Sotheby's does a U-turn on new fees structure

Sotheby’s initially introduced a flat buyer's premium to simplify auction fees, but sellers preferred traditional bespoke terms, prompting a return to previous fee structures.

Charles Stewart states, "We are totally unafraid to try things that challenge conventions in ways that benefit the market and expand access by growing audiences," highlighting aims for reform.

The leadership acknowledges buyer's premiums were well-received but admits the changes did not appeal to sellers, leading to a reversion to previous fees prior to changes.

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