What is a Buyer’s Premium in an Auction? - Ultimate Auction Pro (Computers - Software)
Item ID 3833664 in Category: Computers - Software
What is a Buyer’s Premium in an Auction? - Ultimate Auction Pro | |
If you're new to the world of auctions, you might have come across the term "Buyer's Premium." This is a crucial concept to understand when participating in auctions, whether in person or online. In a nutshell, a Buyer's Premium is an additional fee or percentage added to the final hammer price of an item you successfully bid on at an auction. The purpose of the Buyer's Premium is to cover the auction house's operational costs and generate revenue. It's essentially a service fee for facilitating the auction. The percentage can vary widely, typically ranging from 5% to 25% of the final hammer price, depending on the auction house and the type of auction. For example, if you successfully bid $1,000 on a piece of artwork with a 10% Buyer's Premium, you would pay a total of $1,100 ($1,000 for the item plus $100 as the Buyer's Premium). It's essential to be aware of this fee, as it can significantly impact your overall cost when participating in auctions. Buyer's Premiums are usually clearly stated in the auction catalog or on the auction house's website, so bidders can factor in this cost when setting their maximum bid. Keep in mind that the Buyer's Premium is in addition to any applicable taxes or shipping fees. | |
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| Target Prov.: All Provinces Target City : Hyattsville Last Update : Mar 08, 2024 5:37 AM Number of Views: 88 | Item Owner : Auctionplugin Contact Email: Contact Phone: 09818640042 |
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2024-11-23 (0.977 sec)