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A "buyer's premium" is a term commonly encountered in the world of auctions and sales. It refers to an additional fee that a buyer must pay on top of the winning bid or purchase price of an item. This fee is typically expressed as a percentage of the final sale price and is added to the total cost the buyer must pay.

Buyer's premiums serve several purposes. Firstly, they help auction houses and sellers cover their administrative and operational costs. These fees can include expenses related to organizing the auction, marketing, and staffing. Secondly, they can act as an additional source of revenue for the seller or auctioneer, increasing their profitability from the sale.

The percentage of the buyer's premium can vary widely depending on the type of auction and the specific terms and conditions set by the auction house or seller. It's essential for prospective buyers to be aware of the buyer's premium before participating in an auction, as it can significantly impact the final cost of an item.

In summary, a buyer's premium is an extra fee added to the purchase price in auctions and sales, benefiting sellers and auction houses while covering associated expenses. Prospective buyers should always review the terms and conditions of a sale to understand the applicable buyer's premium.

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