Buyer's and seller's premiums

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

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.

SOTHEBY’S will raise their buyer’s premium on April 1, one day after Christie’s are due to do the same.

CHRISTIE'S had their best ever year in 1999, exceeding the peak of annual turnover achieved at the height of the last art boom.