What are auction fees and how to calculate them?
An example of an AI chatbot conversation about auction fees and their calculation.
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.
How do I calculate these fees?
To calculate auction fees, you need to know the auction house's fee structure. Typically, you add the seller's commission to the final sale price and the buyer's premium to the winning bid.
Are there different types of auction fees?
Yes, there are several types of auction fees, including listing fees, buyer's premiums, seller's commissions, and sometimes additional service fees.
Can these fees vary by auction house?
Absolutely! Different auction houses have different fee structures, so it's important to check their specific terms before participating.
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