Maryellen wrote:yep, and jamie just told me the buyer AND the seller have to pay commissions on the vehicles if they are sold.... talk about a rip off
That's normal with live auctions. The seller pays a commission to the auction house for selling their item and the buyer pays a buyer's premium.
The fees range from 10% to 35% or more for sellers, depending on the auction and how you present your things for sale. The buyer's premiums are also different from auction to auction, used to be a standard 10% but now it's more like 15% for most. Sotheby's and Christies charge 20% buyers premium which is outrageous!
Do you have a link for this auction? Too bad we sold off our old muscle cars and collector cars... We even had a genuine 1966 Shelby Mustang. Sigh... could have retired on that one! Now all we have is a Series III Land Rover with a stuck clutch.