IMHO, a buyer's premium is an outright rip-off. Not even thinly disguised! I never did like them.
BUT....we, as buyers/bidders, have the power to stop the practice. The power of the wallet/checkbook. You vote with your dollars.
The idea of adjusting your bid to account for a BP does not work well. Too many times there are "uninformed" bidders that do NOT take the BP into account. The result is usually that an item gets bid up too high for that system to work. Then there are the bidders that get "auction fever" and get caught up in the bidding process, and usually end up paying too much. I have been to several auctions that had BPs, and the final bids do not seem to change much from non-BP auctions.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
... [Read Article]
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Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
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