What is a Buyer's Premium?
An additional fee paid by the buyer/winning bidder at an auction. Normally the fee is a percentage (10 - 20%) added onto of the final bid price. The percentage is an agreement that is written into the contract between the auctioneer and the client.
As an example, a winning bid is $100., the auctioneer charges a 10% buyers premium, the buyer will owe $110 at checkout. The buyer's premium must be announced from the stage by the auctioneer at the beginning of the auction and also written in the program.
For more legal information, read: http://mikebrandlyauctioneer.wordpress.com/2009/12/16/buyers-premium/
Ron and Debbie Hitzel
Charlotte, North Carolina
*2015 was our first year
working with a truly professional full
service auctioneer. We did a full search and were so pleased with our decision
to go with Impact Auctions! Not only did we raise MORE money but the live auction was
more entertaining than in past years! Thank you!
Jane C from St. Gabriel School