WHAT IS “HAMMER PRICE”?
The hammer price is the winning bid at an auction. This is the price that is paid to the seller before commission or other fees.
WHAT IS “BUYER’S PREMIUM”?
The buyer’s premium is a fee charged by auction houses that buyers agree to pay in addition to the hammer price.
WHAT IS “PRICE REALISED”?
Price Realised is the final price paid by the buyer and includes the total sum of the hammer price and the buyer’s premium.
The buyer’s premium at KC's 3 Acres is 15% of the hammer price, unless otherwise noted.
WHY DOES THE SELLER AND THE BUYER GET CHARGED?
Costs for auction services are shared between both the seller and buyer. The seller’s commission and buyer’s premium are collected by the auction house and contribute to the cost of promotion and conducting the auction. It greatly helps cover the costs of running the auction and future auctions.