Buyer's and seller's premiums

Sotheby’s is retreating on its pledge to scrap fees for purchasers at its online-only auctions.

Bonhams has changed the price thresholds for its buyer’s premium. The new rates in the UK exactly mirror Christie’s charges but are slightly different to Sotheby’s adjusted fees structure which comes into force next month.

Auctioneers Phillips have raised its buyer’s premium with the changes effective immediately.

Auction house Christie’s has raised its buyer’s premium. The latest changes to the thresholds follow Sotheby’s announcement of a new premium structure last week.

Auction house Sotheby’s is to scrap buyer’s premium – the fee paid to the firm by those who buy at auction – for its online-only sales.

Auction Technology Group, parent company of Antiques Trade Gazette, has issued guidance to auctioneers on how to display fees and charges alongside estimates.

The Advertising Standards Authority has said auctioneers need to be clearer when presenting their commission rates.

Sotheby’s has increased its buyer’s premium with the changes effective from November 13.

Bonhams have followed Christie’s in increasing their buyer’s fees by adjusting their premium thresholds.

Christie’s have adjusted their buyer’s premium thresholds, bringing them closer into line but not identical to the rates at rivals Sotheby’s.

The art and antiques trade has reacted with mixed views over the launch of an investigation into the way auction houses display their commission rates. A number of dealers have told ATG that an investigation into transparency of buyer’s premium is long overdue, while auctioneers have pointed out that the proposed changes would be unnecessary and impractical.

The Advertising Standards Authority have launched an investigation into the way auction houses display their commission rates.