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Tuesday, 27 January 2015 11:16

Sotheby’s Ups Buyers’ Premium

Sotheby's London. Sotheby's London. Wikipedia

It’s about to get more expensive to shop at Sotheby’s. The auction house announced late Monday that it was effectively raising the rates it charges many of its buyers by changing the rate thresholds.

The first change in Sotheby’s rate structure in nearly two years means that beginning Feb. 1 buyers at its auctions will pay 25 percent on the first $200,000 of a hammer price, up from a previous low threshold of $100,000; 20 percent on the value between $200,000 and $3 million, up from the previous range of $100,000 to $2 million; and 12 percent on any amount remaining above $3 million, up from the previous upper threshold of $2 million.

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