Bonhams increases Buyer’s Premium
Bonhams communicated to their clients about a change in the buyer’s premium, stating that a 30% fee will now apply to bids of £25,000 or less, previously 28%.
The increase affects only the buyers, as there has been no modification to the seller’s premium.
This is the full letter Bonhams' communicated to their clients:
Dear Client, I am writing to let you know that Bonhams is updating its buyer’s premium. The new rates apply to sales taking place after 1 October 2026.
From that date the premium will be 30% on the first £25,000 of the hammer price, 28% from £25,001 to £500,000, 25% from £500,001 to £1,000,000, 21% from £1,000,001 to £5,000,000 and 14% above £5,000,001. The premium is calculated in bands, so each portion of the hammer price is charged at the rate for that band, and the amounts are added together.
The new rates apply to all Sales categories excluding Wine, Coins & Medals, and Motor Cars and Motorcycles, which keep their existing fee structures. In the United States the excluded categories also include Arms & Armour.
This is the first change we have made since July 2023. In the three years since, the cost of preparing and selling a lot has risen considerably, and we are at the same time investing in what our clients rely on us for: the expert specialists who value, authenticate and research the provenance of everything we sell, the salerooms they work in, and the digital platforms our clients bid through. We have designed the new structure so that the rates applying to higher value property have come down rather than up.
You can see the full rate card, a worked example and answers to the questions we are most often asked on our rates page.