Auction house Phillips has announced that as of this week, there will be a change in its watches buyer’s premium structure.
Auctions will be brought into line with the buyer’s premium structure which applies to the rest of the company, namely: 25% of the hammer price up to and including £100,000; 20% of the portion of the hammer price above £100,000 up to and including £1,800,000; 12% of the portion of the hammer price above £1,800,000
The change only applies to watches, in order to ensure consistency across all categories and sale locations at Phillips.
Phillips adopted this buyer’s premium structure for all other collecting categories earlier this year, allowing the auction house to make additional investments within the company and continue providing clients with what it regards as the highest standard of service.
The move follows the announcement that the Geneva Watch Auction will see Phillips auction one of four stainless steel Patek Philippe 1518’s, which could change hands for £2.4 million.
The auction will also exhibit 44 of the watches in pink gold and more in yellow gold, which are priced at £477,000 – £950,000 and £199,000 – £397,000, respectively.