What is the impact of buyer's premium on bidding in auctions?
An example of an AI chatbot conversation about the impact of buyer's premium on auction bidding.
What is the impact of buyer's premium on bidding in auctions?
The buyer's premium is an additional fee added to the hammer price at auctions. It can affect bidders' strategies.
How does it influence the final price I pay for an item?
It increases the total cost since the buyer's premium is calculated as a percentage of the hammer price, impacting your budget.
Are there different rates for buyer's premiums?
Yes, buyer's premiums can vary by auction house, typically ranging from 5% to 25%, so it's important to check beforehand.
Can it discourage bidding?
Absolutely, high buyer's premiums can deter some bidders, as they may feel the total cost outweighs the item's value.
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