Christie's Ups Art Commission

Christie’s International will increase the commission that buyers pay for big-ticket art, following a move by rival Sotheby’s on January 12, reports Bloomberg’s Linda Sandler. Starting on February 5 during a round of London sales, buyers at Christie’s will pay twenty percent on the first £250,000 pounds ($490,497) of the hammer price and twelve percent on the rest, the London-based auction house said in an e-mailed statement. Christie's currently charges 20 percent on the first £100,000 ($196,198) and twelve percent on the rest. The move “is to ensure that we remain competitive,” Chief Executive Officer Edward J. Dolman said in the e-mail. The commission increase could significantly boost the auction houses’ revenue and profit. At Sotheby’s, the increase could add as much as fifty million dollars in revenue and fifty cents a share in earnings in a year. Irish Art