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JayJim--It doesn't matter how you paint in, the consignor effectively pays. The buyer is buying the lot for the hammer multiplied by 1 plus the buyer's premium. That is his "purchase price". The seller, even in a 0% consignor's premium environment, realizes just the hammer. Thus, the seller is getting the "purchase price" reduced by the hammer multiplied by the buyer's premium. The higher the buyer's premium, the less the seller realizes. Don't feel sorry for the auction houses in a 0% consignor's premium world. They are still realizing the hefty buyer's premium. Reducing consignor's premiums and raising buyer's premiums is really just a shell game.