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The buyer's premium was a feature in Roman auctions during the reign of Augustus, when buyers were required to pay a two percent tax on purchases. [4] The modern buyer's premium was introduced at 10% by Christie's and Sotheby's in London in September 1975. [5] Percentages have varied widely, but have risen sharply with time.
While ordinary auctions provide suppliers the opportunity to find the best price among interested buyers, reverse auctions and buyer-determined auctions give buyers a chance to find the lowest-price supplier. During a reverse auction, suppliers may submit multiple offers, usually as a response to competing suppliers' offers, bidding down the ...
On 22 July 2015, Violette Szabo's medals and numerous associated items [66] were sold at auction, realising £260,000 (£312,000 including buyer's premium). [67] The purchaser was Lord Ashcroft, [68] who placed the George Cross on permanent display at the Imperial War Museum from 7 October 2015. [69] [70]
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