Like all traditional marketplaces Grays/EquipNet charges a Buyer's Premium. This is an administration fee that is applied to the bid price of an item won at sale. It is always a percentage of the purchase price and may vary. It is important to review the lot description for details.
There are two types of buyer’s premium:
- Standard Buyers Premium, where regardless of the final bid price, the buyer’s premium remains at the set percentage.
- Variable Buyer Premium, where the percentage of buyer’s premium will change once a certain bid price threshold is reached. For example, an item may be subject to 20% buyer’s premium when the bidding is less than $1000, moving to 10% buyer’s premium once the bidding reaches $1000 or more.
The Buyer's Premium is part of the total Invoice amount which is paid by the winning bidder. The Buyer's Premium may be inclusive or exclusive of GST, depending on the sale category.
Please note: Buyer's Premium is not applied to Buy Now sales, as these reflect a retail environment.