Posted by jimg.allentown on June 02, 2022 at 05:37:42 from (24.115.194.186):
In Reply to: Buyers premium posted by Texas Cowboy on June 01, 2022 at 20:40:44:
As prices and expenses have risen over the years, so also have auctioneers' commissions. Many potential customers were put off by the high commissions that auctioneers were demanding. To make it a bit more ''palatable'' for sellers, they came up with this gimmick to split the commissions between the seller and the bidders. This makes it appear to the sellers that the commissions are less (15% as opposed to 25%) expensive.
The truth of the matter is that the smart bidders will adjust their bids downward to account for buyer premiums. The auctioneers hope that many will neglect to account for the added expense and bid what they think they are paying for an item.
Personally, I don't like buyer premiums. I consider them a rip-off. Just a little more deceptive marketing. I usually don't go to auctions that have buyer premiums. There are enough around that do not have them.
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