What are the different types of auction fees?
An example of an AI chatbot conversation about types of auction fees.
What are the different types of auction fees I should be aware of?
There are several types of auction fees, including buyer's premiums, seller's commissions, and listing fees. 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 price. It can vary by auction house.
What about seller's commissions?
Seller's commissions are fees taken from the seller's proceeds, typically a percentage of the final sale price. This incentivizes the auction house to sell at a higher price.
Are there any other hidden fees I should know about?
Yes, some auctions may have listing fees, payment processing fees, or even shipping fees. It's important to read the auction terms carefully.
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