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Tuesday, 17 May 2016 12:25

Phillips Raises Buyer Fees

Berkeley Square, where Phillips' London headquarters is located. Berkeley Square, where Phillips' London headquarters is located. Geograph.co.uk

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

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