Posted by W_B on March 19, 2013 at 06:50:01 from (155.188.247.24):
In Reply to: Tractor auctions posted by Harvey 2 on March 15, 2013 at 15:02:32:
Not sure about tractor auctions but in the antique world about 15 or so years ago the buyers premium was working its way into auctions. Most auctioneers I knew didn't want to charge it. I remember Tom Porter, owner then of Garth's Auctions, standing up at one of the regular sales and saying Garth's has never and never will charge a buyer's premium. But when several of them started losing large and nice collections to those that charged a reduce commission to consignors and a buyers premium they had to come around or risk loosing their business. It was less than a year later that Garth's was having some of their early American auctions with a buyer's premium. Just a matter of economics. Would you rather pay the auctioneer a 10% charge as seller or 20%? Now that might effect who goes and what I finally get for any one item, don't believe there's anything other than anecdotal evidence on that issue.
As a buyer you have to just factor that in to your final maximum bid on an item. You do that, don't you, before you bid anyway? If I'm looking at a tractor at a sale with 10% buyer's prem. that I'm willing to go to $10,000 on, my final bid will be about $9,000.
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