Formerly the company charged 15 per cent on the first £30,000. The increase is “to bring it closer to our competitors”, said chairman Robert Brooks.
The auction house have also expanded their sliding scale for vendor’s commissions, lowering the rate for higher value consignments with the aim of attracting new business at the top end of the market. Formerly vendors were charged 15 per cent on consignments valued up to £1000 and 10 per cent thereafter.
From this month, consignments of up to £1000 will attract a rate of 15 per cent plus VAT, it will be 10 per cent from £1000-£49,999; 7.5 per cent on consignments in excess of £50,000 and five per cent for those valued over £100,000.
Bonhams restructure charges to attract top-end business
Bonhams increased the buyer’s premium on their lower price tier for purchases this month. From March 1 a new rate applies of 17.5 per cent (plus VAT) on the first £30,000 and 10 per cent thereafter.
