Buyer's and seller's premiums

CHRISTIE’S have announced that they are raising their 20 per cent buyer’s premium threshold from £100,000 ($200,000) to £250,000 ($500,000). The move matches that made by Sotheby’s in mid January.

Dramatic rise in threshold points to battle royal for top end of market

Salisbury auctioneers Woolley & Wallis are putting up their buyer’s premium from 15 to 17.5 per cent plus VAT.

DORSET auctioneers Cottees are under new ownership and have bucked the trend of rising charges in the saleroom by cutting both their buyer’s premium and vendor’s charges.

Despite a substantial fall in total sales, increases in buyer’s premium and vendor’s commission margins helped Sotheby’s post record revenues for the second quarter of 2005.

Edinburgh auctioneers Lyon & Turnbull have announced substantial changes to their buyer’s premium structure.

Following the lead of The Fine Art Auction Group, Fernhurst auctioneers John Nicholson are to increase their buyer’s premium from 15 to 17.5 per cent.

Lawrences, Bletchingley Buyer’s premium: 12.5 per centTHE unceasing campaign among provincial auctioneers to bring the right material to the rostrum is, perhaps, tougher the nearer one is to London. However, salerooms outside the capital can compete both on vendors’ charges and by accepting pieces turned down by the metropolitan’s top three.

The Fine Art Auction Group have raised their buyer’s premium across their network of provincial salerooms.

Christie’s are to modify their buyer’s premium structure to fall in line with their biggest rival.

Sotheby’s are to change the thresholds of their buyer’s premium structure from January 1, 2005.

CHRISTIE'S are to increase their buyer’s premium. With effect from January 1, 2005, the current 19.5 per cent premium which is charged on the first £70,000/$100,000/€110,000 will increase by 0.5 per cent to 20 per cent at almost all Christie’s sites.

From April 1 Bonhams will increase the buyer’s premium in their Knightsbridge rooms to bring it in line with that charged at Bond Street.

Christie’s South Kensington increase their buyer’s premium from February 11: The new rate will be 19.5 per cent of the final bid price of each lot up to £70,000 and 12 per cent on the excess of the hammer price above £70,000, the same premium currently charged at Christie’s King Street.

There is always a premium placed upon unrestored Georgian walnut. There is equally a premium to be paid for miniature pieces. Combine the two and it explains the level of competition achieved for this 18th century miniature bureau at Woolley & Wallis’s July 15 furniture sale.

PHILLIPS, de Pury & Luxembourg have raised and restructured their buyer’s premiums.

LONDON antiquarian books saleroom Bloomsbury Book Auctions are to sell a major library with no buyer’s premium – partially as a marketing exercise. Managing director Rupert Powell believes this is the first time since the premium was introduced in the 1970s that a British auction house has waived the levy.

AN MP who has described himself as a lifelong attender of auctions has told Parliament he wants to introduce a Bill that would outlaw the buyer’s premium.

TWO weeks after Sotheby’s raised their buyer’s premium rates for their premier salerooms, Christie’s have matched them. Both companies now charge 19.5% on the first $100,000 and 10 per cent thereafter.

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.