Previously, the buyer's premium charged on auction sales was generally 20% of the hammer price on the first £70,000 and 12% of any remaining amount over £70,000 on each lot. The new structure will be 20% of the hammer price on the first £100,000 and 12% thereafter. In New York the 20% rate will operate up to $200,000 while other international salerooms will use an appropriate local conversion.
The announcement, made to Sotheby’s staff last week, follows both Christie’s and Bonhams’ decision to match Sotheby’s previous 20/12 per cent buyer’s premium structure.
Sotheby’s to change premium thresholds
Sotheby’s are to change the thresholds of their buyer’s premium structure from January 1, 2005.
