Quote:
Originally Posted by Peter_Spaeth
The buyer's premium is the cut of the auction that goes to the house. It affects the consignor, not the buyer. The higher the premium, the less percentage of the final price the consignor gets. It never ceases to amaze that people do not understand this.
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Personally, I wish they would do away with it in terms of bidding. As a bidder I hate having to mentally factor in the buyer's premium before I bid. Heritage shows you the total just below your bid amount. Not all auction houses do. I would just prefer to let my bid be the final price and let them do the math behind the scenes.
But I get why they do it and understand it won't change.