Buyer's Premium

What is a buyer's premium? A buyer's premium aka bid fee, is a percentage charge added to the hammer price of an auction item.  Almost all auction houses in the world charge buyer's premiums.  This site currently is set to 10%.  Many auction site charge about 18%.  

The buyer's premium is taxable.   When you do the math, (price+bid fee+tax), figure 21.66% added to your bill..  ie $100 sale = $121.66 total bill.  Bidders who have current State resale permits on file with us don't have to pay the tax, but do pay the 10%

example:

1.  $100.00 hammer price + 10% bid fee = $110.00

2.  $110.00 +10.6% sales tax = $121.66 total bill or 21.66% more than the price.