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 upping its so-called buyer’s premium â€" the fee it charges buyers â€" for the first time since 2008.
It had been charging 25 percent for the first $50,000; 20 percent on the amount between $50,001 and $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. Historically when one auction house increases its fees the others follow, but so far there has been no word from Sotheby’s, Phillips or Bonhams.
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 premium).
