This change widens the thresholds where the percentage fees apply but does not change the percentage rates themselves. It means that a bid of £100,000 will now command an extra £2500 in fees (£125,000 instead of £122,500). A bid of £2m will command an additional £82,500 in fees (£2.405m instead of £2.3225m). A bid of £10m will also command an additional £82,500 in fees (£11.365m instead of £11.2825).
The new levels apply from September 19.
While Sotheby’s last altered their thresholds in February 2015, Christie’s have not changed their buyers’ fee structure since October 2013. The new levels effectively mean that Christie’s premiums are now slightly greater than Sotheby’s in London but less in New York.
Christie’s new buyer's premium rates*:
London
25% - up to £100,000
20% - from £100,000 up to £2m
12% - thereafter
New York
25% - up to $150,000
20% - $150,001 up to $3m
12% - thereafter
*The new rates apply across all collecting categories except wine.
The previous rates were:
25% - up to £50,000/$100,000
20% - from £50,000/$100,000 up to £1m/$2m
12% - thereafter
Sotheby’s buyer's premium rates
London
25% - up to£100,000
20% - £100,000 to £1.8m
12% - above £1.8m
New York
25% - up to $200,000
20% - $200,000-$3m
12% - above $3m
