Beginning with the fall auctions this September, Phillips will debut a first-of-its-kind Buyer’s Premium Structure.
Alongside updated standard rates, the house will launch Priority Bidding, an innovative framework that will offer lower Buyer’s Premium rates for early engagement. Phillips’ Buyer’s Premium (BP) structure will be updated for all categories, except Watches.
Martin Wilson, Chief Executive Officer, said, “Phillips prides itself on innovation and bold new ideas so we are excited to introduce Phillips’ new Buyer’s Premium Structure, featuring Priority Bidding, a first in the auction industry. We have a history of delivering positive results for our clients, evidenced by our 90% sell-through rate this spring. Our aim now is to strengthen our position on this front by encouraging early engagement in order to generate spirited bidding while also providing greater certainty for sellers. Rewarding all buyers who commit early will create more momentum in the early stages of bidding and a compelling auction experience. We believe that this strategic adjustment will lead to a more vibrant auction experience and ultimately support better outcomes for both our sellers and bidders.”
Priority Bids are written binding bids that must be placed no less than 48 hours in advance of an auction’s start time. They must also be equal to or greater than the lot’s published low estimate. Bidders placing Priority Bids will, if they are successful, benefit from a buyer’s premium rate which is significantly lower than the buyer’s premium rate applicable to bids placed in other ways. Bidders placing a Priority Bid will benefit from the lower buyer’s premium rate whenever they are the successful bidder, whether the winning bid is at the amount of their Priority Bid or a higher bid placed subsequently by them in the auction. The new buyer’s premium structure featuring Priority bidding rates will apply to live auctions in the Fall 2025 season for all categories, excluding Watches.
Main Image: Henry Highley auctioneering in New York