Cryptocurrency Q&A
What are the fees for high end auctions?
What are the fees for high end auctions?
Silvia
Thu Oct 10 2024
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5 answers
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I'm interested in learning about the fees associated with high end auctions. Specifically, I want to know what kind of charges or costs are typically involved when participating in such auctions.
5 answers
DavidJohnson
Sat Oct 12 2024
In the realm of luxury auctions, buyers often encounter an unexpected expense: the buyer's premium. This additional cost can significantly impact the total expenditure, making it essential for potential bidders to be aware of its existence.
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CryptoMagician
Sat Oct 12 2024
The Loupe, a reputable source in the auction industry, sheds light on this fee. According to their explanation, auction houses levy a commission on top of the hammer price, which represents the final bid accepted by the seller.
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KimonoGlory
Sat Oct 12 2024
The percentage of this commission varies but generally falls within the range of 20-25%. This means that for every dollar spent on the hammer price, buyers can expect to pay an additional 20-25 cents as a buyer's premium.
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Bianca
Fri Oct 11 2024
The rationale behind this fee lies in the services provided by auction houses. From advertising the items, organizing the event, and facilitating the transaction, auction houses incur various costs that are passed on to buyers through the buyer's premium.
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Isabella
Fri Oct 11 2024
For those participating in luxury auctions, it's crucial to factor in the buyer's premium when budgeting for their purchase. This additional cost can significantly alter the final cost of the item, making it imperative for buyers to have a clear understanding of its implications.
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