Christie’s has raised the buyer’s premium at its auctions for the first time since 2008, according to Carol Vogel in The New York Times.
Here’s how the premium breaks down, courtesy The Times‘ ArtsBeat blog:
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.
The other major auction houses have not yet announced plans to change the buyer’s premium, but as Ms. Vogel notes, “when one auction house increases its fees the others follow.”