Who gets the buyer's premium?

[oldjudge]

Scott and Leon are the best. Leon will even come to your house and wash and wax your car for a nice consignment.

[Leon]

Originally Posted by oldjudge

Scott and Leon are the best. Leon will even come to your house and wash and wax your car for a nice consignment.

Hey Jay,
I will absolutely wash and wax cars for consignments. I have done more for less, and under worse conditions, so that would be a piece of cake.

I am already looking forward to getting together with you, Richard and Scott again at the next National. Those are 4-5 of my favorite days of the year.

[oldjudge]

Me too, buddy

[glenv]

The buyer pays 12.5% more, but the seller gets $100 of every $112.5 (100/112.5). So the seller actually gets 88.889% of the final sale - even better than 87.5%.

[sb1]

I was trying to keep it simple....

I knew someone would perform the exact calculation though.

Scott

[joeadcock]

Thanks Scott and Leon

[shaunsteig]

to answer the original poster's question -- the buyer's premium is a surcharge that the auction house imposes on the buyer, on top of the closing price. So if the BP is 15%, and the closing price (ie the hammer) on the card that you won is $100, then the auction house will charge you $115. Be mindful of this when placing your bids -- some auction websites post the total price pretty clearly (and thus make it easy for you to know your true final cost) while others only post the bidding price (and thus leave it on you to figure out the BP, which makes the auction seem more attractive to you since the posted price seems lower).

[ValKehl]

Blair - I think that FUBAR meant exactly what he said, and I also believe this happens on occasion. In other words, If I have a $20K card to consign to an auction house, not only am I not expecting/willing to pay a seller's commission, but I am also looking for a slice of the 17.5% (or 19.5% or whatever it is) buyer's commission!!
Val

[shaunsteig]

Originally Posted by glenv

The buyer pays 12.5% more, but the seller gets $100 of every $112.5 (100/112.5). So the seller actually gets 88.889% of the final sale - even better than 87.5%.

you sure about that? does the seller's commission come off the hammer price, or the total price (ie including the BP) as you suggest. I had thought the hammer price...

[Jim VB]

Originally Posted by shaunsteig

you sure about that? does the seller's commission come off the hammer price, or the total price (ie including the BP) as you suggest. I had thought the hammer price...

In this case, the point is moot. They were discussing B&L auctions, which has zero seller's commission.