Buyer's and seller's premiums

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.

As an introductory offer to their new saleroom near Poole, Cottees will be reducing both their seller’s commission and buyer’s premium to 10% (plus VAT) for the first three months of 2016.

Sotheby's have announced a new buyer’s premium structure in New York. Effective from February 1, the rates will apply as follows:

The chairman of one of the UK’s most successful provincial auction houses has joined the condemnation of Christie’s new 2% success fee, saying he is appalled by it.

A newly established firm of numismatic auctioneers, Wilkes & Curtis, are aiming to break into the marketplace by offering a fixed buyer’s premium of 10%.

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

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

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

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

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

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

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.

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

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.