Intellirex Premium Auctions:
In auctions, the buyer’s premium is a percentage additional charge on the hammer price (winning bid at auction) of the lot that must be paid by the winner. It is charged by the auctioneer as a remuneration, normally in addition to the seller’s commission, which had always been charged by auction houses to sellers.
Simply put, a buyer’s premium is a additional charge, usually a straight percentage, that a buyer is charged based on the hammer price. This becomes the actual price that the buyer is charged for the item when checking out.
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