22
Aug
2018
0

Buyers Premium

Auction Nation facilitates the sale and provides the resources to make it successful, however, we don’t own the inventory. Therefore, we are the middlemen between the customer and the consignor. The Buyer’s Premium is how we, as an auction company, generate revenue.

Buyer’s premium is 15% at Auction Nation. The charge is added to the final price of a lot and this is a standard rate across most auction companies.

The buyer’s premium is listed in the Terms & Conditions. You can find it on your invoice after an auction closes, on the website or in the auction information.  You agree to these terms every time you place a bid on AuctionNation.com.

Furthermore, every auction company has some additional fee it’s just that some are more upfront than others.

Savvy bidders know the charges that come with winning and anticipate them. Always bid with the Buyer’s Premium in mind. If you decide that something is only worth $100, you would want to stop your bid at $81 to account for 15% and a 7% sales tax (rate varies by city).

Use this calculator below to calculate how much premium you’ll pay on a final price, before tax.

Buyer’s Premium Calculator

In auction terms,

The buyers premium refers to the additional charge on the hammer price of a lot. This charge is paid by the winning bidder to cover administrative expenses. The buyer’s premium goes directly to the auction house and not to the seller.

For example, if you bid on a lot and win at $100 hammer price, and the auctioneer’s buyers premium is 15%, you would pay $115 total to the auctioneer plus tax. This 15% charge does not change.