Christie’s has just sent out new Buyer’s Premium fee schedules:
The new premium rate shall be an amount equal to 25% of the hammer price of each lot up to and including £37,500/$75,000; plus 20% of the hammer price from £37,501/$75,001 up to and including £750,000/$1,500,000 and 12% above £750,001/$1,500,001 and above.
This change effectively widens the thresholds where the percentage fees apply but does not change the percentage rates.
Examples of the impact on purchase prices (before taxes) for clients:
A client purchasing a lot with a hammer price of £50,000 currently pays £11,250 in premium. They would now pay £11,875 – an increase of £625 (5.6%)
A client purchasing a lot with a hammer price of £500,000 currently pays £101,250 in premium. They would now pay £101,875 – an increase of £625 (0.6%)
A client purchasing a lot with a hammer price of £3,000,000 currently pays £401,250 in premium. They would now pay £421,875 – an increase of £20,625 (5.14%)
Fee Schedule in Local Currencies
Christie’s Premium Rates and Thresholds
(except where stated these rates are net of local applicable taxes)
Up to $75,000?
$75,001 to $1,500,000
$1,500,001 and above