Otis doesn't charge consignors any fees to list or sell, which is extremely beneficial for sellers.
Instead, we charge the following fees around liquidity:
Drop Fees - 5% (which gets charged to buyers)
Trading Fees - 2% (split between both sides - currently not charging)
Buyout Fees - 5% (split between both sides - currently not charging)
Most sellers want to understand the differences between working with Otis and a traditional auction website. We put together a calculator that highlights the differences as most auction houses charge:
20% Buyer's Premium
10% Seller Fees
Both of these are deducted from the "final price" of any lot. Here's an example:
Buyer's Premium (20%)
Seller Fee (10%)
Net to Seller
Conceptually, you could retain 25% of the asset with Otis, and net almost as much cash ($75K) at the drop close as you would at the hammer of the auction, all while holding 25% in equity that you can hold or act upon in secondary either via trading or a buyout.
By working with Otis, you can capture the entire value of the asset without all of the fees. It's a win-win-win for Otis, our investors, and the seller.