Christie’s Raises Commissions for First Time in Five Years

Carol Vogel of the New York Times reports that Christie’s has increased its buyer’s premiums, effective March 11. This is the first time in five years that the auction house—whose 2012 sales totaled $6.27 billion, up 10 percent from 2011—has increased its commissions. Vogel notes that historically this sets a precedent: When one auction house hikes fees, the others generally follow suit. Thus far, however, there “has been no word from Sotheby’s, Phillips, or Bonhams.”