wHAT IS A BUYER’S PREMIUM?

A buyer’s premium is commonly used in auctions as a form of payment for the auction company conducting the auction, similar to a commission of a real estate agent. The buyer’s premium is a percentage of the hammer price that is paid by the buyer and added to the hammer price. The buyer’s premium percentage can be found posted in the terms and conditions of the sale.

BUYER’S PREMIUMS

Barridoff Auctions charges the winning bidder a premium to be added to the hammer price on each item purchased.

• This premium is equal to 22% of a hammer price up to $500,000, and 17% of a hammer price above $500,000. A surcharge above this premium may be assessed for online sales, the amount of which may vary depending on the specific online platform on which the bidding is being conducted, which will be noted in the terms for that specific platform.

• The online surcharge for using the Barridoff App/Website is 2% for a total of 24% of the hammer price up to $500,000, and 19% of the hammer price above $500,000 will be charged in addition to the hammer price.

• A 2% discount off the premium will be given for any item paid for and removed by the end of auction day.