Sothebys increases buyers premium
Published January 19th, 2007
Sotheby’s has raised the commission charged to buyers on big-ticket auction purchases worldwide.
Sotheby’s informed employees by e-mail on Jan. 12 and has posted the fee increase on its Web site under “Buyer’s Premium.’’
Previously the buyer’s commission was 20 percent on the first $200,000 bid at auction, and 12 percent on the balance of the total bid. Now buyers will be charged 20 percent on the first $500,000, or an additional $24,000, and 12 percent on the balance.
“While this change will only impact a very small percentage of the lots we sell worldwide,’’ wrote William Ruprecht, Sotheby’s chief executive officer, “it will further strengthen our business and our ability to compete in this challenging marketplace.’’
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