Bonhams Auctioneers Adjusts Buyers Premium

Bonhams announced today, (May 27th), that it will change its buyers premium rates with effect from September 1st 2011.

Robert Brooks, Chairman of Bonhams, commenting on the change said: “We are now competing with Sotheby’s and Christie’s globally in all areas of art and antiques, so it is important that we maintain our competitiveness, which means matching their buyers’ premium rates.”

A Buyers’ Premium is payable if you successfully bid for a lot in a sale. It is calculated with reference to the hammer price of the lot and is charged in addition to the hammer price. VAT is payable on the premium in the UK.

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