Imagine for a minute that you were the winner of last year for Claude Monet’s Nimivias. It was sold last year in Sotheby’s, New York after a competitive auction war that lasted only 17 minutes. And the price? 65.5 million dollars. This is only for beginners. One can be forgiven to believe that the auction house committee for sale will be paid by the seller.
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One of course will be wrong. There is a buyer bonus for the account. In this case, if the standheby fees are applied, this means 27 % of the buyer for business that amounts to one million dollars; 22 % for the transaction is between one million dollars, 8 million dollars and 15 % for balance above 8 million dollars. MONET will now return the buyer approximately $ 76 million. There is more in the future.
Let’s also imagine that the buyer is located in the United Kingdom and works through his bank, says one of the four major traditional banks. The bank will usually add to the cost of MONET by imposing FX fee by at least 2 %, and perhaps closer to a range of 3 % to 4 %. Even at the middle of the FX fee scale, this adds about $ 2.3 million to the final cost of the buyer.
For briefing, let’s avoid the difficult question of value -added tax on buyers or value -added tax on imported artworks and focus only on FX fees. The overall cost of Moneta, including VAT, is now more than $ 80 million for UK buyers. Savings on foreign currency fees are able to do it and it is closer to neglect if the theoretical victory in the UK uses a traditional bank and pays the subjugation of FX 3 % -4 %.
It also provides emotions on the market like IBANFIRST, which is the opportunity of the distinguished market to highlight the benefits of the most intelligent FX fee structure.
Vivek Savani, the country’s director of the UK at IBANFIRST, is on a mission to address the imbalance in the FX market.
“Whether we are talking about high -value individuals or not, the imbalance between foreign currencies is an unnecessary allowance that does not in fact represents smart financial management. It also affects companies. And I think that when we look at them, there are exorbitant fees and compact installments in pricing and the services provided by many banks.
“More than 70 % of companies still use their bank. If we create this to the private market for individuals, it is possible that more than 70 % are heading to 80 % and 90 % of individuals who have transfers and requirements, which you use direct Directly, the matter is completely directly, the matter is completely directly, the matter is completely directly, so it is completely directly, so the tuning is completely.
Noting that the global art market is struggling, as some claim, may extend it a little. If you want to have a fast but comprehensive summary, the ART Basel and UBS Global Art Market annual report by Arts Economics is a good starting point. It reveals that the global art market recorded an estimated $ 57.5 billion in sales in 2024.
The number of transactions has grown by 3 % on an annual basis, indicating the continuation of attention from plural enthusiasts all over the world. On the other hand, this total decreased for $ 57.5 billion by 12 % on an annual basis.
The United States and the United Kingdom continue to drive the road by 43 % and 18 %, respectively, from global sales at value. But its sales of 2024 amounting to $ 24.8 billion and $ 10.4 billion decreased by 9 % and 5 %, respectively.
Given the decrease in the total value of artistic sales, Safani argues that it is time to start the art world in paying closer attention to FX and says this may support the entire ecosystems. It would encourage high bids on auction homes/traders, support the experience of a better seller and increase the strength of the buyer.
It sheds light on the support provided by IBANFIRST in the global art market and says that its business model, which is based on close relationships, reflects the art world. Specifically, IBANFIRST
It can help buyers and sellers to track better payments, which means that they are better equipped when it comes to buying and selling at the cost of the currency in actual time.
“Purchase of art is a great investment for many people, and these fees add to the total cost of that treatment. It is completely transparent. In the end, I would like to claim that this really deters many people from possible participation in an auction abroad. It generally erodes participation and help in participating and help participating in participating, helping to participate, and helping to help in purchases and help participating and help participating and help participating and assist in capturing the sale And help.
Savani says there is an increase in interest levels in working with FX specialists instead of banks for such international transfers and in specialized service that detailed disorders can provide.
But he adds: “He does not move very quickly as one hopes. From the consumer perspective, we want to work with more individuals, more merchants, and more brokers, and try to bridge this gap. It is improving. There is still a lot of work to do, and we hope we can get a message there is an alternative to the bank.
