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 - Preventing Tractor Theft - by Staff. The discussion started with the following message: I have a JD A without key start or any locking device. Is there a best way to secure it so the chances of it being stolen are reduced? Following are some of the answers that were received: Take the rotor out of the distributor and hide after each use. The would-be thieves at least couldn't just get on and drive away.
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