This Fall, Phillips Will Debut ‘First-of-its Kind’ Priority Bidding Structure

This Fall, Phillips Will Debut ‘First-of-its Kind’ Priority Bidding Structure

This September, Phillips will debut a new fee structure, a “first-of-its-kind buyer’s premium structure” featuring “priority bidding,” the auction house said in an announcement Tuesday. Here’s how it will work: A binding written bid must be placed at least 48 hours before the auction’s start time and must be equal to or greater than the lot’s published low estimate. According to Phillips, the winning priority bid will benefit from a “significa…