sothebys hikes buyers fees restitution battle franz marc painting 1234773693

Sotheby's has increased its buyer's premiums globally, with the new fee structure taking effect on February 13. The changes mean buyers of lower-value lots will pay higher rates, with the premium for works sold in New York for up to $2 million rising from 27% to 28%. This move follows similar adjustments by rivals Christie's and Phillips, as auction houses seek to bolster revenue during a prolonged art market downturn. Sotheby's also recently raised $900 million through art-backed loans via securitization.