What is a Buyers Premuim?
The buyer’s premium fee is in all simplicity a service fee that the auctioneer has decided to apply to his lots sold at auction. The fee may vary from 0 to 30 percent of the winning bid amount.
When registering for a live auction you acknowledge and agree to the buyer’s premium. The fee is set by the auctioneer and is disclosed in the 1st step of the live auction registration process.
The buyer’s premium fee, calculated on the winning bid amount, is payable to the auctioneer. Take note that it is an additional charge to the winning bid.
When reviewing the details of a lot in a live auction the buyer’s premium fee is in the top portion of the page.
When registering for a live auction you are informed of the buyer’s premium fee and must certify that you accept before continuing in the registration process.