New global online auction house Fine Art Bourse is challenging the centuries old business model established by Sotheby’s and Christie’s as it slashes fees and simplifies the process. Just launched at www.fineartbourse.com, F.A.B. will charge a buyer’s commission of just 5%, compared to the 25% fee commanded by most of the traditionalists, as it offers the finest quality art. And transaction charges will be exempt of VAT/Sales Tax/GST, artist resale royalty and copyright fees. The first sale is scheduled for September. It will also warrant catalogue descriptions and good title, unlike most of the online art portals where it is a case of “buyer beware”. Packing and shipping – often a barrier to entry for bidding online – are no problem here either… they’re free for buyers and sellers. And clients’ money will be kept safely in escrow. Heralded as a

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