08 September 2019
London auctioneers Dix Noonan Webb (DNW) has increased its buyers’ premium for the first time in ten years following a decade of technological revolution which has ‘brought about a sea change in clients’ needs and expectations.’
The premium will increase from 20% to 24% of the hammer price on lots in all DNW’s auctions. VAT is payable where applicable on the premium but not on the hammer price.
The auction house, which held its first auction in 1991, has also launched two new initiatives to benefit clients:
- Lots bought at DNW since 1 January 2013 can be resold with zero sellers’ commission by the original purchaser
- Potential buyers will be able to see the hammer price with premium added online whilst bidding is in progress, ‘in the interests of transparency’.
Managing Director and Chief Executive Officer, Pierce Noonan, said:
‘The last time that we increased the buyers’ premium was in 2009 and since then the auction world has changed almost beyond recognition. New technology has been the driving force behind this and DNW has stayed ahead of the game providing our clients with a unique range of services. But the time has come when we have to pass on to our buyers some of the considerable costs of this revolution in the way that customers purchase lots at auction.’
During the past decade DNW has introduced a number of innovations, including investing heavily in a bespoke live online bidding service that enables clients either to leave advance bids or bid in real time whilst both watching and listening to the auctioneer; introducing a policy of photographing all lots for sale and making them available for viewing in high resolution on DNW’s website, and hosted what has become an industry standard free-to-use database containing over 300,000 lots sold by DNW since 1991.
In 2018 DNW achieved a total hammer price of £11,676,580 and the total number of lots across all departments was 20,273. To date the company has sold in excess of 300,000 lots totalling £155 million.
For more information visit www.dnw.co.uk