Buyer's premium

The buyer's premium is the commission the auction house charges the buyer on top of the hammer price. It is set in the conditions of sale, published before the auction, and is not negotiable.

The schedule slides by bands: a first rate applies up to a threshold, a lower rate to the portion above it. For a watch worth a few thousand to a few hundred thousand euros, only the first rate matters. In 2026, Phillips charges 27% on watch sales up to CHF 1,600,000 in Geneva, Christie's 27% and Sotheby's 28% on their first band. In France, Artcurial charges 27% plus VAT, i.e. 32.4% including VAT up to €850,000.

Why it matters:

• For the buyer, it is the first item to add to the hammer, before import VAT and shipping. A bidding limit is set from the full cost.
• For the seller, the buyer's premium is not a direct cost, but a bidder who reasons in full cost bids correspondingly lower.
• To read a result, you need to know that the figures published by the major houses generally include the premium.

Example: a watch hammered at €10,000 at Artcurial costs €13,240 with premium, before shipping. For an all-in budget of €10,000, the hammer limit is therefore about €7,550.

Our guide buying a watch at auction compares the major houses' schedules and works out the true cost of a bid in Paris and in Geneva.