1/27/2015

Sotheby's to Increase Buyer's Premium


Skates is reporting that on February 1, 2015 Sotheby's will increase its buyer's premium rate to 25% of the first $200,000.00, 20% on prices above $200,000.00 to $3 million and 12% above $3 million. See below for the previous rates. It will be interesting to see if Christie's follows suit.

Skates reports
Effective February 1, 2015, Sotheby’s will enact a new buyer’s premium rate structure. In a January 26 disclosure, the firm announced that its sliding fee scale will kick in from higher hammer price amounts—in other words, Sotheby’s fees are going up.

Full details from the disclosure are as follows: “Generally, the new rate structure will be 25% on the first $200,000 of hammer (sale) price; 20% on the portion of hammer (sale) price above $200,000 up to and including $3 million; and 12% on any remaining amount above $3 million. The hammer (sale) price thresholds in other currencies will be adjusted in a commensurate manner. The current buyer’s premium rate structure, which has been in effect since March 15, 2013, is 25% on the first $100,000 of hammer (sale) price; 20% on the portion of hammer (sale) price above $100,000 up to and including $2 million; and 12% on any remaining amount above $2 million.”
Source: Skates

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