Bonhams’ new fees schedule applies from November 1. The last time the company amended its buyer’s premium was in September 2016. Global CEO of Bonhams Matthew Girling said: “This change reflects the current market and is an important part of maintaining our global competitiveness.”
The new thresholds are:
- 25% – up to £175,000
- 20% – from £175,000 up to £3m
- 12.5% - thereafter
Sotheby’s new rates which are also effective from November are:
- 25% – up to £180,000
- 20% – from £180,000 up to £2m
- 12.9% – thereafter
The buyer’s premium thresholds applied at Bonhams’ overseas salerooms are also changing as follows:
US
- 25% – up to $250,000
- 20% – from $250,000 to $4m
- 12.5% – thereafter
Europe
- 25% – up to €150,000
- 20% – from €150,000 to €2m
- 12.5% – thereafter
Hong Kong
- 25% – up to HK$2m
- 20% – from HK$2m to HK$3m
- 12.5% – thereafter
Bonhams’ premium applied to wine sales will become 19.5% in the UK and 22.5% in the USA and Hong Kong.
None of the changes apply to sales of motor cars, coins and medals which have different premium levels.