Some auction questions

And I like someone else here mentioned-always call the seller of auctions with bidders premiums and tell them why you won't be there.

So, the seller can pay the fees.

Many have gone to a buyer's premium - the seller thinks is getting a deal, because the auction does not cost him much.....

But, a lot of people will not attend a buyers premium auction, and most who do bid less....

So, it is false savings.

If you are going to have an auction, think about it. You want to pay the auctioneer - so he does represent you. You want as many people to show up as possible - so you don't want any fees or costs to the curious. Many items get bought, or bid up, by the 'just curious.'

Think about it.

--->Paul

I've never seen an auction around here that charged a buyers premium. I really can't imagine an estate auction here charging an admission fee. Too many people don't know if they will buy anything to be willing to pay admission,

He states on his website:

"NO BUYER"S PREMIUM MAXIMIZES SELLER PROFITS
Most auctioneers charge a premium to both buyer and seller. Auctioneer Phil Jacquier, Inc. is unique in not imposing a buyer"s premium. While this results in a slightly higher seller"s fee, the end result is historically higher bid prices and profits for the seller. Buyer"s come to auctions to buy, but having to add premiums to their bids as they keep pace with the rapid action can cause them to hesitate or even stop bidding. With no buyer"s premiums to distract and intimidate, they are free to continue bidding to the very highest levels."

This guy has a heck of a following and packs every auction. There are some deals to be had at his auctions, but generally he gets top buck for what he sells.

As far as I know, it often is the seller's choice, whether they want to pay the commission or put some or all of it onto a "buyers premium".

The auctioneer gets paid either way - the only difference is what you call it.

Anyone can quit bidding anytime they want to...

Howard

I can understand the entry fee at the auction in the other link though. That auction had dozens if not hundreds of collector cars. Nice enough and rare enough to be quite a show. With something like that which could draw a huge crowd of non-bidders I can see why they would charge an entry fee.

The auctions I attend are an entirely different affair. I've been to plenty where I was not there to buy, but got a number just in case and ended up bidding. In those cases the auctioner and the seller benefited more from the fact that I had a bidder number, and I would not have had a number if I had to pay for it. Again the type of auction makes a huge difference, I might buy an old tractor or implement on the spur of the moment because the price seems right, but I doubt that there are many mint 1965 Mustangs sold to folks who did not plan on bidding.