In 1975 Sotheby’s and Christie’s introduced buyer’s fees which, over the years have grown from 10% to 27% in some cases.
Sotheby’s has now announced that their buyer’s fees will be 20% up to $6 million and 10% on the portion of the hammer price exceeding $6 million.
Previously at Sotheby’s, buyer’s fees would be charged up to 27% (including the 1% admin fee).
To bring these buyer’s fees down, inevitably the seller’s fees have increased.