Phillips Auction House announced that it will launch an industry-first buyer's premium rate system starting in September 2025. In addition to adjusting the standard buyer's premium rate for global auctions, it will also introduce a "pre-bid" buyer's premium rate, allowing buyers who participate in bidding in advance to pay a lower commission.

“Pre-Bidding” Rewards

"Pre-bids" are only valid through legally binding written bids, which must be submitted at least 48 hours before the start of the auction, and the bid amount must not be less than the low estimate of the lot, and once submitted, they cannot be withdrawn.

The buyer who successfully bids through the "pre-bid" will have the final hammer price of the auction item as long as the terms are met.You can enjoy a significantly reduced buyer's commission rate (see the table below for specific rates).

The new standard buyer’s premium rate will apply to all sales held in the fall of 2025 or later.Modern and Contemporary Art, Design, Photography, Editions and JewelleryOn-site and online auctions, includingThe “Pre-bid” buyer’s premium rate applies only to live auctions in the above categories, and Phillips will make adjustments based on market conditions and business evaluation.

also,All Watches and Clocks auctions will maintain the current buyer’s premium rates.No changes made.

“Phillips is committed to delivering exceptional auction results for our clients, as evidenced by the over 90% sell-through rate in our global auctions in the first half of this year. We pride ourselves on innovation, and this first-of-its-kind lower commission rate for pre-bid buyers is designed to encourage early bidding to stimulate bidding enthusiasm while providing greater certainty for consigned collectors. Rewarding prospective buyers for pre-bids not only builds momentum early in the auction, but also creates an engaging auction experience. This strategic change will create a more dynamic auction atmosphere and better results for consigned sellers and bidders.

—Martin Wilson, CEO of Phillips

New standard buyer’s premium rates and

"Pre-bid" Buyer's Premium Rate

The buyer's premium is calculated on a progressive basis based on the hammer price of the lot. The latest rates for each auction house and the "pre-bid" buyer's premium are listed on the following page, except for watches:

Example 1

• If you bid HK$100,000 at the auction and that bid is the hammer price for the lot, the final sale price is HK$129,000 (based on the standard buyer’s premium rate)
• If a Pre-bid bid of HK$100,000 is placed at least 48 hours before the auction and that bid is the hammer price, the final price will be HK$125,000 (calculated at the Pre-bid buyer’s premium rate)
• If a Pre-bid bid of HK$100,000 is placed at least 48 hours before the auction and the hammer price is HK$120,000, the final price will be HK$150,000 (based on the Pre-bid buyer’s premium rate)

Example 2

• If you bid HK$100,000,000 at the auction and that bid is the hammer price for the lot, the final sale price would be HK$119,025,000 (based on the standard buyer’s premium rate)
• If a Pre-bid bid of HK$100,000,000 is placed at least 48 hours before the auction and that bid is the hammer price, the final price will be HK$117,375,000 (calculated at the Pre-bid buyer’s premium rate)
• If a Pre-bid bid of HK$100,000,000 is placed at least 48 hours before the auction and the hammer price is HK$120,000,000, the final price will be HK$140,175,000 (calculated at the Pre-bid buyer’s premium rate)

Watches and clocks auction on-site and online

Maintain the effective date from March 2023

Buyer's Premium Rate