Auction glossary
Buyer's premium
Also known as · Buyer's commission · Buyer's fee
- Definition
- A charge, usually a percentage of the hammer price, that the buyer pays to the auction house on top of the hammer price. The rate is published in the conditions of sale and can differ from one sale to another.
The buyer's premium is, with the seller's commission, one of an auction house's two main sources of revenue. Depending on the country and the tax regime, it may be quoted with or without VAT. Online platforms may charge bidders an additional fee of their own.
In Selloff, the buyer's premium is defined per sale and can be overridden on a client's record. It is added automatically to buyer invoices, with buyer's insurance on a separate line if the house charges it.
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