What are the typical fees associated with auctions?
An example of an AI chatbot conversation about auction fees and related costs.
What are the typical fees associated with auctions?
Auction fees can vary widely, but they typically include a buyer's premium, seller's commission, and listing fees.
Can you explain what a buyer's premium is?
Sure! A buyer's premium is an additional fee that the buyer pays on top of the winning bid, usually a percentage of the final bid amount.
How does the seller's commission work?
The seller's commission is a fee charged by the auction house to the seller, usually calculated as a percentage of the final sale price.
Are there any hidden fees I should be aware of?
Yes, some auctions may have hidden fees like administrative fees, shipping costs, or taxes, so it's important to read the terms carefully.
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