AN IMPORTANT UPDATE REGARDING CHRISTIE’S BUYER’S PREMIUM SCHEDULE
Effective 11 March 2013
Following an internal business review, Christie's International announced an adjustment to its Buyer’s Premium schedule that will result in an increase in the fee paid by the successful buyer of an item at auction. This amendment widens the price thresholds at which fees are applied (see detail below) but represents no change in the fee percentages themselves. For Wine auctions only, where a flat percentage fee applies, Christie's is implementing increases of 1 to 2 percent for live and online-only wine auctions hosted through its main sales sites in New York, Hong Kong, London, Geneva and Paris. Changes for Wine auctions will take effect on March 20, 2013.
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CHRISTIE’S NEW BUYER’S PREMIUM SCHEDULE
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(except where stated these rates are net of local applicable taxes)
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Country
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Sale Room
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U.S.
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Rock
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25.0%
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Up to $75,000
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20.0%
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$75,001 to $1,500,000
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12.0%
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$1,500,001 and above
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U.K.
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King Street
South Kensington
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25.0%
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Up to £37,500
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20.0%
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£37,501 to £750,000
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12.0%
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£750,001 and above
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France
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Paris
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25.0%
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Up to €30,000
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20.0%
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€30,001 to €1,200,000
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12.0%
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€1,200,001 and above
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Holland
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Amsterdam
(all inclusive rates)
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30.25%
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Up to €30,000
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24.20%
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€30,001 to €1,200,000
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14.52%
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€1,200,001 and above
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Italy
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Milan
(all inclusive rates)
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30.0%
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Up to €30,000
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26.0%
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€30,001 to €1,200,000
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18.5%
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€1,200,001 and above
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Switzerland
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Geneva
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25.0%
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Up to CHF 75,000
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20.0%
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CHF75,001 to CHF1,500,000
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12.0%
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CHF1,500,001 and above
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Zurich
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PRC
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Hong Kong
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25.0%
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Up to HK$600,000
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20.0%
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HK$600,001 to HK$12,000,000
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12.0%
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HK$12,000,001 and above
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Dubai
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Dubai
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25.0%
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Up to $75,000
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20.0%
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$75,001 to $1,500,000
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12.0%
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$1,500,001 and above
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Additional Information
Paris
For Paris auctions additional charges apply to lots marked with the f, ff and + symbols.
Amsterdam
Amsterdam rates are quoted inclusive of VAT in catalogues. The VAT-inclusive rates are: 30.25% up to €30,000; 24.20% €30,001 - €1,200,000; and 14.52% on €1,200,001 and above.
Milan
Milan rates are quoted all-inclusive.
Geneva
VAT of 8.0% is added to the hammer price and to the premium. This tax is refunded to buyers domiciled outside Switzerland upon receipt by Christie's for each object of an export declaration stamped by Swiss Customs. This refund is recovered by Christie's from the Swiss Fiscal Authorities only on presentation of the stamped declaration. The Authorities will not entertain a claim without presentation of this form duly stamped by Swiss Customs. The total amount obtained by adding to the hammer price the buyer's commission and VAT shall constitute the purchase price for the purposes hereof.
For Wine Only:
Effective March 20, the new premium rates shall be an amount equal to 22% of the hammer price in New York and Hong Kong and an amount equal to 17% of the hammer price in London, Paris and Geneva.
All rates quoted below exclude local sales taxes.
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New York
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22%
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London
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17%
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Paris
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17%
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Geneva
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17%
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Hong Kong
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22%
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Prior to March 20, the following premium rates still apply
All rates quoted below exclude local sales taxes.
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New York
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21%
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London
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15%
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Paris
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15%
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Hong Kong
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21%
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