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Heritage Auctions Increases Buyer's Premiums for Art and Other Categories

Heritage Auctions has announced that, effective Jan. 1, 2012, the structure of its Buyer’s Premium (BP) will be changing in several of its categories. While 13 of the company’s 33 categories will remain at 19.5% or 15%, the rest of the Heritage categories will implement the change.

“We make very careful and considered decisions at Heritage, and this was not one that we came to lightly,” said Greg Rohan, President of Heritage Auctions. “Heritage is a major player on the world auction stage, and our BP rates will now be competitive with Christie’s and Sotheby’s and the rest of the world’s key auctioneers.”

In the categories of American Indian Art, American Art, European Art, Furniture & Decorative Arts, Illustration Art, Jewelry, Lalique & Art Glass, Luxury Accessories, Modern & Contemporary Art, Music & Entertainment, Natural History, Photography, Pre-Columbian, Rare Books, Silver & Vertu, Texas Art, Timepieces, Vintage Guitars and Western Art, buyers will pay a BP of 25% of the hammer price on the first $50,000 of each lot purchased, 20% on the portion between $50,000 to $1,000,000 and 12% on any amount more than $1,000,000.

The minimum BP of $14 per lot will also continue to apply.

There will be no change in Buyer’s Premium for US Coins, World Coins, Currency, Wine and Arms & Armor, which remain at 15% or for Americana & Political, Civil War & Militaria, Comics & Comic Art, Historic Manuscripts, Movie Posters, Space Exploration, Vintage Sports Collectibles and Texana auctions, which remain at 19.5%.  In Gallery Auctions, meaning those auctions with sealed bids, mostly bulk numismatic material at Heritage, the BP will also remain at 19.5%.

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