Auction commission/premium

The commission for the auction is coded into the smart contract and varies depending on the artwork's price. For example, if a lot is sold at the auction, the artist will receive the selling price minus the auction commission, while the buyer will have to pay an additional commission to the auction house.

For works valued up to $10,000, the seller's commission is 20% of the sale value, plus 3% of the curator's commission. For works ranging from $10,001 to $100,000, the seller's commission is 17% of the sale value, plus 3% of the curator's commission. For works priced between $100,001 to $500,000, the seller's commission is 15% of the sale value, plus 3% of the curator's commission. For works priced from $500,001 to $1,000,000, the seller's commission is 12% of the sale value, plus 2% of the curator's commission. For works priced from $1, 000, 001 and more, the seller's commission is 10% of the sale value, plus 2% of the curator's commission.

The auction house does not levy any commissions on the secondary market for the resale of digital art.