Buyer's and seller's premiums
Auctioneers charge buyers and sellers a percentage of the hammer price - known respectively as the buyer's premium and the seller's premium (the latter is also referred to as vendor's premium, vendor's commission or seller's commission). This fee in the UK is usually also subject to VAT.
Each auctioneer sets its own rates for these premiums. Check their terms and conditions for details.
Phillips restructure their premiums
23 September 2002PHILLIPS, de Pury & Luxembourg have raised and restructured their buyer’s premiums.
MP calls for Bill to outlaw the buyer’s premium
01 July 2002AN 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.
Christie’s match Sotheby’s on their buyer’s premium rates
15 April 2002TWO 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 restructure charges to attract top-end business
21 March 2002Bonhams 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 go for 20% top buyer’s premium rate
13 March 2000SOTHEBY’S will raise their buyer’s premium on April 1, one day after Christie’s are due to do the same.
Christie's detail new commissions
21 February 2000CHRISTIE'S had their best ever year in 1999, exceeding the peak of annual turnover achieved at the height of the last art boom.
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