What information is typically provided to bidders before an auction starts?

Choosing to focus on the buyer's premium and auction terms is essential because this information directly impacts the bidders' financial obligations and understanding of the auction process. The buyer's premium is an additional fee that buyers have to pay over and above the final bid price for an item, and it can significantly affect the total cost of the item being purchased. This fee varies by auction and can be a percentage of the final bid or a flat rate.

In addition to the buyer's premium, auction terms encompass important details such as payment methods, return policies, and any conditions tied to bidding or buying items. Providing this information ensures that bidders are completely aware of their rights and responsibilities, facilitating a smoother auction experience.

While details about the venue, how to place bids, and contact information for the auctioneer are all important to the auction process, they do not carry the same level of financial relevance to bidders as understanding the buyer's premium and auction terms. This foundational knowledge is critical for making informed bidding decisions and preparing for any additional costs involved.