What is the point of the "Buyer's Premium"?

[G1911]

Originally Posted by Peter_Spaeth

So it doesn't fool you, but you're sure it fools others?

Does it seem likely to you that nobody ever forgets about it? Does it seem rational to you that this complication would be added (a system is easier when there are fewer variables) if it did not produce a better result for the house?

Would you be happier if I posited instead that auctioneers are too stupid to figure out why their business model is what it is?

This isn't much to get offended over in the idea that people running businesses tend to structure them to their benefit when possible. A Buyers Premium structure, with a separate fee to tack onto the bid, is not designed to the benefit of the buyer. This seems like common sense. If you would like to take this as a personal slight on your aforementioned list for some reason, go ahead.

[Peter_Spaeth]

Originally Posted by G1911

Does it seem likely to you that nobody ever forgets about it? Does it seem rational to you that this complication would be added (a system is easier when there are fewer variables) if it did not produce a better result for the house?

Would you be happier if I posited instead that auctioneers are too stupid to figure out why their business model is what it is?

This isn't much to get offended over in the idea that people running businesses tend to structure them to their benefit when possible. A Buyers Premium structure, with a separate fee to tack onto the bid, is not designed to the benefit of the buyer. This seems like common sense. If you would like to take this as a personal slight on your aforementioned list for some reason, go ahead.

I'm not presuming I'm smarter or more careful than other people. My guess is if it happens it's very very infrequent after 20 years of this model.

[G1911]

Originally Posted by Peter_Spaeth

I'm not presuming I'm smarter or more careful than other people. My guess is if it happens it's very very infrequent after 20 years of this model.

I never said anything about myself; that was a line you went down and I ignored. I rarely participate in auction house bidding for reasons other than the BP structure.

[Peter_Spaeth]

Originally Posted by G1911

I never said anything about myself; that was a line you went down and I ignored. I rarely participate in auction house bidding for reasons other than the BP structure.

I am certain you would not be fooled.