Hi guys. Being a YN, Im not familiar with the termof a Buyer's premium. For example, if the Buyers Premium for an auction on Heritage in 9 dollars and I win an auction for 1 dollar, Do i pay 10 dollars?? Thanks in advance!!
you are correct. most auction services have buyers and sellers premiums that go to the auction house. usually on items less than 100 dollars the buyers premium is 10-15 dollars and the sellers premium for consigning the item is say 5-10 dollars [the sellers premium or fee is usually less than the buyers fee/premium] often times auction houses charge a percentage of the final hammer price as their premium or fee...buyers=15-20 percent and sellers = 5-15percent these fees all vary depending on how much business you do with a certain auction house. hope that helps or makes cents
Yes. Heritage is 15%, with a minimum of $9 buyer's permium (BP). So a bid of $1 incurs a BP of $9 for a total price of $10. Every bid on Heritage shows the bid, the BP, and the total so there's no confusion. In fact, it shows them for the "next minimum bid" increment. Heritage's "realized prices" always show the total (bid + BP). Teletrade is 12%.