Savani summarizes the IBANFIRST suggestion that it offers a set of technology mixed with a human touch.
“We have a great part of technology. Many customers find that the platform is really comfortable and very easy to use, and is completely different from what the banking system will offer. We also offer this human touch, so someone can talk to the customer from the beginning of treatment to the end. This is really missing from the banking solution and many of our competitors.
“This is, the specialist who can provide guidance with regard to the preparation of the transaction, even more insight and a real and healthy general view of what is happening in the market at any specific time. Any situation, whether it is money, whether it is payment, whether it makes the transaction, the FX piece.”
IBANFIRST was established in 2013 based in Belgium, and it is organized as a payment institution, and a passport has been traveling throughout the European Union and it is a serious competition for the traditional bank for the benefit of small and medium -sized companies.
Its basic banking platform provides fast and safe multi -process transactions and defeats the cost against banks, thanks to any preparation fees, no monthly subscription costs or transfer fees. Savani says what the customer sees is exactly what the customer pays.
The IBANFIRST is designed with the scaling of international companies in mind. IBANFIRST gives the spread of a standard exchange rate that applies to all customer transactions. This means that they can predict their costs even with increasing payment values, instead of watching the fees you take in profits. Provides the best lawsuits created small and medium companies that excel the entry -level payment providers and that need advanced tools for things like FX Management Management. Importers and exporters will fit with international supply chains that seek tools and experiences to manage complex payments, which do not want to take drawings in their margins. It is suitable for wholesalers who rely on FX risk management tools that yearn for detailed payment and delivery of responsive support.
Moreover, IBANFIRST clients are able to track international payments in each step on the road, with detailed updates, time standard and tracking links that customers can share with their partners and suppliers.
This, however, is a competitive market, and IBANFIRST competes with some serious players. For example, Wise Business can claim that it keeps things simple, both in terms of pricing and jobs. It targets both individual consumers and companies, especially those looking for a cost -effective solution.
On the other hand, as soon as you move regularly, for example, 100,000 euros annually, across the border, IBANFIRST will argue that the Wise fee for all transactions begins soon to add. If the company is growing, the risk of foreign currencies will become a more concern. Wise does not provide a kind of FX risk management or the support provided by IBANFIRST to protect margins from exchange rate fluctuations.
Another competitor is Airwallex, which is a boundary payment provider that offers multi -currency accounts. Airwallex is a payment portal that allows e -commerce companies to collect payments online, and it provides virtual and united cards to manage expenses. On the other hand, it is a more complex platform, and its features depend on the plan, which may require a sharp educational curve for some users. IBANFIRST may argue that Airwallex’s pricing structure is not the most friendly SMB.
Another competitor is Payoneer, who specializes in facilitating payments to and from independents, contractors and sellers online. But with the divided focus across many masses, independent independence devices, companies and markets, Payoneer, do not focus on developing solutions that meet the specific needs of small and medium -sized companies.
Then there EBURY. Ebury provides other FX futures and hedge tools, and provides collective payment capabilities to deal with multiple international transactions. However, the specially designed pricing structure can make it difficult for companies to predict costs or compare Ebury to other service providers.
In addition, IBANFIRST may argue that the Ebury platform is not easy to use, which makes it difficult to integrate into a modern technical set.
Two other competitors are Convera and Droclut. Convert suits large companies that have more complicated FX needs across multiple countries, but some small and medium -sized companies may find that the Convert platform is overwhelming and perhaps more expensive than alternatives like Wise or IBANFIRST.
Finally, there is a revolution. It features a gradual monthly subscription model and each plan comes with a monthly exchange allowance at a rate between banks. Revolution Business operates well for companies that want one platform to deal with most of its financial needs.
Therefore, it has a lot to apply for jobs, but IBANFIRST can not argue that it is not a specialized tool for a specific work type, because it tries to meet different audiences to a large extent. Accordingly, some customers may find themselves paying for features that are not related to their business needs.
Savani can argue that if human support is necessary, IBANFIRST can win against any group of very competitive.
“How was the international art auctions that display the FX fee” were created “originally Banker Retail InternationalThe brand owned by Globaldata.
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