NY 986, I am suggesting the seller can lose because buyers may stop bidding earlier due to the buyers premium. This would mean the auction total would be less. Some auctions are also subject to sales tax which would have the same effect of stopping the bidding earlier. However, there is really no way to know because you can't just rerun the action without the fees. Yes, the auctioneer gets his/her commission either way. Yes, the old way was to pay the seller the sale total minus the auctioneer's commission. In the case of a buyer's premium, the seller is paid the sale total minus the buyer's premium. The unknown is, what effect does a buyer's premium have on the sale total when the seller knows his/her bid price is, the bid plus buyer's premium? If the sale total is reduced the seller can lose.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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