Quote:
Originally Posted by 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.
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I agree. Similarly, why do auction houses only permit bidders to bid on items they put a bid on prior to extended bidding? How does this help either the consignor or bidder?