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What is a Buyer’s Premium?
Navigating the ins and outs of auction financial terms can sometimes be difficult. You might have heard the term “buyer’s premium” at other auctions. But what exactly is it, and how will it appear on your invoice?
In many auctions (both live and silent, in-person or online), the buyer’s premium is either a percentage of the hammer price or flat fee that the item’s buyer pays. Generally, this helps the auction house offset the costs of hosting the auction. Buyer’s premiums are very common across the auction industry.
On our platform, the buyer’s premium is added to the winning bidder’s invoice. This buyer’s premium is added to winning bidders’ invoices, not deducted from the total funds raised by the auction host. On our site, this buyer’s premium is generally 5% of the pre-tax total of the hammer price. On your invoice, the buyer’s premium is listed below each item’s total and their accumulated tax.
This buyer’s premium serves to offset some CharityAuctionsToday costs of operation, so that we can pass on further savings to the organizations who use our site, and continue to do so for years to come.
We strive to serve nonprofits and charitable causes that have limited resources and manpower. CharityAuctionsToday makes it possible for them to reach fundraising goals with fewer hands at the helm, with less budget, and with little to no technological savvy. The buyer’s premium helps us to continue to help these mission-driven organizations achieve their fundraising goals.
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Have questions or need assistance? Reach out to our support team at support@charityauctionstoday.com.
Thank you for choosing CharityAuctionsToday to power your fundraising initiatives. Together, we can create positive change and support meaningful causes. Happy fundraising!
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