At Christie's and Sotheby's, a winning bidder in New York pays a buyer's premium calculated as a percentage of the hammer price, applied in tiers that step down as the price climbs. As of early 2026, both houses charge 27 to 28 percent on the lowest tier and 15 percent on hammer prices above $8 million, according to the houses' own fee disclosures and trade reporting.
The premium is added on top of the winning bid and is paid by the buyer, not the consignor, at both New York-based auction houses. Sotheby's, in its published guidance for bidders, describes the premium as a percentage "added to the hammer price of each lot offered and is payable by the buyer," with the applicable rate determined by where the hammer price falls within the house's published tiers. Christie's applies a comparable tiered structure at its New York salerooms, according to reporting by The Art Newspaper.
What is a buyer's premium?
A buyer's premium is a fee auction houses add to the winning bid, calculated as a percentage of the hammer price rather than a flat charge. It is distinct from the hammer price itself and from any local sales tax, and it is paid only by the buyer; sellers are charged separately, through commission terms negotiated with the house.
How much do Christie's and Sotheby's charge in New York?
Both houses use a three-tier structure in which the percentage falls as the hammer price rises. Sotheby's tiers, effective February 13, 2026, charge 28 percent up to $2 million, 22 percent between $2 million and $8 million, and 15 percent above $8 million. Christie's, which last adjusted its New York rates in September 2025, charges 27 percent up to $1.5 million, 22 percent between $1.5 million and $8 million, and 15 percent above $8 million.
| Hammer price (New York) | Christie's | Sotheby's |
|---|---|---|
| Lowest tier | 27% up to $1.5 million | 28% up to $2 million |
| Middle tier | 22%, $1.5m–$8 million | 22%, $2m–$8 million |
| Top tier | 15% above $8 million | 15% above $8 million |
Before the September 2025 revision, Christie's had charged 26 percent on the first $1 million of a lot's hammer price and 21 percent on the portion between that threshold and $6 million, according to The Art Newspaper's account of the change. Sotheby's earlier structure had charged 27 percent on lots priced at $1 million and above before the low-tier threshold was widened to $2 million and the rate raised a further point.
The arithmetic matters most for buyers at the lower end of the market, since the majority of lots sell below the first tier's ceiling. A lot that hammers for $500,000 at Sotheby's New York in 2026 carries a buyer's premium of $140,000, for a total of $640,000 before any applicable tax — a cost that falls entirely within the 28 percent tier. The same hammer price at Christie's, under its September 2025 schedule, adds a premium of $135,000, for a total of $635,000.
Why have the fees kept rising?
Both houses have raised premiums repeatedly since a broader softening in the auction market took hold, according to The Art Newspaper, which reported that auction houses are "seeking to balance revenue needs amid a three-year market downturn while maintaining buyer appeal." Lower-priced lots held up better through the downturn than the very top of the market, making the lowest premium tier — the one most bidders actually pay — the focus of recent increases at both houses.
Sotheby's took a different approach in early 2024, replacing its tiered structure with a flat 20 percent buyer's premium across all price levels. The house reversed the change within a year and returned to a tiered schedule; its chief executive said at the time that the flat-rate model "proved less attractive to potential sellers," a signal that premium structure affects where consignors choose to sell as much as what buyers ultimately pay.
The pattern is not new. Christie's raised its top-tier premium from 12.5 percent to 13.5 percent in February 2019, its third increase in under three years at the time, according to Artnet News, which reported that a Christie's spokesperson said the house would "continue to manage its costs closely in order to minimize the impact of these additional fees" on clients.
That February 2019 increase had also pushed Christie's top-tier rate above the level then charged by Sotheby's, which stood at 12.9 percent, and Phillips, at 12.5 percent, according to Artnet News. The direction has been consistent since: each adjustment at either house has moved rates upward rather than down, even as the houses have periodically shifted where the tier breakpoints fall. At the time of Christie's 2019 increase, both Sotheby's and Phillips declined to comment on their own future fee plans, according to the same Artnet News report, underscoring how closely the houses track one another's pricing without announcing changes in advance.
What does the premium not cover?
Sotheby's guidance states that its published premium rates exclude local taxes and artist resale royalties, both of which are calculated and charged separately where they apply. Bidders budgeting for a purchase should treat the buyer's premium as one line item among several that can be added to the hammer price rather than the full cost of acquiring a lot.
Do premium rates differ by sale category or location?
Yes. Sotheby's applies a separate schedule to its Global Wines & Spirits sales, charging 24 percent plus a 1 percent overhead premium on all hammer prices regardless of value, rather than the tiered rates used for fine art and other categories. Rates and currency thresholds also vary by saleroom; the tiers described above apply specifically to Sotheby's and Christie's New York salerooms, and figures in other cities are set in local currency with different breakpoints.
Sotheby's own published guidance illustrates the point: its Hong Kong saleroom applies the same three-tier logic as New York but in Hong Kong dollars, charging 28 percent up to HK$15 million, 22 percent between HK$15 million and HK$60 million, and 15 percent above that. Paris and Cologne sales use euro thresholds set at €1.75 million and €7 million rather than the dollar figures used in New York. A bidder comparing costs across salerooms needs to convert currency as well as check the local tier structure, since neither the percentages nor the breakpoints are uniform worldwide.
Frequently asked questions
Is the buyer's premium negotiable?
The published tiers apply to standard lots and are not something an individual bidder negotiates at the point of sale; the rate is fixed by the hammer price and the house's current fee schedule for that saleroom and category.
Who pays the buyer's premium, the buyer or the seller?
The buyer pays the premium on top of the hammer price. The seller is charged separately, through commission and other terms agreed with the auction house before the sale, which are not part of the buyer's premium schedule.
Does the buyer's premium include sales tax?
No. Sotheby's states that its published premium rates exclude local taxes, which are calculated and added separately depending on the buyer's location and applicable law.
Why did Sotheby's go back to tiered pricing after trying a flat rate?
Sotheby's tried a flat 20 percent buyer's premium in early 2024 and reversed the change within a year. Its chief executive said the flat-rate approach had proved less attractive to potential sellers, prompting a return to tiered rates.
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