What is a “buyer’s premium”?

A buyer’s premium is a percentage of the winning bid that is added to the winning bid to establish the total purchase price. For example, if the buyer’s premium is 10% and the winning bid is $100,000, the buyer’s premium is $10,000 and the total purchase price is $110,000. We use the buyer’s premium to pay for some or all of our auction marketing expenses as well as the cooperating broker commission we offer to buyer’s brokers. Refer to the Auction Terms and Conditions in the listing page on our website and the Property Information PDF for each particular property on which you plan to bid for more detail.