OGP | Collectors' Recommendations
Jul 21, 2025
International auction house Phillips has announced a groundbreaking change to its buyer’s premium structure, effective from September 2025. The new model introduces a modest increase in the standard global buyer’s premium rates, while also unveiling a pioneering “Priority Bids” scheme that rewards early bidders with lower commission fees. All watch auctions will remain under the current fee structure without adjustments.
Phillips’ existing tiered buyer’s premium is 27%, 21%, and 14.5% based on the hammer price. Under the new structure, these rates will be adjusted to 29%, 22%, and 15%. The revised rates apply to all live and online auctions in Modern & Contemporary Art, Design, Photographs, Editions, and Jewelry held from Fall 2025 onwards. Watch auctions are excluded from these changes and will retain their current rates.
The newly introduced “Priority Bids” scheme is applicable only to live auctions in the aforementioned categories. To qualify, bids must be legally binding, submitted in writing at least 48 hours before the auction, and must meet or exceed the lot’s low estimate. Once submitted, bids are irrevocable. Buyers who submit Priority Bids and successfully win the lot will benefit from significantly reduced buyer’s premiums: 25%, 20%, and 14%, depending on the hammer price.
Martin Wilson, CEO of Phillips, commented:
“At Phillips, we are committed to delivering exceptional auction results for our clients. Our over 90% sell-through rate in the first half of 2025 speaks to the strength of our approach. We take pride in innovation, and the introduction of ‘Priority Bids’ reflects our bold thinking—encouraging early participation to ignite competitive momentum and providing consignors with greater certainty. This strategic shift creates a more dynamic and engaging auction experience, ultimately benefiting both buyers and sellers.”
All buyer’s premiums are calculated on a cumulative basis according to the hammer price.