Huggins and Scott Auctions Announces New Buyers Premium Concept

Huggins & Scott Auctions would like to wish each of you a very Happy New Year. With the new year, we are also making a change with a revolutionary concept to the internet/catalog auction industry. This idea is going to benefit both bidders and consignors, by saving bidders money and putting more money in our consignors pocket. Beginning with our upcoming Winter Auction that begins on January 18th and ends February 4-5, 2009, we will be implementing a tiered buyers premium. The more an item sells for, the less the buyers premium for that item will be. The scale will be as follows:

When the hammer price for a particular lot is:

under $1,300 – add a 17-1/2% premium;
between $1,300 – $4,750 – 15% premium;
between $5,000 – $9,500 – a 12-1/2% premium;
between $10,000 – $24,000 – a 10% premium;
between $25,000 – $47,500 – a 7-1/2% premium
$50,000 or more – a 5% buyers premium will be added to the final bid price.

Huggins and Scott gets a bit from both sides, but the more an item sells for, the less the auction company needs. Bidders and consignors should find this new idea extremely appealing.

We are always looking for new, creative ideas to help this industry grow for the better and this is just one way that we feel we can get more money for our consignors and allow our bidders to save money on higher dollar items.

We hope that you will find this idea as beneficial as we do, especially on items that will sell for a higher hammer price. The bidder will save money and be able to place a higher bid and the consignor will get more money because they are getting their commission based on the hammer price. Everyone wins!

Thank you and if you have any questions, please feel free to email us or give us a call.

Josh Wulkan
Vice President
Huggins and Scott Auctions