Heritage Auctions announces buyer’s premium changes for several categories, effective Jan. 1, 2012

DALLAS – Heritage Auctions has announced that, effective Jan. 1, 2012, the structure of its buyer’s premiums (BP) will be changing in several of its categories. While 13 of the company’s 33 categories will remain at 19 1/2 percent or 15 percent, the rest of the Heritage categories will implement the change.

“We make very careful and considered decisions at Heritage, and this was not one that we came to lightly,” said Greg Rohan, President of Heritage Auctions. “Heritage is a major player on the world auction stage, and our BP rates will now be competitive with Christie’s and Sotheby’s and the rest of the world’s key auctioneers.”

[Stay up to date with changes in the antiques world. Get 26 issues of Antique Trader magazine – a full year's worth – for just $26!]

In the categories of American Indian art, American art, European art, furniture and decorative arts, illustration art, jewelry, Lalique and art glass, luxury accessories, modern and contemporary art, music and entertainment, natural history, photography, Pre-Columbian, rare books, silver and vertu, Texas art, timepieces, vintage guitars and Western art, buyers will pay a premium of 25 percent of the hammer price on the first $50,000 of each lot purchased, 20 percent on the portion between $50,000 to $1,000,000 and 12 percent on any amount more than $1,000,000.

The minimum buyer’s premium of $14 per lot will also continue to apply.

There will be no change in buyer’s premium for US coins, world coins, currency, wine and arms and armor, which remain at 15  percent; or for Americana and political, Civil War and militaria, comics and comic art, historic manuscripts, movie posters, space exploration, vintage sports collectibles and Texana auctions, which remain at 19 1/2 percent.

In Gallery Auctions, meaning those auctions with sealed bids, mostly bulk numismatic material at Heritage, the buyer’s premium will also remain at 19 1/2 percent.

Related articles:
Absolute versus reserve auctions: Is it ever legal to retract a bid?
How to be the antiques dealer who knows something about art
As antiques auctioneers change their business, collectors must ask themselves tough questions

 

Leave a Reply