What is the Buyer’s Premium?
It is standard practice across all auction houses to add a commission fee to the sales price of every item known as a Buyer’s Premium (BP).
The Buyer’s Premium is 24% including GST on the hammer price. For example, if an item is sold for (hammers at) $100.00 with a 24% BP, the final cost to the purchaser will be 100 x 24% = $124.00 (Including GST).
Please note GST is considered inclusive in the hammer price.