Buyer's premiums are charged by auction houses to cover, for example, the administrative costs of the auction house. The buyer's premium is calculated as a percentage of the hammer price. The money goes directly to the auction house and not to the seller.
So, if you win a lot for €100 and the buyer's premium is 20% including VAT, you will pay a total of €120.
We recommend that you find out the amount of the buyer's premium before the respective auction and include it in your maximum bid.
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