[Exhibitman]

Since the commission and the buyer’s premium both are paid to the auctioneer from the proceeds of the sale, they are functionally the same, so why have BP? Why not just take the 22% from the overall gross proceeds? If you’ve read my columns for a while you know my answer: it is a jazz hands misdirect. Labeling it a “buyer’s premium” tends to suggest that it is not a "commission" and that the buyer pays the “buyer’s premium”. That’s a bullshit framing, but a significant percentage of the public falls for it.