Sotheby's to increase buyers' premium

 New York  |  27 January 2015  |  AMA  |  Tweet  |  LinkedIn

As of 1 February, Sotheby’s is to introduce changes to their Auction Buyers’ Premium in an attempt to improve profits.

The new premium is to be structured as follows: the premium will be 25% of the first $200,000; 20% of the $200,000 to $3 million segment of the price; and 12% of anything over $3 million. This will compare to the current structure, which is: 25% of the first $100,000; 20% of the $100,000 to $2 million segment of the price; and 12% of anything over $2 million.

Bill Ruprecht, soon-to-be former CEO, said of the changes: “This will improve Sotheby’s revenue, strengthen the Company’s profit margins, fund innovation, help us continue to make interesting and exciting investments in the business, and support our growing online and traditional engagement with clients around the world.”

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