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About: Buyer's premium     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : dbo:Person, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: person New Facet based on Instances of this Class

In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium. It is charged by the auctioneer in addition to the commission which has always been charged by auction houses to sellers. One hundred per cent of the "buyer's premium" is retained by the auction house and is not shared with the item's seller.