Phillips has been making waves in the art world lately. After nabbing a number of former Sotheby’s and Christie’s employees, the London-based auction house announced that it will raise its buyer fees in an attempt to increase revenue. Beginning May 16, Phillips will charge twenty-five percent of the hammer price on works up to and including $200,000, twenty percent of the portion of the hammer price above $200,000 up to and including $3 million, and twelve percent of the portion of the hammer price above $3 million