How Will the NFT Market Shake Up Auction Houses?
Their primary practice is based around asset protection, trusts & estates, as well as representing high net-worth individuals like art collectors, designers, wine importers & producers, and other professionals in wine & hospitality.
The profitability of an auction house can be very tricky to maximize, as I’m sure both Christie’s and Sotheby’s can attest. Not only does competition amongst the houses often lead to discounts and deals to high end clients to get them in the door, but costs to the houses rack up quickly. Considerations like marketing costs and waving of consignment fees also need to be factored in. Sometimes to get especially coveted in pieces into their house, they’ll even permit wealthy collectors to take home 100% or more of the sale price. Does the NFT market present opportunities for the holding companies to more easily turn a profit, whether they’re a fresh entrant to the market or someone like Sotheby’s? How are these factors shaping the development of the NFT market?
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