What does the ‘buyer’s premium’ mean?

10% Buyer's Premium means that 10% will be charged in addition to regular sales tax on the purchase of an item. Buyer's premium is a tool used by most major professional auction companies in the world; it helps offset the costs of the auctioneer. It is important to understand this as a buyer so that you only pay the total amount you wish to. Taxes are often misconstrued as additional buyer's premium but they should not be. Taxes vary from jurisdiction to jurisdiction and must be charged by every legal legitimate business.