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

 

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#5 auction feesVince12 2013-03-12 15:20
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.
#4 Buyer's PremiumsYennayee 2013-03-12 01:08
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.
#3 Buyers Premiumswcjordan 2013-03-07 10:15
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.
Hig h 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.
#2 The Vigjezbela 2013-03-06 18:59
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.
#1 Buyers premiumsdmcmillen 2013-03-06 14:59
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.

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