Christie;s has just announced a modest increase in buyers premiums. The changes are through the full schedule, but will be felt more at the lower end of sales spectrum that at the top. This is the second increase in the fee schedule. The last increase was in March of this year, prior to that it had been five years. The rates have stayed the same, but the thresholds have been increased in each level. For example, in the NY sales room, the previous schedule was 25% for sales under $75,000, sales above $75,000 to $1.5 million it was 20%, and above $1.5 million it was 12%, The new fee schedule has the 25% rate applied on sales up to $100,000, the 20% for sales above $100,000 up to $2 million, and above $2 million the rate is 12%,
Christie's rationalized the increased due to increased costs in shipping, insurance, security and marketing due to global expansion. The new fee schedule will become effective on September 30.
Christie's reported on the increase.
Effective 30 September 2013
Following an internal business review, Christie’s International announces an updated Buyer’s Premium schedule that will result in a modest increase in the fee paid by the successful buyer of an item at auction. Christie’s last updated its Buyer’s Premium fees in March 2013, for the first time in five years. This secondary amendment is a reflection of our current global expansion initiatives and associated increases in costs, including shipping, insurance, security, and marketing fees. As always, Christie’s strives to manage its costs closely and minimize the impact of these additional fees on our clients while remaining competitive and maintaining our commitment to exceptional client service across all of Christie’s locations globally.
Please note: Any timed online-only auction that opens for bidding prior to September 30, 2013, will continue to use the current Buyer’s Premium schedule.
For all collecting categories other than Wine, the September update to the fee schedule amends the price thresholds at which fees are applied (see detail below) but presents no change to the fee percentages themselves.
For Wine auctions only, a flat 0.5% increase will be implemented for all live and online-only Wine auctions hosted through Christie’s main sales sites in New York, Hong Kong, London, Geneva, and Paris.
| Sale Room |
| Rate | Threshold
(as of 30 September 2013) | Threshold
(prior to 30 September 2013) |
|
New York
|
| 25.0% | Up to $100,000 | Up to $75,000 |
| 20.0% | $100,000 to $2,000,000 | $75,001 to $1,500,000 |
| 12.0% | $2,000,001 and above | $1,500,001 and above |
|
 |
Paris
|
| 25.0% | Up to €30,000 | Up to €30,000 |
| 20.0% | €30,001 to €1,200,000 | €30,001 to €1,200,000 |
| 12.0% | €1,200,001 and above | €1,200,001 and above
|
|
| King Street/South Kensington |
| 25.0% | Up to £50,000 | Up to £37,500 |
| 20.0% | £50,001 to £1,000,000 | £37,501 to £750,000 |
| 12.0% | £1,000,001 and above | £750,001 and above |
|
|
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