Quote:
Originally Posted by iowadoc77
Call me ignorant, but I thought many of the auction houses give the hammer price to the seller and keep the juice for themselves. Am i correct in saying that? That way the seller gets the entire amount that the item "sells" for? If i am incorrect, someone please educate me
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Nope. Most of the auction houses (unless there is an agreement between auction house and consignor to the contrary) get a percentage of the sale price from both consignor and buyer. So an item that sells for $1000 means the buyer might be out $1200 and the consignor might receive $850. The house keeps $350.
Tom C