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That means that all lots selling at up to £250,000 ($500,000) will attract a charge of 20 per cent buyer’s premium, with anything over that amount attracting a 12 per cent charge.

Robert Brooks, chairman of Bonhams, said: “We are now competing frequently with Sotheby’s and Christie’s globally on a range of art and antiques, so it is important that we maintain our competitiveness which means matching their recently announced new buyer’s premium rates.”

Christie’s changed their premiums in time for last week’s London art sales, following Sotheby’s decision to make the change in January.