What are the typical fees and commissions in an auction?
An example of an AI chatbot conversation about auction fees and commissions.
What are the typical fees and commissions in an auction?
In an auction, fees can vary widely, but typically include a buyer's premium, seller's commission, and listing fees.
Can you explain what a buyer's premium is?
A buyer's premium is an additional fee charged to the buyer 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 taken from the seller's proceeds, often calculated as a percentage of the final sale price.
Are there any other hidden fees I should be aware of?
Yes, some auctions may have additional fees like payment processing fees, shipping costs, or taxes, so it's important to read the terms.
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