Christie’s announced that its Buyer’s Premium will be an amount equal to 25% of the hammer price of each lot up to and including $100,000; 20% of the hammer price from $100,001 up to and including $2,000,000; and 12% of any sales above $2,000,001. Christie’s previously charged 25% of the hammer price up to and including $75,000; 20% on the amount from $75,001 to $1.5 million; and 12% on anything exceeding $1.5 million.

This is the second time that Christie’s has adjusted its Buyer’s Premium, a fee charged to buyers at auction, this year. Prior to the initial change, which went into effect on March 11, 2013, Christie’s Buyer’s Premium had been unchanged since 2008.