How global art auctions expose FX fees imbalance
From Yahoo Finance: 2025-06-21 16:33:00
Last year, Claude Monet’s Nymphéas sold for $65.5m at Sotheby’s, New York, with a buyer’s premium bringing the total to almost $76m. A UK buyer could face an additional $2.3m in FX fees, pushing the total cost over $80m. iBanFirst offers a solution with fairer FX fees.
Vivek Savani of iBanFirst addresses the high FX fees in the art market, impacting businesses and individuals. Over 70% still use banks, facing 2%-4% FX fees. iBanFirst aims to bridge this gap with smarter, fairer FX fees and personalized service for a better art market experience.
The global art market recorded $57.5bn in sales in 2024, with a 3% increase in transactions but a 12% decrease in total value. The US and UK lead with 43% and 18% of global sales respectively. Savani emphasizes the need to address FX to support the art market ecosystem.
iBanFirst offers a combination of technology and personalized service, supporting clients through high-value transactions. Founded in 2013, iBanFirst is regulated as a payment institution, providing secure multicurrency transactions with transparent pricing. It caters to SMBs with advanced tools for FX risk management.
Competing with players like Wise Business and Airwallex, iBanFirst focuses on providing tailored FX solutions for SMBs. With a user-friendly platform and dedicated support, iBanFirst aims to protect margins from exchange rate fluctuations and offer transparency in international payments.