catalogue. If bidding does not reach the reserve, the item does not sell, even if bids came close. Reserves are typically set at or slightly below the low estimate, though this varies. As a seller, you negotiate the reserve with Christie's before the auction; as a buyer, you should assume items have reserves and that the auctioneer may decline to sell if the reserve is not met.
The final price a buyer pays includes the hammer price (the winning bid) plus the buyer's premium. For example, if an item hammers at $10,000 with a 25 percent buyer's premium on the full amount, the buyer pays $12,500 total. Condition, provenance, rarity, and current collector demand all influence how high bidding actually goes. Items with clear provenance and excellent condition typically sell closer to or above the high estimate; items with gaps in ownership history or condition issues often sell below the low estimate or fail to sell.
Buyer's premium, payment terms, and what happens after you win
When you win a bid at Christie's, you are legally bound to pay. The total amount due is the hammer price plus the buyer's premium. Christie's charges this premium on a tiered structure: typically 25 percent on the first portion of the hammer price (often the first $300,000 or $500,000, depending on the sale), then 20 percent on the next portion, then 12 percent on amounts above that. The exact tiers vary by auction and location, so check the catalogue or Christie's website for the specific sale.
Payment is due within a set number of days — usually 30 days for most auctions, though some sales have shorter or longer windows. Christie's accepts wire transfer, credit card, cheque, and other methods depending on location and amount. If you do not pay by the important date, Christie's may charge interest, pursue legal action, or ban you from future auctions. The house also reserves the right to resell the item if payment is not received, and you may be liable for any shortfall.
Once payment clears, you own the item. Christie's will arrange shipping if you request it (at your cost), or you can arrange your own. Items purchased at auction are generally sold as-is; Christie's does not offer return periods like a retail store. However, if an item is later found to be a forgery or misattributed, Christie's has specific procedures for dispute resolution outlined in its terms and conditions. These procedures typically require you to notify the house within a set timeframe and may involve independent authentication.
Differences between Christie's live auctions, online sales, and private sales
Live auctions are the traditional format: items are presented in a room, an auctioneer conducts bidding, and the sale concludes when the gavel falls. Bidders can be present in the room, bid by phone with a Christie's representative, or bid online in real time. Live auctions typically feature higher-value items and attract serious collectors and dealers.
Online auctions run for a set period (often 5 to 10 days) and have no live auctioneer. Bidders place bids through the Christie's website, and the highest bid at the end of the period wins. Online sales often feature lower-value items, decorative pieces, or items that appeal to a broad audience. The buyer's premium structure and payment terms are the same as live auctions.
Private sales occur when Christie's arranges a direct sale between a buyer and seller without a public auction. These are used for very high-value items, when a seller wants confidentiality, or when a buyer has already expressed interest. Commission rates and terms are negotiated individually. Private sales do not have published estimates or reserves, and the sale price is typically confidential.
How Christie's authentication and condition reporting work
Before an item enters a Christie's auction, a specialist examines it and writes a condition report. This report describes the item's physical state — any damage, repairs, restoration, wear, or alterations — in detail. The condition report is made available to bidders before the sale, usually in the online catalogue or upon request. It is not a may provide of authenticity or value; it is a factual description of what the specialist observed.
Authentication — determining whether an item is genuine — is part of the specialist's role, but Christie's does not warrant authenticity in the way a retail seller might. The house's terms state that all items are sold "as-is" and that Christie's makes no representations beyond what appears in the catalogue description. If you have doubts about authenticity before bidding, you can request an independent examination or ask Christie's specific questions about provenance and testing.
After a sale, if you later believe an item is a forgery or misattributed, Christie's has a process for claims. You must notify the house within a specified timeframe (often one to three years, depending on the item type and location) and provide evidence. Christie's may require independent authentication at your expense. If the house agrees the item was misattributed, it may offer a refund or other remedy, but this is not automatic and disputes can be lengthy.
Comparing Christie's to other auction houses and dealers
Christie's main competitors are Sotheby's and Bonhams, both of which operate similarly — they take commissions from sellers, charge buyer's premiums, and conduct live and online auctions. Sotheby's and Bonhams have comparable commission rates and buyer's premiums, though exact percentages vary by sale and location. The choice between them often comes down to which house has specialists in your item category, which has upcoming sales that match your timeline, and which has a stronger track record selling similar pieces.
Regional and specialist auction houses (such as houses focused on wine, watches, or local art) may have lower commissions and buyer's premiums but smaller buyer pools, which can result in lower final prices. Selling through a private dealer or gallery typically means no buyer's premium for the buyer, but the dealer takes a larger commission from the seller (often 40 to 50 percent) and may not reach as wide an audience.
For very high-value items, Christie's, Sotheby's, and Bonhams offer the broadest international reach and the most serious bidders. For lower-value items or niche categories, a specialist house may be more cost-effective. The best approach is to contact multiple houses, get estimates from each, and compare the net amount you would receive after commissions and costs.
Frequently Asked Questions
Can I sell something to Christie's if I don't know its value?
Yes. Contact the appropriate department with photographs and details, and a specialist will assess it. If Christie's accepts the item, the house will estimate its value based on comparable sales and condition. You are not obligated to consign it if you disagree with the estimate, but you will have a professional valuation to inform your decision.
What happens if my item doesn't sell at auction?
If bidding does not reach the reserve price, the item is unsold. You must arrange to collect it or pay for its return to you. Some sellers choose to consign the same item to a future sale, lower the reserve, or sell through a different channel. Christie's will discuss options with you after an unsold sale.
Can I bid at Christie's if I've never bought at auction before?
Yes, but you must register in advance. Christie's will ask for identification and payment information to verify you are a legitimate bidder. First-time bidders may be asked to provide a bank reference or credit card authorisation. Once registered, you can bid in person, by phone, online, or by absentee bid.
What if I win an item but later find out it's damaged or not as described?
Items are sold as-is, and Christie's does not offer returns like a retail store. However, if the catalogue description was materially inaccurate or the item is a forgery, you may have grounds for a claim. You must notify Christie's within the timeframe specified in its terms (usually one to three years) and provide evidence. The house will investigate, but a refund is not may provide.
How much does it cost to sell at Christie's?
Christie's takes a commission from the seller (typically 10 to 25 percent of the hammer price) and charges the buyer a premium (typically 25 percent on lower portions of the hammer price, declining on higher amounts). You also pay for insurance, shipping, and any restoration or photography costs agreed upon in writing. The exact costs depend on the item, the sale location, and your negotiated terms.