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In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
The auctioneer receives the money paid for each bid, plus the final price of the item. For example, if an item worth 1,000 currency units (dollars, euros, etc.) sells at a final price of 60, and a bid costing 1 raises the price of the item by 0.01, the auctioneer receives 6,000 for the 6,000 bids and 60 as the final price, a total of 6,060, a ...
Auctioneers may or may not (depending on the laws of the jurisdiction and the policies of the auction house) bid for their own account, or if they do, must disclose this to bidders at the auction; similar rules may apply for employees of the auctioneer or the auction house.
John Hays has been an auctioneer for nearly four decades, with nearly $1 billion in sales. Here's what it takes to be an art auctioneer at Christie's.
Cleveland auctioneer Neal Grossman says that buyers have 24 hours to dispose of their items -- and failure to move them quickly means some buyers are forced to rent the lockers that they purchased.
The auction chant is a repetition of two numbers at a time which indicate the monetary amount involved with the sale of an item. The first number is the amount of money which is currently being offered by a bidder for a given item. The second number is what the next bid needs to be in order to become
Timed bidding auctions allow users to bid at any time during a defined time period, simply by entering a maximum bid. Timed auctions take place without an auctioneer calling the sale, so bidders don't have to wait for a lot to be called. This means that a bidder doesn't have to keep his eye on a live auction at a specific time.
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