Today Phillips Auction announces a new structure to its buyer’s premium:

With effect from 12 September, 2017, the Buyer’s Premium structure at Phillips auctions will be changed to:

• 25% of the hammer price up to and including $300,000 (or £180,000/CHF 250,000/HKD 2,000,000);
• 20% of the portion of the hammer price above $300,000 (or £180,000/CHF 250,000/HKD 2,000,000) up to and including $4,000,000 (or £3,000,000/CHF 4,000,000/HKD 30,000,000);
• 12.5% of the portion of the hammer price above $4,000,000 (or £3,000,000/CHF 4,000,000/HKD 30,000,000).

The change will apply to all categories sold by Phillips: 20th Century & Contemporary Art, Latin American Art, Design, Photographs, Editions, Watches and Jewelry.