Quick answer: A buyer’s premium is a percentage added to your winning bid that goes to the auction house. At Kilford Auctions it’s 14%. So a $100 winning bid means $114 plus applicable sales tax. It’s standard across the auction industry and helps cover the cost of sourcing, inspecting, photographing, and processing every lot.
How is the buyer’s premium calculated?
It’s a flat percentage of your final winning bid. Win a lot for $50 and the 14% premium adds $7, for $57 before tax. The premium is shown in every auction’s terms before you bid.
Is the buyer’s premium worth it?
Almost always, yes. Because lots start at $5 with no reserve, winning bids are typically far below retail. Even with the premium and tax added, buyers routinely pay a fraction of what an item costs new.
How do I get started with Kilford Auctions?
Kilford Auctions runs online overstock and liquidation auctions out of Temple, Texas, with every lot starting at $5 and no reserve. We ship nationwide. To get closing reminders and previews of upcoming lots, sign up for text and email alerts on our homepage. Questions? Email support@kilfordauctions.com or call/text 254-551-1089.