Phillips raises buyer’s premium thresholds

Phillips has raised the thresholds of its buyer’s premium, putting its fee structure in line with Sotheby’s and leaving Christie’s looking relatively cheap. The new thresholds mean that buyers need to add an extra 25% to works with a hammer price up to and including $200,000 (previously set at $100,000); 20% for works between $200,001 and $3m (previously $100,001-$2m) and 12% for works over $3m (previously $2m). Phillips last raised its premiums in April 2013. Christie’s rates are still at 25% up to $100,000; 20% for between $100,001 and $2m and 12% above $2m.