What is Buyer's Premium?
Like all traditional marketplaces, Grays charges a Buyer's Premium. The fee is applied to the bid price of an item won at the sale.
There are three types of BP pricing.
- Percentage, where the percentage of the buyer’s premium will change once a certain bid price threshold is reached. For example, an item may be subject to a 20% buyer’s premium when the bidding is less than $1000, moving to a 10% buyer’s premium once the bidding reaches $1000 or more.
- Fixed Rate, where there is a set price for the BP. For example, an item may be subject to a BP of $650 regardless of the final sale price.
- Combination of Fixed Rate + Percentage, where there is a set price for the BP until a certain price point, and then a percentage of the buyer’s premium is charged. For example, an item may be subject to a fixed price of $625 when the bidding is less than $10,000 and move to 7% buyer’s premium once the bidding is between $10,000- $30,00K and 10% BP between $30,000 - $40,000.
Please note: Examples listed above may be on a tiered structure, a flat rate, or a combination of fixed-rate and percentage. Please carefully review the Confirm Bid page before finalising your bid.
The Buyer's Premium is part of the total invoice paid by the winning bidder. Depending on the sale category, the Buyer's Premium may be inclusive or exclusive of GST.
**Buyer's Premium is not applied to Buy Now sales, as these reflect a retail environment.