What is a buyer's premium?
An example of an AI chatbot conversation about understanding buyer's premium in auctions.
What is a buyer's premium?
A buyer's premium is an additional fee charged by auction houses on top of the winning bid.
How is the buyer's premium calculated?
It's usually a percentage of the final bid amount, often ranging from 5% to 20%.
Why do auction houses charge a buyer's premium?
It helps cover the costs of running the auction and ensures the house makes a profit.
Can the buyer's premium vary between different auctions?
Yes, different auction houses can set their own buyer's premium rates, so it's important to check beforehand.
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