A Short History of the Buyer’s Premium

A photo shows a young auctioneer auctioning an abstract painting, while bidders, facing him, raise their paddles in the foreground

In light of recent news related to auction fees, here is a brief background on the buyer’s premium. The buyer’s premium was introduced in the 1970’s by Christie’s and Sotheby’s, as a 10% fee, charged to the buyer, on top of the hammer price. Some say it was introduced to help cover operating costs, while […]

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