It’s about to get more expensive to shop at Sotheby’s.
The auction house announced late Monday that it was effectively raising the rates it charges many of its buyers by changing the rate thresholds.
The first change in Sotheby’s rate structure in nearly two years means that beginning Feb. 1 buyers at its auctions will pay 25 percent on the first $200,000 of a hammer price, up from a previous low threshold of $100,000; 20 percent on the value between $200,000 and $3 million, up from the previous range of $100,000 to $2 million; and 12 percent on any amount remaining above $3 million, up from the previous upper threshold of $2 million.
The move will mean many buyers at the lower and middle end, where many of its purchases take place, will pay higher buyer’s premiums on their purchases.
Christie’s, whose buyer’s rates currently match Sotheby’s old pricing structure, did not immediately comment on whether it would follow the increase announced by the rival auction house.
In a statement, William F. Ruprecht, Sotheby’s president and chief executive, who announced in November that he was stepping down, said the change to the buyer’s premium would give the company a financial boost. Mr. Ruprecht had come under pressure from the billionaire hedge fund manager Daniel S. Loeb over the house’s financial performance.
“This will improve Sotheby’s revenue, strengthen the company’s profit margins,” Mr. Ruprecht said, adding that it would also provide money for investments.
Both Christie’s and Sotheby’s last made a change to their buyer’s premium schedules in 2013.