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Buyer's Premium Raised
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March 2013

Both Christie's and Sotheby's are raising their buyer's premiums this month. Will other auction houses follow?

 

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  dmcmillen  - Buyers premiums   |03-06-2013 14:59:03  
Why are the Buyer's premiums so high to the buyer? I was assume the Seller is
being charged a stiff price for using their service to sell their items. Why
are the buyer's stuck with paying higher fees? Especially if the seller pays
for the service.
  jezbela  - The Vig   |03-06-2013 18:59:36  
What are they raising them to?
David Rago already has a "vig" of a
whopping 26%, making his auctions far out of my reach. Love ya Dave but that is
exorbitant in my book. The auctions houses must be raking it in, as the other
comment noted, when they get fees from both the seller and the buyer. Isn't
that called double dipping??? There has to be cap and there should be
roll-back.
One possiblity is that they are lowering the fees to the sellers to
get their goods and then passing that buck (or taking that buck) to the buyer.
Sorta like cutting off your nose to spite your face, as my ma used to say.
What
I say is --- good luck with that.
  wcjordan  - Buyers Premiums   |03-07-2013 10:15:47  
You're exactly right jezbela; auctioneers cut prices to get clients and then
have to charge high buyers fees to make a profit. I know; I'm an
auctioneer.
High buyers premiums don't affect smart buyers, because they just
lower their bids to compensate.
Some day maybe sellers will realize that a
high buyers premium equals lower bids and lower hammer prices for their items.
  Yennayee  - Buyer's Premiums   |03-12-2013 01:08:35  
I just came from an auction tonight. I have noticed here in Ft. Worth, the
buyer's premium is still 10-15%, but higher for on line bidders. I hate to see
the buyer's premiums dont raised. Maybe some of the auction houses will realize
their bids are much lower than before and the light bulb will go on.
  Vince12  - auction fees   |03-12-2013 15:20:34  
The fees are ridiculous-like rago 26 per cent. David Rago has to buy a new suit
for the road show. I have sold at auction in New York but not any more. You can
consign at a regional house cheaper and often times the item brings more.
With
all the fees the unassuming consignor will be charged 50 percent, that should
be a felony.
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