Buyer's and seller's premiums

Auctioneers charge buyers and sellers a percentage of the hammer price - known respectively as the buyer's premium and the seller's premium (the latter is also referred to as vendor's premium, vendor's commission or seller's commission). This fee in the UK is usually also subject to VAT.

Each auctioneer sets its own rates for these premiums. Check their terms and conditions for details.

Premium levels all square again

16 September 2013

Christie’s have announced that from September 30 their main buyer’s premium structure will change to the following:

Rewarding buyers in the saleroom

28 May 2013

Anxious to arrest declining saleroom audiences, Bertoia Auctions in Vineland, New Jersey, chose to axe the buyer’s premium for bidders in the room for their sale on March 16.

Bonhams hold firm on premium

11 March 2013

Bonhams have announced that they will not be following Christie’s and Sotheby’s in raising buyer’s premium thresholds.

Sotheby’s also raise premium, but go further than Christie’s

01 March 2013

Sotheby’s have followed Christie’s in restructuring their buyer’s premiums, but have pushed the thresholds even higher than their rivals in the bid for better yields.

Christie’s bid to squeeze more out of premiums

27 February 2013

Christie’s have announced a new buyer’s premium structure that points to a period of heightened competition.

Bonhams to match Christie’s and Sotheby’s on premium

06 June 2011

BONHAMS have announced that they will increase their buyer’s premium on September 1.

Bloomsbury cut charges for book sale

04 October 2010

BLOOMSBURY Auctions are to reduce their buyer’s premium when offering the Richard Harris collection in two forthcoming sales.

Premium rise at Bloomsbury

10 August 2009

Bloomsbury Auctions are to increase their buyer’s premium from 20 to 22 per cent.

Toovey’s raise buyer’s premium

15 June 2009

Toovey’s have announced an increase in their buyer’s premium to 22.5% plus VAT. They cite rising running costs as the chief cause for the increase, which comes into effect on June 16-19.

Insurance expert sounds alert over consignment premiums

06 February 2009

A LEADING fine art insurer has alerted UK auctioneers that they may be breaking the law in the way they provide insurance cover for items consigned for auction.

Lyon & Turnbull turn the premium system on its head

29 September 2008

Lyon & Turnbull are to turn the buyer’s premium system on its head by raising it for top-tier prices but cutting it for lower-priced lots in general sales.

Christie’s raise premium level to match Sotheby’s

27 May 2008

Christie’s are to adjust their buyer’s premium thresholds, with effect from June 2, in line with changes announced by Sotheby’s last week.

Sotheby’s make gains but decide to up their premium

19 May 2008

CONTEMPORARY art may still be heading skywards, but the imminent buyer’s premium rate increases – and Sotheby’s latest set of results – show that pressure at the margins is as intense as ever.

Details of the premium rise

19 May 2008

As of June 1, Sotheby’s auctions in New York and London will be subject to new buyer’s premium thresholds that will hit further buyers of ‘middle range’ art and antiques.

Clarice Cliff collectors defect to the Midlands over buyer’s premium hike

18 December 2007

Midlands auctioneers Fieldings and the Clarice Cliff Collectors’ Club (CCCC) are to join forces to hold sales of the avidly collected Art Deco pottery.

Clarice Cliff collectors protest against premium hike

29 October 2007

Collectors of Clarice Cliff have voiced their opposition to increased auctioneers’ charges with some refusing to attend Christie’s latest sale of the popular Art Deco pottery.

Lawyers believe auction houses face growing legal risk over premium

28 August 2007

Sotheby’s match Christie’s with 25% premium on lots sold below £10,000

Tennants premium

28 August 2007

Leyburn auctioneers Tennants have standardised their buyer’s premium rates across their sales.

Christie’s premium hits 25%

27 July 2007

Third threshold won’t hurt South Kensington says director

Bonhams follow suit on premiums

12 February 2007

Bonhams have changed their buyer’s premium rates globally to match Sotheby’s and Christie’s with immediate effect.