Christie's Modifies Buyer's Premium - Again

NEW YORK CITY AND LONDON

:Christie's International has modified the structure of its buyer's premium for the majority of the firm's salerooms worldwide.

Effective January 17, Christie's 20 percent buyer's premium rate on the first $100,000 is now applied on the first $200,000 at almost all Christie's sites.

Christie's buyer's premium of 12 percent on amounts exceeding $200,000 remains unchanged.

In Christie's Geneva, the 20 percent buyer's premium rate on the first Sfr 160,000 shall now be applied on the first Sfr 250,000, with the buyer's premium of 12 percent on amounts exceeding Sfr 250,000. In Christie's Zurich, a buyer's premium of 20 percent applies to all lots.

Christie's Hong Kong buyer's premium of 20 percent will now apply to the first HK$1,500,000, and the 12 percent to amounts exceeding HK$1,500,000 versus the previous amount of HK$850,000.

In Christie's Australia saleroom, the premium threshold will remain unchanged at 191/2 percent on the first AUD$200,000 and 12 percent on the amount exceeding AUD$200,000.

All premiums quoted above exclude local sales tax.