What is a Buyer’s Premium and why do Auction Houses charge them?

This post was written by Shanna

 

A lot of people don’t understand what a buyer’s premium is or why auction houses even charge them. Not every auction house will charge a buyer’s premium, however more and more auction houses are choosing to charge a premium.   So what exactly IS a buyer’s premium? Simply put, a buyer’s premium is a additional charge, usually a straight percentage, that a buyer is charged based on the hammer price. This becomes the actual price that the buyer is charged for the item when checking out. For example, if Bob is the winning bidder on a table and chair set […]

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2016-08-16

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How Does an Auction Work?

This post was written by Shanna

 

If you are new to auctions you may have many questions about them. One of these questions might be “How does an auction work?”. The answer to this question can vary depending on the type of auction that it is.   Let’s start by explaining what an auction is. An auction is where property is sold at a specific time and place to the highest bidder. Most auctions require a person to get a bidder number or other identifying item prior to bidding. When an item you want goes up for bid it will usually start low. The auctioneer will raise […]

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2016-08-04

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