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Posted By: Jay Miller

What an auction house charges as a buyers premium should not effect the buyer at all. Figure out what you are willing to pay for a lot and then calculate backwards using the buyers premium to figure out what you can bid. The combination of the sellers premium and the buyers premium reduces the sellers net realization (assuming rational bidding). I don't know what sellers pay Heritage but given the hefty buyers premium I would hope it is zero or a negative premium(yes, they exist).