IMHO, a buyer's premium is an outright rip-off. Not even thinly disguised! I never did like them.
BUT....we, as buyers/bidders, have the power to stop the practice. The power of the wallet/checkbook. You vote with your dollars.
The idea of adjusting your bid to account for a BP does not work well. Too many times there are "uninformed" bidders that do NOT take the BP into account. The result is usually that an item gets bid up too high for that system to work. Then there are the bidders that get "auction fever" and get caught up in the bidding process, and usually end up paying too much. I have been to several auctions that had BPs, and the final bids do not seem to change much from non-BP auctions.
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Today's Featured Article - What Price Enthusiasm? - by Anthony West. Quite frankly, for some time now restorers like myself have become more and more concerned about the rapid increase in the prices of old farm machines here in England. There is now a growing market for "As found" machines. Which as machines get rarer, has found the birth of a new industry....one of the "procurement agent". These agents appropriate as much old machinery as possible then inflate prices at auctions. So at what price enthiusiasm? We are now seeing poor machines which 3 years ago ma
... [Read Article]
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