What are the common fees associated with auctions?
An example of an AI chatbot conversation about common auction fees.
What are the common fees associated with auctions?
Common auction fees include listing fees, buyer's premiums, and seller's commissions. Would you like details on each?
Yes, please explain the buyer's premium.
The buyer's premium is an additional fee charged to the winning bidder, usually a percentage of the final bid amount.
How is the seller's commission calculated?
The seller's commission is typically a percentage of the final sale price, which can vary by auction house.
Are there any hidden fees I should be aware of?
Yes, some auctions may have additional fees like payment processing fees or shipping costs. It's best to check the auction terms.
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