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Can those of you who are familiar with the auctions tell us what the "Buyer's Premium" is at the auctions...please?

Thanks much.

Hailey wrote:Can those of you who are familiar with the auctions tell us what the "Buyer's Premium" is at the auctions...please?

Thanks much.

It's been 10%

Plus sales tax even if you are out of state buyer

Chuck

Hailey,

The Buyer's Premium is an additional percentage, added to your winning bid amount, that is intended for the seller, to offset the cost of the Auctioneer's services.

Stantons avoided it for a long time, as it's obviously an additional burden for the buyer. However, that makes his services appear more expensive to perspective sellers, so he was forced to apply the buyer's premium. Stanton charges 10%, which is lower than a lot of other auctioneers.

ChuckA wrote:

Hailey wrote:Can those of you who are familiar with the auctions tell us what the "Buyer's Premium" is at the auctions...please?

Thanks much.

It's been 10%

Plus sales tax even if you are out of state buyer

Chuck

...and plus sales tax if you're an in-state buyer as well! No sales tax if Stanton ships the item out-of-state, or if you have a sales tax number.

At 10%, Stanton has the fairest Buyer’s Premium of any auctioneer (upwards of 23% is common these days). Plus, buyers (and sellers) have the advantage of a knowledgeable and ethical auctioneer.

Buyers with a valid Tax Resale Certificates from their home state are not charged Michigan Sales Tax.

Raphael

Thanks for the responses! I agreed that 10% is acceptable in today’s auction scene. We have a tax permit, so that is not an issue.

I was able to get my sales tax refunded to me after providing Stanton's proof with receipts that my items were professionally shipped to California. I don't have a tax permit.

marcapra wrote:I was able to get my sales tax refunded to me after providing Stanton's proof with receipts that my items were professionally shipped to California. I don't have a tax permit.

That is correct, I should have mentioned that. But, caveat emptor: some states will expect you to voluntarily pay a "Use Tax" for items brought in from out of state. This is the same as a sales tax. In Florida, our wonderful state audits shippers (even UPS and FedEx) and know when they are bringing in goods where no sales tax has been levied. Without a Resale Certificate, they can send you a bill, with a 100% penalty + 18% interest from the day of purchase. And they are relentless about it.

Raphael