priority bidding phillips 2671429

Phillips auction house announced a new fee structure for fall 2025 called "priority bidding," which offers lower buyer's premium rates to bidders who place written bids at least 48 hours before a live sale. The move aims to encourage early engagement and generate more spirited bidding, while also providing certainty for sellers. The house is simultaneously raising its standard buyer's premium to as high as 29 percent on works up to $1 million, making it the highest among major auction houses. CEO Martin Wilson, who took over in January, hopes the program will mitigate risk and shore up sales of mid-priced works.