Bidder's Premium

Bidder's premium is an additional fee that buyers must pay on top of the winning bid amount in an auction. Typically expressed as a percentage, this fee goes to the auction house or organizer and covers their services. For example, if you win an item for $100 and there is a 10% bidder's premium, you will actually pay $110. This premium is common in various types of auctions, including real estate, art, and antiques, and is important for bidders to consider when calculating the total cost of their purchases.