The auctioneer by agreeing to hold a sale becomes the agent of the seller. They are supposed to try to get the highest price possible for the seller.
When the auctioneer charges a buyer premium they in a sense become the agent of the buyer. They in turn should be trying to get the cheapest price possible for the buyer.
When you bid at such an auction you are, knowing that there is a buyers premium, hiring the auctioneer to act as your agent.
The whole think smacks of dishonesty with a huge conflict of interest to me.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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