Phillips raises buyer’s premium following changes at Sotheby’s and Christie’s

Courtesy Antiques Trade Gazette

Courtesy Antiques Trade Gazette

The new rates apply to all sales categories and follow rises recently announced by both Sotheby’s and Christie’s.

The amended fees structure broadly mirrors Christie’s new charges in particular, with the only difference being the level at which 25% threshold applies (up to £180,000 at Phillips but up to £175,000 at Christie’s).

The company last changed its premium levels in May 2016.

Phillips’ new buyer’s premium schedule is:

  • 25% of the hammer price up to and including £180,000 ($300,000)
  • 20% of the portion of the hammer price above £180,000 ($300,000) up to and including £3m ($4m)
  • 12.5% of the portion of the hammer price above £3m ($4m)

The previous rates were:

  • 25% of the hammer price up to and including £100,000 ($200,000)
  • 20% of the portion of the hammer price above £100,000 ($200,000) up to and including £1.8m ($3m)
  • 12% of the portion of the hammer price above £1.8m ($3m)

Christie’s buyer’s premium

Christie’s new rates, which came into force earlier this week across all collecting categories except wine, are as follows:

  • 25% of the hammer price up to and including £175,000 ($250,000)
  • 20% of the portion of the hammer price above £175,000 ($250,000 up to and including £3m ($4m)
  • 12.5% above £3m ($4m)

Sotheby’s buyer’s premium

From November 1, the following buyer’s fees will apply at Sotheby’s (excluding wine sales):

  • 25% of the hammer price up to and including £180,000 ($300,000)
  • 20% of the portion of the hammer price from £180,000 up to £2m ($300,000 to $3m)
  • 12.9% above £2m ($3m)

Read more about the art market at the Antiques Trade Gazette.