How much percentage does Mecum Auctions take?
Vehicles/Motorcycles:
| In Person | 10% |
|---|---|
| Telephone | 12% |
| Internet | 12% |
Who pays Barrett-Jackson auction fees?
On-site Buyer’s Premium — 10% Absentee Buyer’s Premium — 12% On-site Automobilia Buyer’s Premium — 15% Absentee Automobilia Buyer’s Premium — 17%
Are auction sales reported to IRS?
All income from auctions, traditional or online, and consignment sales is generally taxable unless certain exceptions are met. These gains may be business income or capital gains. Income resulting from auctions akin to an occasional garage or yard sale is generally not required to be reported.
How are auction fees calculated?
The auction fees to buyers are typically added on to the hammer price. The hammer price is the value of the highest bid on an item in an auction. When there are no more bids, the auctioneer’s hammer (or gavel, as it is known) comes down and the final bid becomes the hammer price.
What is the sellers fee at Barrett-Jackson?
8-percent
Once lot number is decided upon, you will sign for the payment of the 8-percent seller’s commission fee (this is for cars sold at No Reserve) and the payment of the entry fee.
What is the buyers fee at Barrett-Jackson?
15%
(B) Should Buyer default upon his purchase in any manner, for any reason, Buyer agrees to pay Barrett-Jackson the full sum of both the buyer’s premium 15% of sale price live (17% absentee/internet) and seller’s commission (15% of sale price).
How does Mecum auction work?
Mecum Auctions will supply an area for vehicles that do not reach agreeable selling prices so as to endeavor to secure a proper buyer for the seller/consignor. Mecum Auctions pays the seller when payment is received and confirmed from the buyer. In the event of a Wire Transfer, payment may not arrive until the first business day after the auction.
What are auction fees?
Auctioneer Fees. The fee is to assure the auctioneer that once they begin auctioning the property, the seller remains motivated to sell. This fee is generally non-refundable and may be above and beyond any other fees that are imposed on the property buyer.
Where is Dana Mecum?
Dana Mecum Net Worth: Dana Mecum is an American businessman who has a net worth of $45 million. Born in Monmouth, Illinois, in 1954, Dana Mecum was the son of famed fleet salesman Edward Mecum.
How much do auction houses charge?
Some auctioneers charge the seller between 6 percent and 10 percent of the sales price as a commission. Others charge the buyer an auction premium, usually 10 percent.