All bid prices “hammer prices” (“hammer prices” mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 18.5% payable by the purchaser. The buyer’s premium shall be reduced to 15% provided the payment is paid by cash or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). If the account is settled by credit card, the buyer’s premium then shall be the standard 18.5%. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. In addition, if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be an additional 1% of the hammer price added to the buyer’s premium.
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