01-22-2026, 02:50 PM
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Yenko Contributing Member
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Join Date: Jan 2003
Location: Toronto, Ontario
Posts: 618
Thanks: 1,925
Thanked 480 Times in 238 Posts
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Quote:
Originally Posted by EZ Nova
So IF I say a reserve at 1.3 million. I would hand over ownership prior to the auction.
On sale day, I have "someone" bid the car up and it stops with MY bidder at 1 million. MY bidder would have to fork over, 1 mill for the car, and $100,000 buyers fee, I would have to caught up $120,000. I would then get the million from the auction house, but I would have to pay MY bidders $100,000 and I'm still out the $120,000 sellers fee.
So in essence, to "try and see" what the car brings would possible cost the OWNER of the car 22U% of the hammer price? So in this case of high-bid at $1 million, it would cost the owner $220,000 for him to keep his car!
Is that correct? I know fee go down as prices rise, I was just using the base prices.
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The car would not have sold. You had the reserve at 1.3, your bidder stopped at 1 mill.
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