What is Auction Buyer's Premium? | |
Auction Buyer's Premium is a term commonly used in the world of auctions to refer to an additional fee paid by the winning bidder on top of the hammer price or the final bid. This premium is typically expressed as a percentage of the hammer price and serves as compensation to the auction house or seller for facilitating the sale. The concept of a buyer's premium has become widespread in various auction formats, including live, online, and timed auctions. For example, if an artwork sells at auction for $1,000 with a 10% buyer's premium, the winning bidder will be required to pay a total of $1,100 (hammer price + 10% buyer's premium). It is essential for bidders to consider this additional cost when placing their bids, as it can significantly impact the total amount they will pay for the item. | |
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| Target State: All States Target City : All Cities Last Update : Nov 08, 2023 12:20 PM Number of Views: 30 | Item Owner : Auction Plugin Contact Email: (None) Contact Phone: (None) |
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