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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.
Mecum Auctions was founded in 1988 by Dana Mecum, [1] a car enthusiast whose father operated a dealership in Marengo, Illinois. [2] [3] Dana Mecum initially bought 40 semi-trailer trucks in the 1980s, and traded 10 of them for four houses which he rented out. According to him, "The tenants started calling me in the middle of the night to fix ...
Mecum Auctions did not respond to a request for comment. Priscilla attended the Mecum auction in Kissimmee, Florida, and gave a brief speech just before bidding got underway. “He loved planes ...
This is a list of the most expensive cars sold in public auto auctions through the traditional bidding process.. On May 5, 2022, in a secret auction at the brand's museum in Germany, Mercedes-Benz sold one of just two 1955 300 SLR Uhlenhaut coupes from its extensive collection of historical automobiles—which dates back to the earliest days of the car in the late 19th century.
Buyer's premium – a fee paid by the buyer to the auction house; it is typically calculated as a percentage of the winning bid and added to it. Depending on the jurisdiction, the buyer's premium, in addition to the sales price, may be subject to VAT or sales tax.
The Bugatti Veyron Limousine with gull wing door featured in the "Greenlight" music video, a retrofitted Lincoln with a Ford 4.6L V8 engine, was placed on auction in January 2023 via Mecum Auctions in Kissimmee, FL. The vehicle sold for $72,000 with a 10% buyer's premium, bringing the final selling price to $79,200. [5]