Effective September 19, Christie’s International will change its buyer’s premium schedule following an internal business review. Christie’s last updated its buyer’s premium fees in October 2013. The change will result in an increase in the fee paid by the successful buyer of an item at auction.
For all collecting categories other than wine, the update to the fee schedule amends the price thresholds at which fees are applied but presents no change to the fee percentages themselves. The new premium rate will be an amount equal to 25 percent of the hammer price of each lot up to and including $150,000; plus 20 percent of the hammer price from $150,001 up to and including $3,000,000 and 12 percent above $3,000,001. This change 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. The new fee schedule follows below. Any timed online-only sale that opens for bidding prior to September 19 will continue to use the current buyer’s premium schedule.
All rates as reported exclude local sales taxes.
London 25 % Up to 100,000 British pounds
King Street 20 % £100,001 to £2,000,000
South Kensington 12 % £2,000,001 and above
New York:
25% up to $150,000
20% $150,001 to $3,000,000
12% $3,000,001 and Above
Online
25% up to $150,000
20% $150,001 to $3,000,000
12% $3,000,001 and above
Hong Kong
25% up to HK$1,200,000
20% HK$1,200,001 to HK$20,000,000
12% HK$ 20,000,001 and above
Shanghai
20% no threshold
Geneva
25% up to CHF150,000
20% CHF150,001 to CHF2,500,000
12% CHF2,500,001 and above
Paris
25% up to 50,000 euros
20% 50,001 to 1,600,000
12% 1,600,001 and above
Amsterdam (all-inclusive rates)
30.3% up to 50,000 euros
24.2% 50,001 to up to 1,600,000
14.5% 1,600,001 and above
Milan (all-inclusive rates)
30% up to 50,000 euros
26% 50,001 to up to 1,600,000
18.5% 1,600,001 and above
Dubai
25% up to $150,000
20% $150,001 to $3,000,000
12% $3,000,001 and above
Mumbai
25% up to INR 6,500,000
20% INR 6,500,000 – INR 150,000,000
12% INR 150,000,001 and above
For Paris auctions, additional charges apply to lots marked with the f, ff and + symbols. Amsterdam and Milan rates are quoted inclusive of VAT in catalogues. In Geneva, a VAT of 8 percent is added to the hammer price and to the premium.
For wine, the premium rates of 22.5 percent of the hammer price in New York and Hong Kong and 17.5 percent of the hammer price in London, Paris and Geneva remain unchanged.
For more information, www.christies.com.
