What is a Buyers Premium in an Auction Ultimate Auction Pro
01/12/2023 Other Services
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A Buyer’s Premium in an Auction: What You Need to Know
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.
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