Its pre-sale estimate is quoted net of buyers' premium, VAT, the artist's resale tax (or droit de suite, as it is usually known), and any other extra cost.
However, there is also a psychological reason why pre-sale estimates and post-sale prices are calculated differently: a pre-sale estimate that is quoted net of costs is lower, which helps attract potential bidders.
Sotheby's said it was the first time since May 2006, when art markets were flourishing, that one of its Impressionist sales exceeded the high pre-sale estimate - in this case by almost 10%.
Janet Novack writes in a recent blog post that Baby Boomers are in for a health shock and she quotes a recent study by the Robert Wood Johnson Foundation that found there is a disconnect with how pre-retirees estimate their health in retirement, with only 13% predicting their health will decline but 39% of retirees report their health is actually worse in retirement.
Many financial planners estimate that you will need retirement income of about 75% to 100% of your pre-retirement income to maintain your pre-retirement standard of living .