Christie’s announces that it will raise its buyer’s premium again, effective on 1 February 2019. For those who would like to join bidding at the auction house, make sure you take note of the new buyer’s premium schedule below.
Christie’s last updated its buyer’s premium in September 2017. The Shanghai sale site is the only one that still maintains the 20% charges for all price ranges.
For your easy reference, The Value has created a series of tables showing changes in buyer’s premium for hammer prices of $50,000, $500,000, $5m and $50m (based on local currency) respectively.
We have also selected a few lots from the recent sales in three main auction sites – Hong Kong, New York and London to see how buyer’s premium would be affected under the new structure.
The first example is a Qianlong Yangcai ‘Hundred Deer’ blue-handled vase that was offered at Christie’s Hong Kong last spring. It was hammered down at HK$38m and the buyer’s premium was HK$7.1m. Under the new pricing policy, the buyer’s premium would be HK$7.205m so there is a difference of HK$105,000.
A Fine Magnificent and Exceptionally Rare Yangcai 'Hundred Deer' Blue-handled Vase, Hu. Qianlong Six-character Seal Mark in Underglaze Blue and of the Period (1736-1795)
Here is an example from Christie’s London saleroom last autumn. A gilt-bronze seated figure of Avalokiteshvara from the Xuande period was hammered down at £1,600,000 and the buyer’s premium was £328,750. Under the new pricing policy, the buyer’s premium would be £331,250 so there is a difference of £2,500.
A Rare and Finely-Cast Gilt-Bronze Seated Figure of Avalokiteshvara. Xuande Six-Character Incised Mark and of the Period (1426-1435)
Another example is Rene Magritte’s L’empire des lumières, which was sold at Christie’s New York in November 2017. The painting was hammered down at US$18,000,000 and the buyer’s premium was US$2,562,500. Under the new pricing policy, the buyer’s premium would be US$2,705,000, so there is a difference of US$142,500
René Magritte (1898-1967). L’empire des lumières