What are auction fees?
An example of an AI chatbot conversation about auction fees and their implications.
What are auction fees?
Auction fees are charges that buyers and sellers incur when participating in an auction. They can include listing fees, buyer's premiums, and seller's commissions.
Can you explain what a buyer's premium is?
A buyer's premium is an additional fee that the buyer pays on top of the winning bid amount. It's usually a percentage of the final bid.
How do these fees affect the final price I pay?
These fees can significantly increase the total amount you pay. For example, if you win a bid for $100 and the buyer's premium is 10%, you'll actually pay $110.
Are there any auction houses with lower fees?
Yes, some auction houses have lower fees than others. It's important to compare them before participating to find the best deal.
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