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 - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
... [Read Article]
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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