Good Morning!
- A restitution battle over a Franz Marc painting in the collection of the Folkwang Museum in Germany heats up.
- As of last Friday, Sotheby’s has raised its buyers’ fees worldwide.
- British artist and Turner Prize winner Tai Shani has withdrawn a Phaidon monograph following sexual assault allegations against owner Leon Black revealed in the latest Epstein files.
The Headlines
FEE HIKE. Sotheby’s has raised its buyer’s premiums worldwide, with the move coming into effect last Friday on February 13, The Art Newspaper wrote. These non-negotiable fees, added on top of a lot’s hammer price, are a key revenue source for auction houses, which have felt the pinch from a three-year art market downturn. Under the new structure, lots sold in New York for up to $2 million now carry a 28 percent premium, up from 27 percent. The mid-tier fee remains 22 percent but now applies to lots between $2 million and $8 million (previously $1 million–$8 million). Premiums for works above $8 million stay at 15 percent. Sotheby’s declined to comment. The move follows similar adjustments at Christie’s and Phillips , where lower-priced works have stayed in demand. Sotheby’s also recently raised $900 million through art-backed loans, including collectible cars and blue-chip art, via securitisation, giving it upfront capital to bolster its business. The fee changes mean more buyers will pay higher rates on lower-value lots, reflecting both market trends and the houses’ drive to strengthen revenue streams.