Read more about New buyers in online sales up 69% from 2019: Christie's India MD on Business Standard. Christie’s soon after made a similar decision, and increased its premium 25% on the first $100,000, 20% from $100,000 up to and including $2 million, and 12% on the remainder. Here at Christie’s, we offer fine art and objects at all price points, particularly in online sales, where you might pick up an original work for a few thousand dollars. The pay increase is another crucial strategy that helps the auction house to increase revenue. The buyer's premium was a feature in Roman auctions during the reign of Augustus, when buyers were required to pay a two percent tax on purchases. On Thursday, Christie’s contemporary art day sale featuring the collection of Morton And Barbara Mandel generated a total of $48.9 million with buyer’s premium across 211 lots, landing below its pre-sale estimate of $60 million and achieving a 73.8 percent sell-through rate. Christie’s last updated its Buyer’s Premium fees in March 2013, for the first time in five years. Qianlong six-character seal marks in underglaze blue and of the period (1736-1795)|Estimate: US$800,000 - 1,200,000. Christie’s buyer premium schedule (as of February 2019) has posted new commission rates for its hammer prices. New York’s upper limit is raised from US$300,000 to US$600,000 while that in London increases from £225,000 to £450,000. Comparing Sotheby’s and Christie’s tactics, the following conclusion can be made: for lots with medium to low prices, Sotheby’s Buyer’s Premium is higher, while high-priced lots are more expensive at Christie’s. In Shanghai, Christie’s will apply a flat rate of 20%. Sales in 2015 totalled £4.8 billion (US$7.4 billion). The upcoming New York Asian Art Week will be the first major sales to take place after the new schedule has been implemented. Christie's Auction sold a painting for $24,500. Christie’s International has modified the structure of its buyer’s premium for the majority of the firm’s salerooms worldwide. How much did the bidder pay Christie's Auction for this painting? Most of the provincial auction houses in UK … Using strategies from their previous price increase in February last year, Christie’s has raised the buyer’s premium rate in the highest threshold from 13.5% to 14.5% while the rates in the other two thresholds remain at 25% and 20%. The fee hike, which goes into effect today, February 1, may be the auction house’s attempt to mitigate the effects of what could be a soft year for the art market. Christie’s undertook vigorous action to lower costs in June, including layoffs and restructuring. More information about the changes can be found on the Christie’s website here. How much did the bidder pay Christie’s Christie’s last updated its Buyer’s Premium rates in February 2019. Salman Toor, Rooftop Ghost Party I (2015) Courtesy Christie’s. Take the Hong Kong saleroom as an example, the upper hammer price limit has been raised from HK$2.5m to HK$5m, meaning that in the future, anything hammered down at a price below HK$5m will have to bear a 25% Buyer’s Premium. The news that Christie's is raising its buyer's premium as of March 11 is clearly bad news for collectors, as Georgina Adam reports in the Financial Times. It is owned by Groupe Artémis, the holding company of François-Henri Pinault. Sotheby’s: niente Buyer’s premium per le aste online-only. Effective January 17, Christie’s 20 percent buyer’s premium rate on the first $100,000 is now applied on the first $200,000 at almost all Christie’s sites. As of Jan. 1, the fee has increased from 15 percent to 17.5 percent, although the premium will drop to 10 percent on hammer prices in excess of $100,000. Both New York and London’s salerooms also see the same arrangements. 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