How does the buyer's premium affect auction strategies?
An example of an AI chatbot conversation about the buyer's premium in auctions.
How does the buyer's premium affect auction strategies?
The buyer's premium can significantly impact auction strategies by increasing the total cost of an item. Bidders need to factor this into their maximum bid.
Can you explain how to calculate the total cost with the buyer's premium?
Sure! To calculate the total cost, you take the hammer price (final bid) and add the buyer's premium, which is usually a percentage of the hammer price.
What strategies can I use to bid effectively considering the buyer's premium?
One effective strategy is to set a clear budget that includes the buyer's premium. This way, you avoid overspending during the auction.
Are there any common mistakes bidders make regarding the buyer's premium?
Yes, a common mistake is not accounting for the buyer's premium when placing bids, which can lead to unexpected costs.
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