Sotheby's adjusts buyer's premiums as auction houses test new fee structures

"Under the terms of Sotheby's new fee structure, buyer's premiums for lots sold in New York are increasing from 27% on lots priced at or above $1m to 28% for all works sold for hammer prices up to and including $2m (£1.5m in London). The medium tier buyer's premium will remain 22% of the hammer price, but will be applied to lots sold for between $2m and $8m (£1.5m and £6m in London);"

"Across the board, more buyers will be paying higher fees on the lower end of the auction houses' sales. This comes after lower-priced works remained relatively in-demand even amid a downturn for the wider market, and as auction houses have trended toward offering more conservative estimates after several years of slowing sales. At the end of last year, both Sotheby's and Christie's reported higher projected revenue, thanks in large part to private sales and luxury auctions."

Sotheby's implemented a new global buyer's premium structure effective 13 February. In New York, the premium rose from 27% on lots at or above $1m to 28% for works selling up to $2m (£1.5m in London). The mid-tier rate remains 22% but now applies to lots fetching $2m–$8m (£1.5m–£6m), rather than $1m–$8m. The top-tier fee for works above $8m (£6m) stays at 15%. Christie's had previously raised its premiums in September 2025. More buyers will face higher fees on lower-end sales as lower-priced works have stayed relatively in demand and auction houses report revenue growth from private and luxury sales.

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