I have a few choice words about buyer's premiums. First, know that the auctioneer charges some fixed fees and some percentage fees. For fixed fees, there is generally a fixed fee for conducting the auction. There are fixed fees for reserves. There are also fees for certain types of display, order of selling, etc. There is also a "no bid" fee for unsold items. Percentage fees can range from as low as 10% to as much as 35% around here. Most are dependent on the type of sale and the anticipated value. High value items might get a lower percentage than "dollar box lots."
Tacking on a buyer's premium to me is an outright rip-off. I hate them, and if I am at a sale that charges them, I adjust my bid accordingly. So, if I am willing to pay $100 for an item, I figure without the premium and tax what my final bid would be, and that is where I stop. Unlike a lot of bidders/buyers, I do not get "auction fever." I know what an item is worth to me, deduct any other charges from that price, and base my bids on that. Rarely do I go over my calculated price.
Personally, I think that auction regulations need to be tightened up and better enforced. I have encountered auctioneers that have you bidding against the wall, using shills, and otherwise ripping off the bidders. Buyer's premiums should be outlawed in my opinion.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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