I have a few choice words about buyer's premiums. First, know that the auctioneer charges some fixed fees and some percentage fees. For fixed fees, there is generally a fixed fee for conducting the auction. There are fixed fees for reserves. There are also fees for certain types of display, order of selling, etc. There is also a "no bid" fee for unsold items. Percentage fees can range from as low as 10% to as much as 35% around here. Most are dependent on the type of sale and the anticipated value. High value items might get a lower percentage than "dollar box lots."
Tacking on a buyer's premium to me is an outright rip-off. I hate them, and if I am at a sale that charges them, I adjust my bid accordingly. So, if I am willing to pay $100 for an item, I figure without the premium and tax what my final bid would be, and that is where I stop. Unlike a lot of bidders/buyers, I do not get "auction fever." I know what an item is worth to me, deduct any other charges from that price, and base my bids on that. Rarely do I go over my calculated price.
Personally, I think that auction regulations need to be tightened up and better enforced. I have encountered auctioneers that have you bidding against the wall, using shills, and otherwise ripping off the bidders. Buyer's premiums should be outlawed in my opinion.
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