5:54 p.m. | Updated It’s about to get more expensive to shop at Christie’s. On Friday the auction house sent an e-mail to its clients announcing that it was increasing its so-called buyer’s premium — the fee it charges buyers — for the first time since 2008.
It had been charging 25 percent for the first $50,000; 20 percent on the amount from $50,001 to $1 million, and 12 percent on the rest. As of March 11, it will charge 25 percent for the first $75,000; 20 percent on the next $75,001 to $1.5 million and 12 percent on the rest. Typically, when one auction house increases its fees the others follow. A spokesman for Sotheby’s said the auction house was “studying the matter and haven’t taken any decisions.” So far there has been no word from Phillips or Bonhams.
Over the last few years the auction houses have begun offering some of its biggest sellers a percentage of the buyer’s premium as a lure to get their business, a practice which can result in lower profits. Christie’s last month announced that its sales in 2012 reached £3.92 billion ($6.27 billion), up 10 percent from 2011 (figures include buyer’s premiums).