Julien's Auctions and the 25-28% Buyer's Premium

[sports-rings]

Julien's has a big sports auction coming up, the Elgin Baylor Collection and a ton of stuff from Muhammad Ali, plus the usual stuff you typically see in auction catalogs.

I just opened my two Julien's Auction Sports Catalogs and see that they now charge the following Buyer's premium:

20% on individual lots 100,000 and higher, and a 25% Buyers Premium on all individual lots of $0 - $99,999

There will also be an additional 3% buyer's premium charged for any lots won online.

At Julien's they do things a little different.... About two years ago they mentioned in their rules that they used an outside shipping service. I had won a sports ring and fell out of my chair when they told me the shipping charge. I flat out told them "no", and made them send me the ring direct, insured, and for about half of what they asked.

Hopefully other Auction houses won't follow Julien's excessive Buyers Premium percentages.

[khkco4bls]

Just another way of making more money. This is why I stay away from auction companys.

[HRBAKER]

You don't have to pay if if you don't bid. Seems like the choice is the bidders. They only charge what you agree to pay. The more the BP, the less most people will bid. In my mind it costs the consignors money unless they are sharing in the BP.

[Jay Wolt]

Just make sure you factor in any buyers premium to your bid and you won't get burnt.
If a lot is worth $1000 to you and an auction house has no buyers premium, then you can bid up to $1000.
If the premium is 10%, don't bid over $900, and if its 25% don't bid over $800
You still spend the same amount, its just that the consignor will get a smaller piece of the pie as HRBAKER stated.