octop8
10
Premiums
Both the buyer and seller have to pay a premium to the auction house. that's how they make money. Rates depend on which house. The buyer pays an additional % ("premium") (for example 10%) on the final hammer price. The seller himself also pays a % of the final hammer price to the auction house. So if including buyers premium, it went for CHF10,500, then you need to knock off 10% buyers premium and then 10% sellers premium to see what amount of money the seller actually got for the deal.