What is the difference between buyer's premium and seller's premium?
An example of an AI chatbot conversation about buyer's and seller's premiums in auctions.
What is the difference between buyer's premium and seller's premium?
Buyer's premium is a fee paid by the buyer on top of the winning bid, while seller's premium is a fee deducted from the seller's proceeds.
Can you give me an example of how these premiums work in an auction?
Sure! If an item sells for $100 and the buyer's premium is 10%, the buyer pays $110. If the seller's premium is 5%, the seller receives $95.
Are these premiums standard across all auctions?
Not necessarily. Premiums can vary by auction house and type of auction, so it's important to check the specific terms.
How can I find out the premiums for a specific auction?
You can usually find this information in the auction house's terms and conditions or by contacting them directly.
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