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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.
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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.
Participants pay a fee to purchase bids. Each of the bids increases the price of the item by a small amount, such as one penny (0.01 USD, 1¢, or 0.01 GBP, 1p; hence the name of the auction), and extends the time of the auction by a few seconds.
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