This article provides guidelines for setting a Buyer's Premium, as well as steps for updating your Buyer's Premium.
This article contains the following sections:
In-House Buyer's Premium
Your In-House Buyer's Premium this is managed through the Account Management page and acts as your 'base' Buyer's Premium. This is the Buyer's Premium that would be charged to in-person or 'floor' bidders in a Live Auction. This Buyer's Premium is not visible to bidders.
Updates to your In-House Buyer's Premium can be made by emailing Seller Support and providing proof of the Buyer's Premium you are currently advertising to your direct bidders.
In the email, please include a link to the terms from your own website showing the Buyer's Premium you are currently advertising. If you cannot provide that, then please provide an Absentee Bid or Registration form to confirm the premium you’re advertising to your direct bidders.
These steps protect bidders from being charged a higher premium just for bidding on LiveAuctioneers.
Auction-Level Buyer's Premium
The Auction-Level Buyer's Premium is selected during auction setup (except for sellers on the Online Seller Plan). This is the Buyer's Premium charged to online bidders and is considered a service fee for which the bidder is responsible. This Buyer's Premium is visible to bidders in the Auction Details section of your sale on LiveAuctioneers.com.
- Your Auction-Level Buyer's Premium can only be up to 5% more than your In-House Buyer's Premium.
- For example, if your In-House Buyer's Premium is 15%, the highest Buyer's Premium you will be able to select during auction setup is 20%.
- The Buyer's Premium you charge on LiveAuctioneers cannot exceed the Buyer's Premium being charged to your bidders online elsewhere- such as your auction house website or other online marketplaces.
- The selected Buyer's Premium will apply to all of the lots in the catalog. You cannot select different Buyer's Premiums for individual lots.
- Your auction house is not required to add the additional 5% to the In-House Buyer's Premium. This is completely optional.
- If you do not select a Buyer's Premium at the Auction-Level, the auction will default to using your In-House Buyer's Premium.
If you need to edit your Auction-Level Buyer's Premium before the auction is published, you can do so by clicking the Edit button to the right of the Buyer's Premium field under the 'Auction Details' section of your auction.
Once your auction has been published, your selected Buyer's Premium cannot be changed, under any circumstances.
Cross-Listed Auctions
Cross-Listing From Proxibid to LiveAuctioneers
For auctions being cross-listed from Proxibid to LiveAuctioneers, the Buyer's Premium must match across both platforms.
If the Buyer's Premium is set to 15% on Proxibid and 20% on LiveAuctioneers, the marketplaces may allow you to publish the sales, but the Buyer's Premium on LiveAuctioneers will end up reverting to match the 15% set on Proxibid.
Cross-Listing From LiveAuctioneers to The Saleroom and/or Lot-tissimo
The auction-level Buyer’s Premium does sync from LiveAuctioneers to GAP Toolbox. It should be set as usual on LiveAuctioneers and set in GAP Toolbox (for The Saleroom and/or Lot-tissimo) ahead of the auction start time.
- Tiered buyer’s premiums are not support on Timed+ auctions cross-listed from LiveAuctioneers to The Saleroom and/or Lot-tissimo.
- The In-House Buyer's Premium will not sync to GAP Toolbox when cross-listing an auction from LiveAuctioneers to The Saleroom and/or Lot-tissimo.