New York, 10 April 2026 - Phillips has announced a new buyer's premium structure across its auction business, with effect from 12 April 2026. The revised structure applies to all auctions occurring on or after that date, in all categories sold by Phillips, and is set on a location by location basis spanning the house's four principal salerooms in New York, London, Hong Kong, and Geneva.
The announcement, issued jointly from New York, London, Hong Kong, and Geneva, sets out the premium terms that will govern bidding at the house going forward. The buyer's premium is the charge applied to the hammer price of a successful bid, and it forms part of the final amount paid by the buyer. As Phillips notes, estimates do not include the buyer's premium, while prices achieved include the hammer price plus the buyer's premium.
What is changing
From 12 April 2026, the new buyer's premium structure takes effect at each of the house's four auction centers. Phillips has published the structure for each location separately, reflecting the distinct currencies and market conventions of New York, London, Hong Kong, and Geneva. The revised terms are uniform in one important respect: they apply to every category Phillips offers, from Modern and Contemporary Art and Design to Photographs, Editions, Watches, and Jewels. Bidders are directed to phillips.com for the full premium tables that accompany the announcement.
About Phillips
Phillips describes itself as a leading global platform for buying and selling 20th and 21st century works, with dedicated expertise across Modern and Contemporary Art, Design, Photographs, Editions, Watches, and Jewels. Its auctions and exhibitions are primarily held in New York, London, Geneva, and Hong Kong, supported by representative offices throughout Europe, the United States, and Asia. Alongside its live and online sales, the house offers items for immediate purchase and a range of collecting services, including private sales and assistance with appraisals, valuations, and financial planning.
The change arrives as Phillips marks its 230th anniversary in 2026, a milestone that celebrates more than two centuries at the forefront of the global market for Modern and Contemporary Art, Design, and Luxury. Founded in 1796 by the charismatic auctioneer Harry Phillips, the company has, since its earliest days, offered a distinct and forward-looking approach to sales and collecting. Over the centuries it has delivered record-breaking results and landmark offerings, while pioneering new modes of collecting through ventures such as Dropshop. Through its partnership with Bacs & Russo, Phillips continues to lead the industry in watches, setting new benchmarks for excellence, innovation, and connoisseurship.
Estimates do not include buyer's premium; prices achieved include the hammer price plus buyer's premium.
(Press Release)
