The Real Price Of Winning A Lot Just Went Up

Christie's, Sotheby's, Phillips, and Bonhams have each raised their buyer's premiums this year, the added charge tacked onto the hammer price that determines what a winning bidder actually pays. All four of the major salerooms making the adjustment in the same year is a notable instance of near-unison movement among houses that otherwise compete hard for the same bidders. For a collector, the number that matters is no longer just where the gavel falls — it's that figure plus a heavier premium than a year ago. The change reaches across categories, from paintings to design, at houses that continue to court collectors for their top sales. Whatever the reasoning behind it, the shift is a reminder that winning at auction has always been about more than the bid alone.

With reporting from Artnet News.