Chrisite's Increases Buyer's Premiums

Christie's has announced, effective September 19 an increase in the buyer's premium. The have not increased the buyer's premium since 2013. Christie's did not change the percentage rates, only moved up the thresholds, which are now wider.

Christie's reports

Important Update: New Buyer’s Premium Schedule
Effective 19 September 2016

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 October 2013.

For all collecting categories other than Wine, the 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. The new premium rate will be an amount equal to 25% of the hammer price of each lot up to and including £100,000/$150,000; plus 20% of the hammer price from £100,001/$150,001 up to and including £2,000,000/$3,000,000 and 12% above £2,000,001/$3,000,001. This change effectively widens the thresholds where the percentage fees apply but does not change the percentage rates.

These changes will take effect for all auctions occurring on and after September 19, 2016. The new fee schedule follows below. Any timed online-only sale that opens for bidding prior to September 19, 2016, will continue to use the current Buyer’s Premium schedule.

All rates as quoted exclude local sales taxes. See schedule for VAT-inclusive rates in Amsterdam and Milan.


COMPLETE BUYER’S PREMIUM SCHEDULE FOR VARIOUS CURRENCIES
(Effective 19 September 2016)

Christie's Buyer's Premium Schedule for All Collecting Categories Except Wine

London          
King Street &
South Kensington
25.0% Up to £100,000
20.0% £100,001 to £2,000,000
12.0% £2,000,001 and above

New York
25.0% Up to $150,000
20.0% $150,001 to $3,000,000
12.0% $3,000,001 and Above

Online
25.0% Up to $150,000
20.0% $150,001 to $3,000,000
12.0% $3,000,001 and Above

Hong Kong
25.0% Up to HK$1,200,000
20.0% HK$1,200,001 to HK$20,000,000
12.0% HK$ 20,000,001 and Above

Shanghai
20.0% No Threshold

Geneva
25.0% Up to CHF150,000
20.0% CHF150,001 to CHF2,500,000
12.0% CHF2,500,001 and Above

Paris
25.0% Up to €50,000
20.0% €50,001 to €1,600,000
12.0% €1,600,001 and Above

Amsterdam (all-inclusive rates)
30.3% Up to €50,000
24.2% €50,001 to Up to €1,600,000
14.5% €1,600,001 and Above

Milan (all-inclusive rates)
30.0% Up to €50,000
26.0% €50,001 to Up to €1,600,000
18.5% €1,600,001 and Above

Dubai
25.0% Up to $150,000
20.0% $150,001 to $3,000,000
12.0% $3,000,001 and Above

Mumbai
25.0% 0 - INR 6,500,000
20.0% INR 6,500,000 - INR 150,000,000
12.0% INR 150,000,001 and Above

Source: Christie's