As Sotheby’s prepares a new round of auctions in the upcoming weeks, the company has announced a series of increases in its sales percentages. Buyers at upcoming auctions will now pay 25 percent on the first $200,000 of a work’s hammer price, 20 percent on the value between $200,000 and $3 million, and 12 percent on any amount remaining above $3 million, up from the previous upper threshold of $2 million. “This will improve Sotheby’s revenue, strengthen the company’s profit margins,” says current CEO Bill Ruprecht.
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