+Sotheby's increases buyers premium, resulting in significantly higher buyer's premium vs. +Christie's on all purchases, most noticeable on purchases under $250K
. Accordingly, +Sotheby's now imposes a higher buyer's premium than +Christie's, charging 25% on the first $250K of US lots vs. Christie’s cap of 25% on the first $150K. For example, a buyer of a $3 million painting at Sotheby’s will realize a $117.5K buyer's premium vs $94.5K at Christie's.
Implementing a buyers's premium increase in Falll 2016 is strategically risky, given the senior management stampede exodus earlier this year when +Sotheby's
purchased the questionable Art Agency Partners for at least $50 million, an acquisition art insiders doubt will ever be profitable. Many Sotheby's clients may resent the buyer's premium increase, especially given the initial $20 million payday to #AmyCappellazzo
, and as a result, provide more consignments to Christie's and Phillips, a trend that could injure Sotheby's,, so much so, it yields a third place share of the fine art market behind +Phillips