I've thrown bids at half a dozen lots only to watch prices spiral into the stratosphere.
Think about this: For a lot where the 'winning' bid is $100:
- buyer pays $100 + 20% Buyers fee + 13% HST = $135.60.
- seller receives $85 after paying 15% Seller's fee.
So on a $100 lot, $50.60 are collected in fees and taxes. Which is insane.
I can't wait until Dougie locates his huevos, takes on the union and privatizes the retail side to create a free and fair resale market.
Seller's fee is now 20% plus 1% per month for "insurance." Why the insurance premium varies with the sale price is beyond me, unless of course it's not actually for insurance but another grab by the auction house.