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#2
05-20-2013, 12:54 PM
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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.
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#3
05-20-2013, 06:06 PM
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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.
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