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At auction, sellers pay a 20-30% premium on the hammer price while buyers pay about 20% on top. On a $10,000 sale, the seller gets $8,000, the buyer pays $12,000, and the auction house keeps the $4,000 difference.
At auction, sellers pay a 20-30% premium on the hammer price while buyers pay about 20% on top. On a $10,000 sale, the seller gets $8,000, the buyer pays $12,000, and the auction house keeps the $4,000 difference.
Glenn, what are those fees? Give me some ideas of what kind of fees my clients are going to be paying. The fees at each auction house is going to be different, but you know, you figure you're going to be paying 20 to 30%, and it's the seller's premium. So if something sells for, let's say, $10,000 at auction, the hammer price— so that's the price sold during the auction— is $10,000. You might get $8,000. The buyer's gonna pay another 20% on top of that, give or take, so— 12. 12. So sells it at auction $10,000, the buyer's paying $12,000, you're getting $8,000, so the auction house makes $4,000 on a $10,000— they're double dipping, basically.
