Someone asked me 2 good questions just the other day:-What is a Buyers Premium?
-Is there a fee to attend the auction?
A buyers premium, is an additional fee added to the final bid of an item. Example (10% buyers premium): If your final winning bid on an item was $10, you would be charged $11 total for that item. I use a buyers premium so I can get consignments. I can sell items for people sometimes for no commission(* items valued $1000 dollars or more), or a reduced commission of lets just say 15%(* items valued over $100), to 20%(* items valued under $100). In this area 10% buyers premium seems to be the norm especially with the newer generation of auctioneers. I never really liked the buyers premium when I was a buyer, but now I figure it's the only way to compete & pay all the expenses, especially insurance & advertising. Just remember it when your are bidding & bid accordingly.
--BUT MOST PEOPLE DON'T--
No fee to attend:
FREE !! FREE!! FREE!! I hate that commercial(wireless phone). Hope to see you at my sales even if it's just too watch. It is a good experience.
PS. If your new to the auction scene PLEASE stay, watch, listen, learn & always preview if your going to bid on something!!!!!!!!
Donít be afraid to come up & look during a sale, thatís part of the fun.
(* commission rates above are only examples)