Published: February 13, 2007
Bonhams has announced that it will charge a 20 percent buyer’s premium on all lots hammering up to $500,000, effective April 1 for US sales.
Robert Brooks, chairman of Bonhams, commenting on the change, said, “We are now competing frequently with Sotheby’s and Christie’s globally on a range of art and antiques, so it is important that we maintain our competitiveness, which means matching their recently announced new buyer’s premium rates.
“We have just had the best year since Bonhams brought together its five constituent businesses, building significant year-on-year sale growth. Bonhams is now harmonizing its buyer’s premium rates throughout Bonhams salerooms worldwide.”
Sales that are not affected by this increase are motor cars, fine and rare wines and arms and armor. In US sales, the discount on buyer’s premium for cash buyers will continue to be made available on the first $100,000 in hammer price per lot.
A buyer’s premium is payable if one successfully bids for a lot in a sale. It is calculated with reference to the hammer price of the lot and is charged in addition to the hammer price.
For information, 415-861-7500 or www.bonhams.com.
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