Artnet Challenges Art Houses With Online Auctions

Starting Monday, Artnet will sell a selection of modern and contemporary art, prints, and photographs, according to the New York Times. Unlike Sotheby’s, Christie’s, and Phillips—which charge the buyer twenty-five percent of the first $20,000 spent, twenty percent of the next $20,000 to $500,000 and twelve percent above $500,000—Artnet charges a flat ten percent commission. “We can be cheaper and faster,” said Hans Neuendorf, Artnet’s chief executive. “We don’t have the costs of marketing, printing catalogs or holding cocktail parties. We will be selling 24/7, offering new lots every day.” Most art works will be in the $10,000 to $200,000 price range.

Artnet Challenges Art Houses With Online Auctions