What is the “Buyer’s Premium”?

A buyer’s premium is a percentage added to your winning bid. It’s how auction houses pay the bills. At Rock Island Auction Company, the buyer’s premium is 17.5%. All purchases made by credit card are subject to an additional 3.5% service fee. If the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be a fee charged, calculated as an additional 1% of the hammer price.