Buyer's premium
In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium. It is charged by the auctioneer in addition to the seller's commission, which had always been charged by auction houses to consignors. One hundred per cent of the "buyer's premium" is retained by the auction house and is not shared with the item's consignor.
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Buyer's premium
In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium. It is charged by the auctioneer in addition to the seller's commission, which had always been charged by auction houses to consignors. One hundred per cent of the "buyer's premium" is retained by the auction house and is not shared with the item's consignor.
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In auctions, the buyer's premi ...... price being paid for the item.
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In auctions, the buyer's premi ...... red with the item's consignor.
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Buyer's premium
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