Tszii wrote in Heritage RPG Auction is live:The buyers premium was so high I couldn't figure out what "BP" meant, full well knowing there is a buyers premium.
Sir Kill Alot wrote in Heritage RPG Auction is live:Mike, any idea what the 'Buyer's Premium' is? Is that an auction fee?-SKA
Sir Kill Alot wrote in Heritage RPG Auction is live:Thanks Mike, Bracton. So if I am logging sales prices, do I capture what the seller received or total price to the auction house? Just trying to be accurate.-SKA
Bracton wrote in Heritage RPG Auction is live:The buyer's premium is the auction house's income on the sale. In most auctions in the gaming community, the buyer pays an amount equal to their winning bid, and the auction house (e.g., the Gen Con or Gamehole auction) takes a portion of that, so that the seller gets less than the actual winning bid. In traditional auctions (Christie's, Sotheby's), the seller actually gets the full amount of the winning bid. But the buyer pays more than the winning bid -- they pay the final bid, plus a premium -- the buyer's premium. Auction houses publish a schedule, and the higher the winning bid, the more the buyer's premium.The benefit of this latter approach is that you know how much the seller got, based on the winning bid. It is, perhaps, a better guide on what a private sale might obtain for the same item. But as a bidder, you have to remember the premium, so you're not surprised when you bid an amount, but have to actually pay more.