What are the different types of auction fees I should be aware of?
An example of an AI chatbot conversation about understanding auction fees and their implications.
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 the seller's commission?
The seller's commission is a fee taken from the seller's proceeds, typically calculated as a percentage of the final sale price. This fee compensates the auction house for their services.
Are there any hidden fees I should be aware of?
Yes, some auction houses may have additional fees like payment processing fees or storage fees. It's important to read the terms carefully.
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