Christie’s and Bonhams have both quietly raised the fees they charge buyers. The charges, which auction houses like to call “buyer’s premiums,” are added on top of a lot’s hammer price and are a key source of revenue for the houses.
At Christie’s, effective September 1, the house is charging 28% of the hammer price of each lot up to and including £1.5 million or $2 million; 22% of the hammer price from £1.5 million or $2 million up to and including £6 million or $8 million; and 15% of the hammer price above that threshold. The changes affect all departments except wine and were instituted “following an internal business review,” according to a press statement sent to ARTnews.
The change brings Christie’s to parity with Sotheby’s, which hiked its fees in February.
Christie’s changed its fees as recently as September 2025, when the house began charging 27% on amounts up to £1 million ($1.5 million); 22% from £1 million ($1.5 million) to £6 million ($8 million); and 15% on amounts above that.
Bonhams is also raising its fees, taking effect on October 1. All sale categories, except wine and whisky, coins and medals, and cars and motorcycles, will be affected by the first changes to the structure since 2023.
The new rates introduce a new price band. They are: 30% on the first £25,000 or $35,000 of the hammer price; 28% from £25,001 to £500,000 ($35,000 to $750,000); 25% from £500,001 to £1 million ($750,000 to $1.5 million); 21% from £1 million to £5 million (from $1.5 million to $7.5 million); and 14% above £5 million ($7.5 million). The previous rates were: 28% on the first £40,000 ($50,000) of the hammer price; 27% from £40,001 to £800,000 ($50,000 to $1 million); 21% on £800,000 to £4.5 million ($1 million to $6 million; and 14.5% on amounts in excess of £4.5 million ($6 million).
A view of the galleries in Bonhams’ new 57th street headquarters.
McGuire McManus, courtesy of Bonhams
“We at Bonhams want to be able to continue to offer our clients the level of specialist expertise that they rely on for authentication, provenance, and valuation across a wide range of price points, as well as further invest in improving their digital experience,” said Seth Johnson, chief executive officer, in an announcement. “This is the first change we have made to our buyer’s premium in more than three years, and the adjustments have been made to properly reflect the value that Bonhams as a global auction house provides.”
Phillips introduced a new fee structure in 2025, at the same time introducing “priority bidding,” a system in which bidders may enter binding written bids ahead of a sale and, in return, benefit from a significantly lower buyer’s premium.
