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.