Okay, did I hear right tonight that the buyer pays a 10% auction fee and the seller also pays 8%? So on a $50,000 sale BJ would make at least $9,000 - is that right?

I'll admit I'm green on this topic... are most auctions that way? The only auctions I've been to are small, local auctions that dealt mostly in woodworking tools. At those the seller is the only one who pays fees.

Now I realize the folks at these auctions likely have the funds to pay the fee without a hitch... just surprised me to hear that the seller pays a fee - especially more than the buyer!

You heard right Mark. BJ is a money racket but the auction has to make money. Even local estate auctions have buyer fees and the seller has a % fee.

Here's the bidder info:
http://www.barrett-jackson.com/events/lasvegas/bidder/

To the best of my knowledge, most classic car auctions have 'premiums' for both buyer and seller.

I could find bidder info posted but looks like you need to send for seller info.
See if you find any info - http://www.barrett-jackson.com/sitemap.asp

Yeah, I realized that the auction company has to make money. I'm just ignorant about the buyer paying fees - and more than the seller.

Like I said, I have very limited experience with auctions except on a very small scale.

Live and learn... and learn... and learn... :)

I go to a lot of local auctions. All auctions in this area charge a 10% buyers fee and at least 10% sellers fee.
James

Even a regular auto auctions' fees are getting steep. On average my buyers fees are $280 per car and sellers fees are $250. It adds up real quick.

Well around here there are always farm or estate auctions to go to.

I have attended several over the years and have never had to pay a buyers fee.

If they start that they wouldn't have many buyers attend.

that's not the whole story, there are premiums if you want slot times, such as say 8:00-9:00 on friday night, or god forbid you want to be onstage during the prime time saturday night frenzy. i think i heard it can run as much as another 1,200.00 maybe more, i don't remember the exact #'s...

that's why it makes me sick when craig jumps up and screams the car isn't going for enough, or that people don't realize what a bargain the car is....

Some of the cars last night were good buys, of course the first night is usually the lower quality cars.

most auctioneers charge 20%. Sometimes the seller pays it all, sometimes they split it between the seller and buyer.

Seems like the BJ sellers are getting a bargain.

who was that auction company that ran a sale in Tucson but didn't seem to see a need to send the sellers their money in a timely fashion? Did those guys ever get their money?

who was that auction company that ran a sale in Tucson but didn't seem to see a need to send the sellers their money in a timely fashion? Did those guys ever get their money?

I think that would be the Kruse auction co. They went bankrupt.

DO you know if the sellers ever got their money?

DO you know if the sellers ever got their money?

From what I have read,the consignors at Auburn were paid the same day.They are slowly working on payment plans for the sellers at the other events they have held.

Somewhat related...back several years ago my father-in-law sold several head of cattle at a livestock auction and he never got a dime out of it. The guy filed bankrupty right after my FIL sold and the guy managed to get out of paying back any of the money he owed. It was a devestating financial loss to my in-law's at the time...that guy had all kinds of land and farming/trucking equipment, so I'm not sure how he managed to get out of it. Makes me :mad: just telling the story again. To me it was outright stealing.

I have never been to an estate auction that charges a buyers fee. Around here the seller pays all fees to the auctioneer.